Business Studies: Understanding And Targeting Clients

In 1909, the founder of a London department store coined the phrase "The customer is always right." A century later, this statement is still being used to convince customers that they will receive superior service and treatment. Fact is, of course, that the customer is not always right, and that some customers can be exceedingly difficult. Any course of business studies is full of examples on how to handle customers, and the study of customer relationship management, or CRM, is a challenging topic for teachers and students alike.

However, while the question of whether or not customers are always right remains a matter of debate, understanding customers and their needs is tantamount in any business. Customers are people who buy products and services and have a choice of whom to buy them from. Businesses offer products and services that they wish to sell to customers. If a business is to consistently succeed in its mission to attract, and retain, customers, Establishing customer needs, knowing what they want and expect, and then developing products and procedures that match expectations goes a long way towards having happy customers. By seeking to know what customers want and need, a business works towards a harmonious relationship with customers, one where the goals of both the customer and the business are met, rather than simply declaring the customer right and the business wrong.

So how does one go about understanding clients? A lot can be learned from careful market research that determines customer expectations. Take supermarkets, for example. Some customers will always seek the lowest possible price whereas others value quality and variety. If a supermarket that specializes on selection and high quality products then tries to appeal to a broad audience, they will be unhappy and complain of high prices. Likewise, if a streamlined supermarket offering basic goods at low prices tries to attract up-market shoppers, customers will complain of a lack of variety and hard-to-find goods.

Having happy customers means more than good products and good marketing. It means identifying target clients and then marketing your products to them. This way, customers will appreciate the exact features and qualities of a product as opposed to feeling misled and taken advantage of. Almost all markets consist of groups of customers that have different expectations about the products and services they want to buy. The task of the business is to determine exactly what those expectations are, and then to meet those expectations in the relevant market segment.

There are numerous business resources, including some free ones, that explain the various techniques that are used to gain identify target customers and gain an understanding of their needs and requirements. Clearly presented case studies are an excellent way to see how a business plan worked or did not work, and why. Always remember that good marketing not only relies on the right product sold at the right price in the right place and at the right time, but also in identifying who to market and sell to. Successful marketing relies on tracking customer perceptions that can then affect product mix, proper pricing, the right features, and promotions that appeal to the target audience. Understanding these intricate relationships are what business studies are all about.