This type of analysis can be very beneficial in developing a product design that meets customer needs, yet does not create unnecessary technical requirements for production. QFD begins by identifying important customer requirements, which typically come from the marketing department. These requirements are numerically scored based on their importance, and scores are translated into specific product characteristics. Evaluations are then made of how the product compares with its main competitors relative to the identified characteristics. Finally, specific goals are set to address the identified problems.
10.7 How can a standard cost accumulation system benefit a company? Cost accumulation is a system in which costs associated with particular customer, job, batch, order, department and process are identified and accumulated. The basic benefit a company can obtain from cost accumulation system is that it gives accurate costing results. However a company can simplify job costing reports where multiple jobs, processes and operations are in place. The cost accumulation system may benefits the company in following ways: 1.
Customer satisfaction: It is a business term, is a measure of how products and services supplied by a company meet or surpass customer expectation. It is seen as a key performance indicator within business and is part of the four perspectives of a balanced score. In a competitive marketplace where businesses compete for customers, customer satisfaction is seen as a key differentiator and increasingly has become a key element of business strategy. There is a substantial body of empirical literature that establishes the benefits of customer satisfaction for firms. Customer satisfaction, a term frequently used in marketing, is a measure of how products and services supplied by a company meet or surpass customer expectation.
Perceived quality can be defined as the customer's perception of the overall quality or superiority of a product or service with respect to its intended purpose, relative to alternatives. Perceived quality is, first, a perception by customers. It thus differs from several related concepts, such as: a) Actual or objective quality: the extent to which the product or service delivers superior service b) Product-based quality: the nature and quantity of ingredients, features, or services included c) Manufacturing quality: conformance to specification, the "zero defect"
Customer expectations are of chief importance in a service. Customer expectations are beliefs about service delivery which function as criteria against which the service is judged. It analyses the performance of the service rendered. Customer loyalty is achieved through the providing an excellent service. Keeping service quality high enables a service firm to achieve customer loyalty and thus retain the existing customers as well as attract new customers to it.
It is further explained that service quality is an ability of an organization to meet or exceed customer expectations. It has also been defined as the customers’ overall impressions of an organization’s services in terms of relative superiority or inferiority (Johnston, 1995). Further, service quality is considered to not only to meet but to exceed
How much is the brand name, product appearance, price and market distribution is important must be recognized with respect to each type of customer. 4. Service Brand Brands fulfill some functions of a value system(or a value chain) relevant to customers but there are adjustments required to formulate and execute related brand strategies. These adjustments cater to the needs of the customers in cases where there is confusion because of alternatives available in the market or when the technical edge of intangible service brands is not understood(in case of financial or professional services). A strong identity of the brand is important as it creates trust in the organization’s service range and provides a differentiating parameter.
Question 2: Discuss the concepts customer satisfaction, customer value and customer relationship in a manner that clearly explain the differences between these concepts as well as the alignment between these concepts in your business. Make use of practical business examples to highlight the meaning. (25) Customer value is the benefit that the customer believes that they receive from our product or service, as discussed above. * Customer satisfaction is critically hinged upon the ability to deliver an acceptable level of value to the customer in a consistent manner. Customer satisfaction is the measure of how our product/service meets the customer value expectations.
Workflow Integration: For business process modeling and automization. This is a fundamental requirement for supporting and enhancing the business operation from one end to another. Case Management: A case management system supporting issue tracking, ticket management, operator coordination should be implemented for both in-business and customer related issues. Non-efficient case management could lead to customer loss and therefore profit decrease. Non-Functional Requirements Availability: The system should reach 100% availability rate.
Supplier performance is important for Saudee Group Berhad to be able produce quality product at reasonable price in competitive market. Performance will be direct reflected on product of Saudee Group Berhad. Supplier plays important roles to strengthen Saudee Group Berhad competitive advantage. So, Saudee should evaluate their suppliers regularly. Saudee Group Berhad operates as a corporate should use formal evaluation and rating method to evaluate supplier.