Corporate Performance Assignment Evaluating The Impact Of Corporate Performance Management On Customer Satisfaction
Question
Task: how do corporate performance assignments impact customer satisfaction
Answer
How corporate performance management impacts customer satisfaction measurement
This corporate performance assignment assesses how performance management strategies are developed in an organisation with the objective of increasing customer satisfaction level in the automotive industry. Nowadays non-financial indicators are given more Importance besides giving importance to financial indicators so that the recent condition of the organisation can be known. It is also worth mentioning that nowadays dynamic models are given more importance as compared to static models because dynamic models represent flexibility required for making changes in the business organisation.
According to Dvoáková & Faltejsková (2016), the trend of customised products has increased nowadays to improve the satisfaction level of the customers. As a consequence, the life cycle of the customised products has also been decreased as it is demanded only for a limited time period. Automobile industry is also not an exception and tries to meet the requirements of the customers based on the recent trends. According to the concept of 'philosophy of product layer', the core of a product is mainly e defined by the value of utilisation of the product and the extended product is mainly measured by the satisfaction value. On the other hand,this corporate performance assignment also identifies the total product is represented by the extension of available products services in relation with its uses. When the customer satisfaction because of improved products will increase in the automobile industry, the business performance will naturally increase. During the measurement of corporate performance in the 21st century, it is recommended to consider the success rate of the company(Tulcanaza-Prieto et al 2020). The meaning of satisfaction is different for different customers and thus the automobile industry must focus on customer segmentation for better services for a long term. The customers only can be represented as loyal customers who can provide greatest benefits and also in the long term. Better customer satisfaction level of the organisation will surely help it to compete with the competitor organisations in a better way and have a huge success.
For a long-term relationship with the consumer, it is necessary to constantly recognise and use customer demands, motivations, and habits in an inventive process of corporate offerings. The interactive process of managing customer connections in order to achieve the best possible balance between corporate investment and customer happiness. Customers vary in both their degree of pleasure and the traits that make them happy. Segmentation is essential if firms want to achieve their primary aim of consumer pleasure. When the inventor of the Net Promoter Score (NPS) claims that organisations with high NPS levels have long-term performance growth, he takes the matter a step further (Tulcanaza-Prieto et al 2020).
From a long-term perspective, clients who are pleased and loyal contribute the most value to the organisation. Customer satisfaction is the underlying principle that improves corporate performance. benchmarking is essential for successful firm performance management. It's critical to understand where the firm is in terms of its own performance. To conclude this corporate performance assignment, it can be reported that a highly competitive automobile sector, determines one's market position based on which plans and strategies can be developed to improve of retain the brands current market performance.
References
Dvoáková, L., & Faltejsková, O. (2016). Development of corporate performance management in the context of customer satisfaction measurement. Procedia-Social and Behavioral Sciences, corporate performance assignment230, 335-342. https://www.sciencedirect.com/science/article/pii/S1877042816311430/pdfmd5=7f73a26c11439c5405e493552abf4574&pid=1-s2.0-S1877042816311430-main.pdf
Kurdi, B., Alshurideh, M., & Alnaser, A. (2020). The impact of employee satisfaction on customer satisfaction: Theoretical and empirical underpinning. Management Science Letters, 10(15), 3561-3570.http://m.growingscience.com/beta/msl/4068-the-impact-of-employee-satisfaction-on-customer-satisfaction-theoretical-and-empirical-underpinning.html
Tulcanaza-Prieto, A. B., Shin, H., Lee, Y., & Lee, C. W. (2020). Relationship among CSR initiatives and financial and non-financial corporate performance in the ecuadorian banking environment. Sustainability, 12(4), 1621.https://www.mdpi.com/646970
Younis, H., & Sundarakani, B. (2019). The impact of firm size, firm age and environmental management certification on the relationship between green supply chain practices and corporate performance. Benchmarking: An International Journal.corporate performance assignmenthttps://www.emerald.com/insight/content/doi/10.1108/BIJ-11-2018-0363/full/html
