ALL ABOUT BUSINESS

Article’s view on customer behavior and Personal experience

The article points out that costumers are eager to get their rewards in
exchange for their loyalty towards the Company. So at the end of the
day both get a fair share, the company gets the costumer and the
costumer gets a reward in exchange. That being said, most people
participate actively only in few loyalty programs. Companies are curious
to know the reason behind this behaviour, so they can step up their
game with what the costumers actually prefer or want, so that the
costumer keep buying the company’s products or services.
LATAM miles are probably the best known loyalty program nationwide.
The airline LATAM Airlines created this excellent mileage accumulation
system where you, as a customer, with each purchase of tickets and
accommodations, and even with each purchase made by credit card in
your business networks, start accumulate this kind of "points" to redeem
for experiences, trips or products. It is the way they have to "thank your
preference", that is, to buy their services constantly. And while you need
to accumulate many miles to redeem hotels and trips, the truth is that
today accumulate miles is so easy that you can do it in your daily
activities such as, for example, throwing gasolina in the car. Taking this
to my own personal experience, my Father always accumulates LATAM
miles in every purchase he makes using his credit card. Once he opened
his LATAM account to check how many miles he has accumulated, I
don’t remember how many miles where gathered, in that occasion
LATAM was offering many products such as an Iphone, a set of
giftcards, a coffee machine, portable speakers, suitcases, perfumes etc…
In exchange for a travelling destination. We chose to travel to Santiago
as a family. So here we could clearly see, how the loyalty programs is
personalized according to each costumers, beacause not everyone wants
to travel around the world. In conclusion, companies need to have a
variety of options to satisfy the costumers preferences.
Customer’s standards when choosing a product
Whenever a customer makes a purchase they are consciously evaluating
the product on a variety of attributes that are important to them. For
any given product, a consumer may be extremely price-sensitive, or
perhaps may want the highest quality product, no matter the cost. In
order to successfully price and market your social enterprise’s goods or
services, you must develop a deep understanding of who your
customers are and what it is that they value when making a purchasing
decision. Customers have choices. When making a purchasing decision,
a customer is able to compare a variety of products or services
available, and evaluate them on their various strengths and
weaknesses. Common attributes that customers consider when selecting
a product or service from one company over another are: price, quality,
service, speed and scale. Of course, this list is not comprehensive and
there may be additional criteria to consider depending on your industry.
Additionally, some of these attributes may be broken down further into
distinct components. For example, “quality” may be classified down into
distinct attributes such as taste, smell, or appearance. Last but not
least, the key is to look at the warranty card of the product. Can the
manufacturer, promise to repair or replace it if necessary within a
specified period of time? Understanding customers’ key purchasing
criteria is an essential component to make smart desicions while buying
a product.

Emerging needs of people which have not been satisfied.

We often think that all we have to do to meet customer expectations is
to provide our product or service and they’ll be happy. This simply isn’t
the case.
The aim of any ecommerce store should be to have loyal trustworthy
customers who continually use your product or service. Some of the
emerging costumers needs are: Product needs and Service needs
Product needs can be classified into:
Price
Customers have unique budgets with which they can purchase a product
or service.
Convinience
The product or service needs to be a convenient solution to the function
that the customers are trying to meet.

Reliability
The product or service needs to reliably function as advertised every
time the customer wants to use it.

Meanwhile, Service needs can be classified into:

Empathy
When your customers get in touch with customer service, they want
empathy and understanding from the people assisting them.

Fairness
From pricing to terms of service to contract length, customers expect
fairness from a company.

Transparency
Customers expect transparency from a company they're doing business
with. Service outages, pricing changes, and things breaking happen, and
customers deserve openness from the businesses they give money to.

To sum up needs of people which have not been satisfied are: Fair price,
Good service, Good Product and Feel valued.
“Mobile retail” and its benefits for people. How does this
tendency reflect the “state of the economy”?
Whether it’s their first venture into the retail market or a way to expand
their business, a growing number of retailers are hitting the streets with
mobile trucks. Retail trucks provide flexibility and an easier way to reach
customers across the city, while typically providing a lower financial
barrier to entry than brick-and-mortar stores. Take this as an example,
your friends are inviting you meet them at the beach, but unfortunately
you forgot to bring your bathing suit, and you come across a mobile
retail boutique on the beach selling exactly what you are looking for.
Here is when mobile retail business benefits people by fulfilling your
necesities.
Mobile retails play a role in economic development in our society
because they surround local commerce drivers and encourage new
enterprises; support the growth of particular congregation of businesses
and small- and medium-sized enterprises; and encourage the formation
of new enterprises. They also generate jobs. In Chile there are 280,267
people without work. What they can do instead is invest money (asking
for a bank loan) in mobile retail with products that are in constant need
and sell them in a cheaper price. Never stop looking for ways to
implement change to your mobile retail business, especially during
tough times. When things get tough, weak competitors will close, and
this is when creative vendors make their moves. Get closer to your
customers to offer them ítems in demand and services that best serve
their needs.

“Your most unhappy customers are your greatest source of learning.”

-Bill Gates