Current Business News
Sellers exploit buyers by forming their own community of sellers and come up with prices for the products that they sell and when properly evaluated they reflect exploitation of customers in various aspects. In this manner customers never get the value for their money since the product they receive doesn’t match with the price of the product.
Retailers create demand for the product by charging relatively lower prices, serving their customers with due respect, giving free samples to the customers, creating good buyer-seller relationship and always being committed to customer satisfaction but when the business picks well they change their prices to make higher profits than normal and the respect they were giving their customers reduces leading to customer dissatisfaction.
The most recent business news is that integrity is an essential virtue that every supplier of any product should have.Integrity is honesty, commitment, and trustworthiness in performance of services and provision of products to the consumers. Integrity also requires the business to charge reasonable prices for the product it offers and the services it renders to the clients in business operations .The business should also provide goods and services that meets customer needs and requirements.
Factual approach in decision making. This requires the business managers and the owners to make decisions that are not detrimental to customer satisfaction but should make decisions that are supporting protection of customer and employees rights and therefore should ensure the decisions made are just,fare,are protecting the common good and the welfare of the customers and the employees is given consideration.The decisions should also protect the values of both the customers and the employees and therefore employees and customers should be given chance to exercise and express their values and norms.
Consumers requires diversity of products .They want different brands from which to choose the product that is durable,pocket friendly,robust,strong, resistant to various threats and effective in performance so that their needs are adequately satisfied. Therefore business has a role to engage in innovative processes that creates new products for the customer to buy and use.
The business should also comply to the current government laws regarding licenses,pricing of products,environmental issues,social responsibility,advertising laws,employment laws and laws regarding taxes.The business should try its best to avoid fines for not complying with the government requirements because such heavy fines can lead to adverse financial constraints in the business.