Profit or customers satisfaction ?

[Sotherefore]

We all have different reasons for establishing or starting up a business , some people might start up a businesses for the main purpose of generating profit , here these sets of business men and women are just interested in the profit and they always look for the most possible way of generating money from the business without considering customer satisfaction as the most important thing .

They believe that as long as they are able to generate profit from their business then the business in moving perfectly . There's nothing wrong with that as long as it is their business strategy.

while others may also be interested to engage in business for the main purpose of generating profit also, but here these set of business men and women are differents because they believe perfectly in customer satisfaction , They takes it as the most priority because they believe that with proper and good customer satisfaction that the chance of earning when you satisfied your customers perfectly will be high

In as much as we have different marketing strategies and techniques that is suitable in our various businesses , but the question is between customer satisfaction and profit in a business which one should an entrepreneur consider the most important ?

 

[eldavis]

I be customer's satisfaction should be the number one concern for every business owner. Once the customers are satisfied, they would keep coming back and this would in turn create more profit for the business. These days many entrepreneurs fail to understand this, instead they do anything just to make profit, which also includes cheating customers and tell lies about their goods and services.

 

[btaliat]

This is a dicey but very simple situation. Though business is meant to give us profit because that's a sole aim of opening a business, there should be satisfaction of customers first before thinking of profit.

Most people especially the newbie don't know the logic to business operation. We need to make sure that we win the hearts of our customers by satisfying their urges and their immediate needs and wants. This is the only time we can command respect from them.

A business man that has put this first will always have more people patronizing him hereby make more profit rather than someone that focuses on money first. When customers realize that the business man is all about money, they may not feel comfortable patronizing him.

 

[Jasz]

In business, there are two main measures of success: profit and customer satisfaction.

Businesses can be profitable but have a poor customer experience, and businesses can have high customer satisfaction with low profit.

You should also know that to be successful, businesses need to find a way to balance both with their operations and strategies.

However, a company's primary focus should be its customers.
The way to make money is by providing a good or service that people need and then crafting an experience that makes them want to continue paying for that good or service. The more customers a company has, the more money it can make.

If a company focuses primarily on making money, it will likely cut corners in order to increase profits. This might mean using cheaper materials, which are less durable and less appealing to customers, or not investing in customer service training, which means customers have a worse experience with the product and don't want to come back for more.

In order to make money, it's necessary for a company to serve its customers well. That's why a company's primary focus should be its customers: if they're happy, the company will earn more money as well.

 

[Kendy]

There are actually different reasons people engage in a business but the major objective is always to maximize profit. First of all, in order to maximize profits, you must be able to satisfy the needs of your customers because the customers are the foundation and the life wire of any booming and sustainable business. It is not possible for a business to thrive without availability of customers patronage, no matter how lucrative a business venture is, if it fails to solve the demands and needs of its customers and also creativity and innovation should not be taken in laxity else such business would remain static, because the ecosystem is already very competitive.

As a business owner, the first priority should always be to satisfy your customers need, you should be able to attend to your customers dissatisfaction, their expectations and their motivation. It is your duty to keep your customers satisfied by making sure their complaint is being solved and given alternative measures on time if you hope to retain customers in your business. Most businesses that thrive at the onset actually face a decline because of inability to keep up with customer satisfaction. Customer satisfaction is very important because no individual want to purchase a product which is not worth the price.

 

[Kingsley]

I know many will always allow their human nature to determine what happens when they are running a business, and they will allow the popular definition of the general motive of any private business person to determine their objective. We know generally we the motive of every business man or woman is centred on profit making. Hence making business people today really care less about the satisfaction that wil be derived from the services they render or good that they are selling. This indeed is not good enough.

As a business man or woman the primary reason we set up the establishment was to satisfy the needs of the customers, and when customers are not deriving the satisfaction they ought to benefit from the product or services we sell then we haven't really achieved our original goals and objectives as a business person. Profit maximization should not supersede consumer satisfaction. If the consumers are not satisfied with our product and services in a free market or competitive market situation then we should expect that such customers are likely going to aviod our business ventures and reach out to our competitors, and this will make us lose them and reduce our profit we are struggling to maximize.

 

[TOZZIBLINKZ]

Even in schools , colleagues , education tutoring centers , business ventures ,and universities etc . We have been taught that the main reason why people establish businesses is for the sole purpose of making profit . This theory is not totally true in itself , or in other words theories like this are not 100% true . There is no doubting the fact that business established to make profit but I strongly believe that is not the main reason why they are being established . On the other hand customer satisfaction should be the main thing people go into business , a lot of you might not agree with me . But think about it customers and clients need to be satisfied before a business could make profit .

Hoping you understand my point , satisfaction of a business customer or client should be the major priority of every business and the more your customers are being satisfied the more possibility that they will tell their colleagues , relatives , families , and well-meaning friends etc about your good product or services which could boost your potentials of making profit . In summary , profit-making , is essential for business survival but customer satisfaction is needed for business to make profit .

 

[Chibson]

Any serious business wants to last in business must try as much as much as possible to satisfy their customers. I have seen a lot of businesses that does not really take customer satisfaction very seriously because there is no much competition. they believe as long as they are making profit then there is no need for them to try as much as possible to maintain customer satisfaction. Such businesses can easily be thrown out by competition and this is one of the reasons why a lot of business people must think twice. it is very important to make profit in business and at the same time it is very much important for you to maintain your customer satisfaction because without that there is no way your business is going to last for a very long time. If you check out most of the businesses that were started some decades ago they have very good track record of customer satisfaction. Every day a lot of people are venturing into several businesses and they are looking for ways in which they can use to draw new customers to their business and if your business does not take what the customers want very seriously, then just know that there are new businesses ready to do that.

 

[Alexandoy]

I agree that there are varied reasons for starting up a business. Actually the basic definition of business is to bridge the gap between the need and the supply. That means if there is demand for a particular product then you can start up a business of getting supplies to sell to those people who need the product. One actual example is the vaccine for the covid virus. There is the demand. If you can find a laboratory that can supply you the vaccine then you can start up a business. However, you need a license to sell the vaccine so I guess it is not easy.

Most of the business start ups is for the profit. Whether we admit it or not we put up a business to earn money. Maybe it is only the government that starts up for the benefit of the customers like the issue in transportation. When the epidemic started many bus companies closed shop. The government bought buses to augment the fleet that are operating on the roads. Obviously that transportation business is not for profit.

 

[Abee111]

For any business that is set for a commercial organization, its aim and objective is to make profit. Therefore what a firm is interested when or at the point of business is profit, then other things like satisfying customers demand follows. But before you will start making the profit, you have to attract the mind of your customers by serving them well and provide all they could want so as to make them develop interest in your product

In a long run, firm or a company will try to like increase the value of its company or product, while in short run, firm can only maximises profit. In business, it is very important to satisfy customers need first but when you are not getting any profit out of it, you quite the business. But when customers demand are meet, profit is also achievable. So profit and customers satisfaction they do work hand in hand together.