The Role of Consumers in Creating Business Value
Author : Ashish Oraon
Abstract :
Business value is the net quantifiable benefit derived from a business endeavor that may be tangible or intangible or both. Business value consists of different components that lead to creating its value, these components are profitability, increasing revenue, consumer satisfaction, determining market share, and standing out from the competition. Revenue and profitability mean the earnings received from a company's service and the analysis of profit to measure a company's financial success. Consumer satisfaction is a client's happiness with a company's products or services and their willingness to return as a customer. Consumer behavior plays an important role in creating value for business organizations. A business organization has to observe the behavior of consumers, understand how they deal with the organization, and fulfill their expectations according to consumers' will, if the organization succeeds in persuading consumers to buy products, satisfy them, and sustain with organization, absolutely business organization creates its value. Meeting consumers' expectation by business organizations grows reputation and value in the market and increase profit and wealth. This paper studies how Business organizations build their value and how capable they are of increasing the number of consumers/customers in the market, which factors support organizations in increasing value. Secondary data were collected from different books, newspapers, journals, websites, and magazines.
Keywords :
Business value, consumer behavior, income, business ethics and development.
