Lesson 1: Measuring Success

Customer Satisfaction

Businesses must listen carefully to their customers.


This could be through customer surveys on-line or in-store. Market research and price testing in the marketplace help to determine customer needs and their willingness to pay. If the product or service is priced too low, it may not be profitable. They must be attentive to customer complaints and keep up with trends to retain those customers. Awareness of the competition is essential. Companies should refresh their brands occasionally to entice new customers and retain current customers. They should not rely on only one large customer or a small customer base because this could place the company into a very vulnerable position.

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