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Business Economic Introduction In a wide and broad aspect of marketing and business, it can be seen that strategies such as customer satisfaction brought about by the decrease average of customer complaints, decline in defective products and services, and continuous customer patronage make a certain business or industry competitive in the market such as in the case of various businesses in the globalized world. In focusing on the customer satisfaction, it cannot be denied that positioning a certain product or service in the market is easier. It only needs to ensure that all the needs of the customers are being met in order to retain them and increase profitability. In the case of the many operational businesses and companies today, it can be seen that they have been operating for years now offering its clients with automobile retail. It is but proper to conduct an analysis of the company using the statistical process control wherein customer satisfaction, decline in defective products and services, and continuous customer patronage. Although customer satisfaction is necessary to any successful business, companies are continually learning that satisfaction alone is not enough to build a loyal customer base. In the 1980s and 1990s, customer satisfaction was the watchword for business. Everyone was rushing around to find a way to make customers happy by meeting and even exceeding their expectations. The theory was that if customers are satisfied, they buy more and do so more often that will bring success. Body In this area of analysis it can be seen that most companies care only about is the articulation of an approach for the firm to achieve an even stronger market positions through an unquenchable thirst for improvement. All this probably sounds very familiar--as it should--since most firms obviously seek to be successful by stimulating high commitment among their employees. It is the elixir that can bring a new vitality to the practice of management. Starting from Porter's concept of the value chain, it can be proposed that a simplified version of the chain of innovation and creation of quality products to clearly illuminate the process of value creation in products and services. When coupled with the detailed analysis of important customer needs what emerges is a potent technique for strategic management characterized by a constant striving to maximize value delivered to customers (Gomez, 2008).
In addition, it can be said that in the field of business economics it is not only the desire for expansion, innovation and customer satisfaction that matter most. Issues relevant to the development of stable business and fair working environment are equivalently necessary. Up to this date, the traces of racial discrimination, dominance and exploitation are still apparent. Since time immemorial, both men and women have experienced how it is to be discriminated by sole reasons of differences in color, political ideologies, religious background, education and even social status and class. The very essence of unfair treatment and discrimination to both and women is the existence of superior and inferior class standing. Imagine a place wherein one is given all the privileges there are to offer while the other is not given much opportunity because of their color difference. It may sound unfair but that is one rude reality that is being faced by the society in all parts of the world. But then, it has been very apparent that in the olden times the discrimination is being experienced only by the African-American whose color is black as compared to the white Americans. However, in the present days, the issue of discrimination is no longer based on the color of skin but rather on gender. As per the records today, women are being exploited and discriminated in their own places of work especially when they are working overseas or in a foreign land. More often than not, women are facing more discrimination in their workplace as compared to men and the driving force behind this is the difference in gender. The society has thought that men can do better as compared to women especially when the world has envisioned women to stay in their homes and take care of their husbands and children. Women are not for the market place but are created to be in their houses and do household chores. Moreover, women are also being discriminated and exploited in such a way that those who belong to third-world countries are inferior as compared to women from the European countries or any countries belonging in the first-world. Women, according to Kotler (2008), have been stereotyped as lesser gender. This has been supported by studies wherein races are divided into various groups based on their class and genes. It is but of great discrimination when women are considered less intelligent as compared to men simply because they are women.
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People from the third-world countries are perceived to have acquired low quality of education or is lacking thereof. This is the primary reason why they can only afford jobs that the Americans or any other race would not want to do. For example, in many countries, they employ Filipino workers to as their domestic helpers or caregivers or cleaner without any room for promotions or growth from the company. Also, when there are high paying jobs that are afforded to foreign workers such as nurses or doctors, if foreign women workers from third-world countries will apply simultaneously with European women it can be assured that the Europeans will get the job. As stated in the article of Kotler (2008) entitled ?Women Workers and Capitalist Scripts: Ideologies of Domination, Common Interests, and the Politics of Solidarity, women are experiencing unfair treatment with regard to their employment in foreign land especially those who belong in the third-world countries such as India and Philippines. Hence, this has only proven the reality that women can be treated unfairly just because they belong to the third-world countries such as the Philippines and India. It is a known fact that the third-world countries are apparently poor. Such poverty is causing the people to stop going to school simply to work instead since they do not have enough money or funds to support their studies. The only problem though is the lack of realization that the absence of quality education will only result to discrimination and vehement unfair treatment. Even if they are qualified for the jobs, still it is being overlooked because of their credentials or lack thereof. Because of this, strategic pay has been developed accordingly. In the interest of accuracy, perhaps, it should be observed that the world is on the threshold of another economic revolution. Revolution in social and economic structure is hardly new or unusual. History records an endless parade of change in these dimensions. The most recent revolution was the industrial revolution, the same revolution that introduced the routine of factory and repetitive assembly-line work. It is, indeed, this very industrial revolution that has now run its course and is giving way to a dominant service economy. The lengthy reign of predictable stability in the industrial revolution's supporting social structure has habituated Western man to the 8:00 AM to 5:00 PM routine of isolated labor wherein social exchange was dismissed as wasteful and inefficient. The ideal factory worker was mute, perfect of hearing, but incapable of anything better than a nod or hand sign to acknowledge the boss' instructions. Basically speaking it is undeniably that in the field of business and economy there should be enough focus that is given to customer service in order to expand in production. In the layman terms in the business management sector, production is defined as the act of making goods and services available for market consumption. Hence the failure to invest on customer service associates and if the same are put into disregard, greater problems will arise. Hence, in order to provide optimum service to the customers and increase the profitability, it must be noted that every employee be given credits and bonuses when they are being commended for a job well done. Meaning to say, when a customer has been satisfied, it will be helpful if little tokens of appreciation will be distributed. This should not always be expensive but enough to boost the morale of the employees and encourage them to do better the next time. Also, it will be helpful if the employees are being provided with several allowances such as transportation and meal allowance to ensure that they will do everything to pay their gratitude to the benefits they have. But then again, most companies are not being able to give what is due to the employees because of the fact that recession is highly being experienced by many companies and the world today. It was in September 2008 that many economists and financial consultants have became worried with the stability of the finances of the super power nation of the United States of America with the inclusion of the European countries as well. Being a super power nation that the United States of America is no one would ever think of the country suffering from economic turmoil and slowdown and if ever it will happen, surely, the America as a whole will be able to recover on a fast manner leaving no trace of economic downslide (Garcia, 2008). But apparently, up to the 1st quarter of 2009, the country has not yet recovered and traces and proofs of continuous economic slowdown are being felt on actuality not just by the Americans but the whole world at hand.
The recession that is being experienced by the Americans spreads like a virus to the whole world affecting not just the 1st world countries but extended to the poorest nation. Tracing the history of the global crisis will lead people to understand that the greatest factor that contributed to the slowdown of all economies and industries is the apparent lack of proper applications and restrictions of debts. It cannot be denied that there has been a misapplication of controls necessary to avoid the existence of bad debts that have led to the recession that has impacted the whole world. Conclusion With the misapplication of possible controls over the rising debts of the people in the United States of America and in the European countries as well, credit crisis has apparently resulted which eventually led to the slowdown of the economy. One thing that is indispensible in controlling debts is the existence of fraud. There are many people who have been utilizing debt in credit cards but are not determined to pay and settle their commitment. As a result of which, the economy has been shaken in a very bad manner. Because of this failure, many banks have declared bankruptcy with a domino effect. It can be remembered that the first bank to declared lack of funds to continue its operation is the Lehman Brothers. The world was shocked with the realization that one of the leading bank in America has suddenly declared that it is no longer capable to operate. The country was shaken and many have questioned as to whether it will affect all the industry or not. Taking into consideration the present situation, it indeed affected the industry very badly as subsequent to the failure of the Lehman Brothers is the bankruptcy of certain banks such as the JP Morgan Chase and the announced instability of Merrill Lynch which resulted to its sale to the Bank of America. Such effect is not just confided to the United States of America and Europe but rather been felt in Canada, Australia, in the Middle East, Philippines and other countries. Hence, another effect of the crisis to the people is the increasing unemployment rates, business closure and lay-offs among employees. Many people working in foreign lands are forced to return to their homeland since their working time is cut-off to substantial amount. Most people are losing their jobs because the company can no longer afford to produce goods and services since the consumers are no longer buying (Funnel, 2009).
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