Chase Pack

Business 1050
Meeting the Needs of the Customer Over Generation of Profits
When it comes to the argument between the Generation of profits and the benefit to meet
customers needs, The Stakeholders will say that the profits and generating thereof in the business
field becomes the key factor. While others will say the ability to meet customers needs is crucial
for a business. Although we see the benefits of both of these view points, it is the customers
needs when met will have the largest impact to a business thriving instead of surviving.

In todays day and age social media has played a key role in marketing, and voicing of opinion
on a business. The statistics gained from social media on a business gives the company the upper
hand to know what their weaknesses may be, and what needs are coming up that must be address
for the customers. The customer needs become the upmost high standard in many businesses,
due to the fact that once you have 1Customer satisfaction is an invaluable marketing tool, one
that will ultimately save you money on marketing and advertising- according to Devra
Gartenstein in her article on Generation of Profits Vs. Meeting Customer needs. Once you
obtain satisfaction in a customer, 2customers continue supporting the business over time because
they make emotional connections with the brand or product. Building brand loyalty Facts show
that the customer satisfaction is the key point to obtaining a loyal and continuing customer.

Another thing we learn from the meeting of customer needs is that of supply and demand. If we
look at the arousal with the tulipmania that occurred, you will notice how there became a need.
People were obsessed with them due to the vibrant colors. Many started selling the tulips as they

saw the needs to meet of the consumers. Sellers and consumers made some tulips worth more
than others. In fact, Charles Mackay discusses this in the passage of his title THE
TULIPOMANIA FROM EXTRAORDINARY POPULAR DELUSIONS AND THE MADNESS
OF CROWDS
He goes into detail of how big the need was to be met that So anxious were the
speculators to obtain them, that one person offered the fee-simple of twelve acres of buildingground for the Harlaem tulip. It is pretty insane to think of how someone due to the need
wanting to be met would go about selling so much building ground for one of the best tulips.
But keep in mind This wasnt always on demand, soon the pages turned due to many selling the
tulips for cash which led to a sell-off this brought about competition and prices to decline. What
we can gather from this is that there was a need to be met, when this need is met we can see the
generation of profits intertwine. However due to competition the needs had become satisfied,
when this occurs a company has to go about new ways of marketing or finding another product
that can make their product better.
Lets take a glimpse at a company who makes hot sauce named Tapatio if you go to the
history page on their website you will find key facts about the business. Many of these facts
relate to meeting the customers needs. Mr. Saavedra built the company from the ground up in
the year 1971, he had the goal to keep his customers happy and obtain more in order to generate
profits. After many years he was able to expand the business. In 1989 the company notice great
competition, but still a need for the product. Him and his company made a Commitment of
providing the highest quality product at the best price to his valued customers So after hearing
many concerns of the standard size hot sauce bottles, they decided to make one that would break
away from the pack Saavedra introduced a 32. Oz size bottle. This was made for the customers

who voiced an opinion, and became a hit that it increased the popularity of the product.
Throughout the years Tapatio has come out with other types of packaging sizes and labels which
customers have voiced a need to produce. By listening and finding the solution to the need
Tapatio was able to increase the profits, and become one of the leading hot sauce brands we see
today.
In Conclusion even though we see how some may say it is key to control the generation of
profits before customer needs. We can see that listening to customers or voice of competition in
regards to meeting the needs, will bring great profits and satisfied returning customers.
Friedman says that those ins the company mainly the mangers need to render certain services
and to report to the owners of the company about the needs and achievements in order to have
more growth. But this is a big picture than just the managers rendering, the owners and the whole
company need to be aware of meeting customer needs in order to create loyalty, but also have the
generation of profit fall into place.

References:

1.

Gartenstein, Devra. "Generation of Profits Vs. Meeting Customer Needs." Small

2.

Business. Web. 20 Apr. 2016.

Boardman, Calvin M., Alan N. Sandomir, and Harris Sondak. Foundations of
Business Thought. Boston: Pearson, 2013. Print. page 387 From Extraordinary

3.
4.

Popular Delusions and the Madness of Crowds

"Tapatio History Page." History. Web. 20 Apr. 2016.
Boardman, Calvin M., Alan N. Sandomir, and Harris Sondak. Foundations of
Business Thought. Boston: Pearson, 2013. Print. pg 221 THE SOCIAL

RESPONSIBILITY oF BUSINESS IS TO INCREASE ITS PROFITS, Milton

Friedman