Question

Briefly describe the consumer-driven approach and explain the role that spending accounts or arrangements play in this approach.

DO NOT PLAGIARIZE, ORIGINAL ANSWER ONLY

Answer 1

Consumer driven approach is adopted by several organization or industry; they usually keep customer or consumer on the first priority, they like to consider needs and expectations from end consumer, here, they could perform marketing campaign, survey through such procedure, they want to know the pain areas as applicable in the market or society of consumers. They build interaction with the consumers or their community to understand their needs, their requirements, views, ideas, suggestions regarding the products and services, Organization wants to provide best experiences to the consumers, so they could feel that their spending has received sufficient value in return, organization also provides after market services as to stay more close with the consumers for long time, here, they provide services as related to warranty claims, repair services and any other recommendations as to be part of the consumer community for long time.

Spending accounts or arrangements play key role in such consumer-driven approach, here, consumers pay for the services, they in return good quality services and value added services, the product that could meet their needs and requirements. Hence, customers usually look to control their spending by considering the life time cost associated with an item or product or services, some product may cost little high, however, that may require least service after the purchase, some product could attract the customers as that include innovative and unique features. Organizations could fulfill needs of customers through putting their consumers on the first row, here; such consumer-driven approach would help them to improve revenue and profitability over long term.