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Key Traits of a Successful Singapore Companies

Success is vital to any company. You won’t find one formula explaining to you what makes a company successful. Some companies are just better than others. Though you can’t completely quantify what makes a business successful, many of the most successful companies have the same things in common.

In this article, we’ll take a look at four key attributes that make a company successful.

Customer-Centric Strategy

A customer-centric company is more than a company that offers good services. Customer centricity is a way of doing business with your customer in a way that provides a positive customer experience before and after the sale in order to drive repeat business, customer loyalty and profits.

It means offering a great experience from the awareness stage, through the purchasing process and finally through the post-purchase process. It’s a strategy that’s based on putting your customer first.

The customer journey from start to finish should be designed so that all sales activities and communication are aimed at helping the customer achieve short and long-term success. To be fully effective, customer-centric selling should go beyond the sales department – to your customer service, marketing, and account management teams as well.

Suppliers Relationship Management

SRM is the discipline of strategically planning for, and managing, all interactions with third party organizations that supply goods and/or services to an organization in order to maximize the value of those interactions.

At CulturalManagement.org we believe finding good suppliers and maintaining solid relations with them can be an invaluable tool in the quest for business success and expansion. In fact, a business can only be as good as the suppliers with whom it works. The typical goal of SRM is to streamline and improve processes between a buyer and its suppliers – the organizations that supply the goods and services.

Suppliers are often a procurement organization’s secret competitive weapon, their hidden resource, their competitive edge. Leading companies develop tailored supply strategies that are directly linked to their corporate strategies.

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Understanding Consumers and Market Segments

Deciphering consumer's behavior is the biggest challenge before the manufacturing companies. The success of any product and service largely depends on the consumer's response and behavior. There is no set test to analyze consumer's behavior. The behavior of consumer is affected by several factors and these factors directly indirectly influence the buyer's behavior. Many scientific methods are followed by the companies to analyze the consumer's behavior.

Consumer behavior is exposed to various factors and these factors directly and indirectly influences a consumer's decision in choosing a particular product. A factor such as motivation, learning, and perception great affects consumer's decision. There are several outer factors such as culture, environment as well.

Companies are spending millions of dollars to examine and analyze the consumer's behavior so that they can design and develop a suitable product for the consumer class.

Earlier it was believed that creative advertisements with the catchy lines have the power to affect consumer's buying behavior but the latest experiment does suggest that environmental cues can influence what you like and buy. According to latest research creating a link between a product and something in the environment will surely motivate the consumer to give a second thought about the products and buy it. Though it cannot be generalized but research has shown that establishing relations between a product and something from your outer world will increase the probability of buying a particular product.

One cannot deny the role of social norms and social factors in affecting consumer's buying behavior. The popularity of brand name attracts people and people often prefer branded product and trust brand name instead of local product. Buying and supporting a brand name give social acceptance. People often go for big brands and latest hot trend while purchasing apparel clothing and other items. The cultural value of the society also effects consumer's buying behavior. Companies are paying close attention to advertising and they are trying to inculcate the socially acceptable factors in their advertisement to make it more appealing and influencing.

Man is a social animal and we have a tendency to discuss and exchange views on several topics. For example, if the product is visible as clothing, shoes, car etc., the influence of reference groups will be high. Reference groups also include opinion leader (a person who influences others by his special skill, knowledge or other characteristics).

People mostly shop with friends and family and the role of family member is crucial in deciding the final purchase decision. If someone is shopping for apparels, clothes or other items the suggestion of husband, wife or kid will play important role in finalizing the deal. Here we should note that the purchase of roles change with the changing lifestyles of consumers.

• Roles and Status

When we analyze environmental factor in influencing consumer's buying behavior we cannot ignore the role and status of that person, purchasing decisions will be influenced by their role and status.

Lifestyle

Customer's lifestyle is another factor affecting import purchasing behavior of consumers. Lifestyle refers to the way a person lives in a society and express things in their environment. It is determined by the client's interests, opinions, etc., and activities shape their whole pattern of acting and interacting in the world.

A human behavior is highly influenced by the culture and subculture he lived in. Factors like religion, nationalities, and geographical regions affects human behavior. Marketing strategist pay special attention subculture factors while creating advertisement so that it could influence the customers' behavior in a positive way. An advertisement contradicting the accepted norms and standard will not produce the desired result. A good analysis of the subculture will help the marketer to design a product according to the needs of a person residing in a specific geographical location.

The consumer's buying behavior is open to several factors including environmental factor, social factor, personal factor, psychological factors. Marketing strategist and product developers are paying close attention to these factors so that they can come up with the right kind of product and improve the sales of the products.

Consumers for retail goods go with family or friends. I would like to bifurcate as - personal goods such as clothing, cameras, PCs likewise a consumer go to buy along with friends. White goods like refrigerators, Air conditioners the consumer would like to take along family members.

Business Resilience

Business resilience is the ability an organization has to quickly adapt to disruptions while maintaining continuous business operations and safeguarding people, assets and overall brand equity. It is the process of creating systems of prevention and recovery to deal with potential threats to a company.

Business resilience planning at CulturalManagement relies on identifying essential functions and prioritizing what is critical to be performed in times of distress. A critical step in becoming a resilient organization is understanding what your vulnerabilities are so that you can prepare to stay in business.

Most concerning threats that lead to business disruptions include cyber attacks, data breach, acts of terrorism, fire, unplanned IT and telecom outages, and adverse weather among others.

Careful business resilience planning can mitigate the impacts of a disruption and allow your business to continue to function or to return to normal more quickly.

Employee Job Satisfaction

Job satisfaction is the feeling of contentment or a sense of accomplishment, which an employee derives from his/her job. Job satisfaction is all about an individual’s feelings about the work, work environment, pay, organization culture, job security and so on. Successful companies provide a high level of job satisfaction to its employees.

Fortunately, job satisfaction is dependent on a variety of factors, many of which are within an organization’s control. Key factors include engagement, praise and appreciation, compensation, motivation, culture and work-life balance.

While these traits alone don’t necessarily tell the whole story, at CulturalManagement they are important factors in evaluating whether a company might be recognized globally as a successful one.