"giving priority to service instead of economic self interest " is the...
Giving priority to service instead of economic self-interest’ is the characteristic of political economy
Political economy is a term used for studying production and trade, and their relations with law, custom, and government, as well as with the distribution of national income and wealth. Political economy originated in moral philosophy. It was developed in the 18th century as the study of the economies of states, or polities,hence the term political economy.
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"giving priority to service instead of economic self interest " is the...
Characteristics of giving priority to service instead of economic self-interest:
1. Customer satisfaction:
- Giving priority to service means focusing on meeting the needs and expectations of customers.
- The main objective is to ensure customer satisfaction by providing high-quality products or services.
- This approach emphasizes building long-term relationships with customers based on trust and loyalty.
2. Enhanced customer experience:
- Service-oriented economic activities aim to enhance the overall customer experience.
- This involves providing personalized and efficient services to ensure a positive interaction with customers.
- The focus is on delivering value-added services that go beyond the basic product or service offering.
3. Long-term sustainability:
- By prioritizing service over economic self-interest, businesses aim to establish a sustainable and long-lasting presence in the market.
- This approach involves investing in customer relationship management, continuous improvement, and innovation to stay competitive.
- The goal is to build a strong reputation and brand image that attracts and retains customers in the long run.
4. Social responsibility:
- Giving priority to service reflects a commitment to social responsibility.
- Businesses engage in activities that benefit society and contribute to the well-being of individuals and communities.
- This may include initiatives related to environmental sustainability, corporate philanthropy, or ethical business practices.
5. Building trust and credibility:
- Prioritizing service helps businesses build trust and credibility among customers.
- When companies consistently deliver quality services, customers perceive them as reliable and trustworthy.
- Trust is a crucial factor in establishing and maintaining long-term relationships with customers and other stakeholders.
6. Word-of-mouth marketing:
- Service-oriented economic activities often lead to positive word-of-mouth marketing.
- Satisfied customers are more likely to recommend a business to others, resulting in increased customer base and sales.
- This organic form of marketing can be highly effective and cost-efficient for businesses.
By giving priority to service instead of economic self-interest, businesses can create a competitive advantage and achieve sustainable growth. This approach not only benefits customers but also contributes to the overall success and reputation of the business.
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