13 Jan 2023

28

Approach to Building a Company's Trust

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Academic level: College

Paper type: Essay (Any Type)

Words: 678

Pages: 2

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The individual preference and the buyer experience is the central willpower for the consumer drive and loyalty to a given brand ( Huang, 2017) . In contemporary society, the telecommunication industry is one of the sectors that has registered a higher number of consumer loyalty with Apple-related products being preferred by the consumers. Given the existing assumption among the public that Apple products are of high quality, I as well developed a liking for Apple manufactured products such as the iPhone, Macbook, and iPad. The reason for remaining loyal to the Apple products results from the unique features these products offer to the consumers. The marketing strategy conducted by Apple for its products is another factor that has contributed to my loyalty to Apple products.

Trust is fostered upon the rules of a sense of belonging and relationships. A company can develop its ties with the community by ensuring that company products are dependable and reliable to meet the community's needs. Through trust, a connection is established that is the communication between the seller and the buyer, high standard customer service, as well as product accessibility and availability, is enhanced. The presence of competition within various markets has contributed to the technological advancement that has also increased the awareness of consumers about multiple products ( Huang, 2017) . Thus, companies have the mandate of building trust towards enhancing loyalty for their various products. Building trust among customers by the companies can be achieved through the following ways: ensuring the availability of high-quality products to the consumers, this will ensure that the company's products are availed to the consumers at their convenience and high quality. Second, establishing the authenticity of the products offered to consumers would also assure consumers of the credibility and originality of the product towards the satisfaction of consumer needs. Thirdly, working towards the elimination of social profiling within societies will also make sure that the goods presented by the company are for use by all society members irrespective of social class or position. Lastly, the company should certify that it upholds a good and close connection with the customers; this will increase the level through which the company engages its customers and, as a result, keeping the customers closer to the company. 

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Ethical Issues and Obligation of Trust 

As soon as the product's trust is developed and loyalty to the brand is achieved, companies should make use of the opportunity offered to them by the customers to build a strong loyalty base for products provided by the companies. Correspondingly, there might be duties and ethical considerations to building trust, which should govern companies while their brands ( Huang, 2017) . In some business scenarios, for instance, during a high and a low season, when it is in the low season, businesses should not vigor the auctions team to overvalue by making coerced selling instead of need established selling. Furthermore, corporations will have a decent impression concerning the price feelings of their customers ( Palliam 2020). The company should not frequently and necessarily hike prices and produce an unjustified load on the clients or intentionally hoard goods to cause unnecessary shortages. A good example of unethical practices maybe when a company is advertising a product; they should make fake promises to the customers. 

Consumer Loyalty 

Some clients are incredibly loyal to particular brands or companies, while others are not depending on their specific customer experience. As a caution, consumers ought not to thoughtlessly put full confidence to the companies as the firms may entice them to be loyal customers through gorgeous promotions and unreasonable offers. Nevertheless, when trust is established, and the customers find it so hard to shift, the company may take advantage and start draining the customers in various ways. When the buyers start realizing this, it could be late. Thus, they should always authenticate the aptitudes made by the corporations and make sure to get what was pledged. 

In conclusion, customers these days are becoming more and more familiar with the tricks used to entice or lure them into buying their product or maintaining customer loyalty. The good thing is that many consumers have become assertive to choose what the best brand is for them. Customers have cognitive abilities to differentiate between the authentic brands and that use manipulative marketing to gain customer's attention. Some customers may be simply fascinated by the brand name hence developing a blind faith towards the company. 

References 

Huang, C. C. (2017). The impacts of brand experiences on brand loyalty: mediators of brand love and trust.  Management Decision

Palliam, R. (2020). Financial transaction and fiduciary obligation: Ethics, economics, or commingled commitment?  International Journal of Banking and Finance 9 (4), 1-27. 

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StudyBounty. (2023, September 14). Approach to Building a Company's Trust .
https://studybounty.com/approach-to-building-a-companys-trust-essay

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