Responding to product failure
Institution
The businesses do, and the values and the purposes that a business has are more important than the profits that a particular business makes. Small businesses should be inspired by innovation and progress in organizations other than the benefits that they are making. If the organizations make the right decisions, they will attract more customers in the organizations. These will make the organizations to make even bigger profits in the organizations. A business model that drives the organizations in the right direction is essential in helping the organizations adopt ethical business approaches.
As an executive director in the Samsung technologies, it is essential for ne to tell the public about my failed product. Explaining to the consumers about a product that you are realizing and explaining that it has failed is a significant move. It creates transparency, and the customers can trust you in the future. Also, this would help you save money that would have been used to replace the phones that would have been returned because of being faulty.
Studying economic theory is very important. It helps us to understand the importance of corporate social responsibility. Corporate social responsibility is crucial because it increases the profits of a particular company. More than even improving accountability, it improves the image of the company. It essential for companies to be responsible so that they can attract more customers to the company. Also, it important to explain to the stakeholders about a failed product and the reason as to why a certain product failed. These are important because they can give you feedback and helps you in deciding the next step forward. Customer feedback is also critical, and the customers should be responded to after a particular product failed. Customer feedback is important because it helps the customers to feel valued.
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