We live in a world full of competition. The age of monopoly is far known in this present era. This is a ‘Perfect Competition’ world, all the producers as well as consumers have knowledge about all the products that are introduced or being introduced.
They are informed in beforehand about each and every product that will be releasing in this age. In the ancient past, producer was the king as he was the only seller and producer and there is restricted entry into the market.
He was the dominant person of that time and no one else encountered him. And the consumer had no choice and was forced to buy the products and they disliked it. But now, everything has changed. The world has taken a new turn, it has made consumer the ‘King’ of the present market system.
Producers no longer can continue as monopolistic sellers, the competition has increased over the period of time. Producers as well as consumers also increased. The information about each product that is being introduced into the market is being shared with all the consumers. Price is determined by the demand curve not in accordance with supply curve.
Consumer rules the present day market. “Consumer must not be treated as a stranger but as a wife.” Here in this context wife is not in true sense but the feelings that are showed towards wife, the care that is shown towards wife is to be shown towards customer also. A healthy customer is always benefit to the producers The producers main motto is not only production of certain products and sell them in this competitive market but to satisfy the customer and get his goodwill. A smile on their face will give you profits.
This may sound odd, that how can a smile can get the company into profits but this is true. When you notice a smile on consumer’s face that impacts that the consumer is happy and satisfied with the product. When he is happy, then he will be your advertiser and brings goodwill. It is necessary to make sure that your customers are happy, you choose between a camera or a cctv too if possible to monitor every thing.
He informs other consumers about the product and it’s uses, and this will boost your sales and will get access to a broader market. He can view different types of market and can get along the markets. Consumers will be of different tastes and preferences and the producer should modify himself and his products according to those tastes and preferences. Consumers of different parts of the world will acquire different tastes and preferences which will depend on various factors like climate, environmental conditions.
When the producers get along those situations well and satisfy the consumers, consumers will wear a smile on their face and that smile will be equal to 1000 customers. The goodwill that can be acquired from 1000 customers can be derived from the smile of one consumer. So the main motto of producers in this present market will satisfy the consumers and make them happy with the desired product. For eg: When a consumer is satisfied with the food of a restaurant, he will frequently visit that restaurant and will also inform about that to his friends, relatives etc. A smile can change the fortune of a producer.