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Consumer Sovereignty and their Impact on Organizations and Society - Research Paper Example

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The aim of this essay is to analyze the impact of consumers on organizations and society and it is also found that how consumers influence the formation of organizations and society at the micro and macro level. The examples of various organizations are presented to show the real world situation. …
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Consumer Sovereignty and their Impact on Organizations and Society
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Download file to see previous pages The strong relation of consumers with the environment and businesses over time is in response to social forces. The social forces may include consumers’ scientific knowledge, media coverage, interest groups, and social organizations, changing environment, government philosophy, and public opinion. Two methodologies have been used to analyze the topic under discussion. First of all, a qualitative analysis has been presented, in which the work of other researchers has been presented to show what they actually think regarding the impact of consumers. Secondly, regression analysis has been done with dummy variables to test the hypothesis, which has been developed after the qualitative analysis.
Consumer directly affects the organizations because they are the target market for the companies. The companies which especially belong to B2C category do experience the influence of consumers on their business. It is also evident from the fact that companies are very conscious about their pricing strategy, marketing strategies, place of distribution and branding etc. The companies offer their products and services to a selected target market, consisted of people with specific qualities and behavior. The demand of specific target market or consumer directly impacts the revenues of the company. Since the primary aim of an organization is to earn revenues and survive in the long run, therefore; customers largely affect the organization as a whole. It means that consumers do have the power to affect the organization.
In some case, the bargaining power of customers is lower but it happens in a few industries where the number of firms is few and customers are large in number. In that case, customers have relatively little bargaining power, however; still, customers do have a strong impact on the organization. 
For attracting and retaining customers, the organizations pursue various strategies. ...Download file to see next pagesRead More
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