Discuss role of effciency and effectiveness in the creative

Discuss role of effciency and effectiveness in the creative of value for the markey need the product will satisfy. Of these 3 variables, which one is most important to the company and which one is most important to the customer?

Solution

effectiveness is the qualitative aspect which determine by the customer interms of satisfaction. customer satisfaction is the ultimate requirement of any product or service. the product which can not achieve it can not be in successful in market.

efficiency says about the ability to produce good quantity of units based on the requirements of the market. it considers how accurately the firm is able to producing the products in the given market conditions.

value is decided by the customer and product is offered by the producer. value is a psychological feeling of the customer which speaks interms of loyalty. a loyal customer means the one who sticks to the product or service of a single company.

a satisfied customer is the layol customer always.

and these three play important and equal role while deciding market for a product.