ThreeAttributes of Organizations Considered to be Successful
Mostimportant attributes of an organization that can be considered to besuccessful
Allsuccessful organizations share three major attributes, includingloyalty, consistency, and trust (Bickle, 2012). Loyal customersincrease the competitiveness and the safety of the organization’sgoing concern. This is because loyal customer loyal customersguarantee the organization substantial sales during the peak and lowseasons. Organizations get customer loyalty by offering products orservices that meet their exact needs (Bagram & Khan, 2012).
Successfulorganizations also avoid unnecessary surprises that can affect theirrelationship with customers in a negative way. For example, asuccessful organization maintains consistency in the way they pricetheir brands, alter the image, and assort their products (Bickle,2012). Consistency makes it easy for customers to make decisionssince any changes in the brands, price, or other features are quitepredictable (Schlicht, 2010). In addition, consistency helpscustomers in benchmarking brands from different organizations.Customers tend to prefer organizations that maintain consistency tothose that do not. Consistency reinforces the identity of theorganization and enhances customer recognition. In addition,consistency is often used as a tool to differentiate an organizationfrom its competitors.
Thetrust that the stakeholders (including the employees and customers)have in a given organization is among the key determinants of thesuccess of that organization (Sarwar, Abbasi & Pervaiz, 2012).For example, customers are likely to remain loyal to the organizationand continue using its products if they trust that the quality thatthe organization purports to give them is real (Nguyen, Leclerc &Leblanc, 2013).
Whythe three attributes are likely to be displayed in oligopoly than ina monopolistic competition
Itis more likely for an organization to portray the three attributeswhen it is operating in an oligopoly than in a monopolistic market.This is because the three attributes are meant to attract customersand enhance the competitiveness of the organization. However, amonopoly does not have competitors, unlike an oligopoly that hasseveral competitors.
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