Pure Monopoly: The Different Types Of Business Structures

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Today’s market for customer service is constantly changing of what is socially accepted. It is not only of what is accepted but how the customer wants to be treated. The customers will react and every customer will react different to the level of customer service you provide. What is expected of a business is simply just looked at as a guideline. Companies are going above and beyond to satisfy the growing consumer needs and competitive market to either keep or gain more customers to keep their business thriving.
Business Structures Businesses are more competitive than most are aware of. It gets broken down into 3 different types of business structures. First would be “Pure Monopoly” is a business that is single supplier. There are no close substitutes; the single industry player controls all recourses in the area (Gilani). Second is “Monopolistic Competition” and it pertains to an industry infrastructure that has competition and the competition has different products and many buyers to choose from (Gilani). They have the same structure and are in constant competition with one another. Third would be “Oligopoly”, there is only a limited amount of businesses out there; however, they have the competition between the small firms that sell based on benefit (Gilani)s. What would essentially work best and benefits you. All three types of businesses types push themselves to be the most attractive to the customer based on the most exceptional customer service experience. Customer Service Exceptional customer service is when a business goes above and beyond what is expected by the customers and really gives them that satisfied feeling of wanting to come back. Taking that exceptional customer service experience and making it personal is really what the customer is after. It could be as simple as using the customer’s name to single them out that you took the time to acknowledge them. A customer wants you to acknowledge that they are different from someone else. They want that undivided attention to makes them feel important. Something that makes the experience personal for the customer will keep them coming back. Personalized Customer Service A hotel does an excellent job of what personalized customer service really embodies.
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Instead of just a generic wakeup call with the time and the time, most hotels use the person name with “Good morning” (Hyken) in front of it. They ask you how you slept, if you had a pleasant stay, does your room need anything extra, and sometimes they even ask if you would like reservations made in the area for dinner (Hyken). They really listen to the needs of the customer. Traveling can almost always be stressful especially if you don’t know the area to well. They really listen to what the customer needs and they put that into action. That makes the customer want to come back. They felt it was personalized to them, they were comfortable; they got exactly what they needed because someone listened to their needs. The customer wants to feel special and sometimes the downside of that is that big national corporations don’t really care as much as they should because you are just one person. With technology and the network evolving anything posted and said could essentially go viral, that one person could tell someone else about a negative experience and that hard part is most company’s take pride in the image of their cooperation or organization. All it simply takes is one person to change that. Negative Feedback The majority of companies overall image would come from a customer’s personal testimony and the feedback on how their experience was. …show more content…
Part of a company’s marketing is advertisement of the brand or the business itself. But it also is based on word of mouth. The negative customer service experience can travel from person to person and have a negative impact on the business. If the customer had a negative experience they generally won’t be intrigued to come back. Simply as human beings it’s only natural to want to tell someone about it and vent. People often read other people’s testimonies online to see how a business treats its customers. The product the business is advertising could be a need but if there is no customer service to back it up then they generally won’t be in business for long. That negative feedback often comes from a negative personal experience often created by the customer

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