Consumer Goodwill Cannot Save an Out-of-Touch Company (Commentary by Jordan Low)
Consumer Goodwill Cannot Save an Out-of-Touch Company (Commentary by Jordan Low) Have you ever forgiven a company for releasing a poor or unsatisfactory product? If the answer is yes, then most likely it is because you know that said company has had a proven track record of producing quality goods/services. This is known as consumer goodwill. Consumer goodwill is gained when a business is able to instil a sense of confidence in their product among consumers, leading them to believe that the company is actively trying to provide quality goods/service for the consumer. Relatability has also been shown to be a factor affecting consumer goodwill as people are more likely to support small businesses as opposed to sprawling corporate companies. However, companies must keep in mind that consumer goodwill is not like some ATM card that they can cash out anytime they please. It can deteriorate over time, especially if a company becomes lazy in regards to creating new prod...