Free market (11) - Customer satisfaction

In the past, businesses put in great efforts to guard their reputation. They address customer complaints actively and maintain their reputation for fair treatment of customers.

In recent years, the standard of customer service has declined. This comes during an era of relentless search for higher profits and a drop in business ethics. Businesses do not care as much for their reputation, as it is now quite common for their competitors to have similar low standards.

The regulators have also dropped their standard of enforcements. They consider that these matters could be left to the market. If the consumers are not happy, they can go to another supplier. Even the mainstream media is driven by advertising dollars and are not vigorous in reporting bad practices of businesses.

Many businesses now take the view that if a group of customers are dissatisfied, they can market their products to other groups of customers.

The decline in business ethics will be bad for society. We need a refocus on good business ethics and practices. This requires the action of the regulators, mainstream media, and the examples of good corporate leaders.

Consumers should also come forward to be more active in expressing their dissatisfaction and views. They can use the new media to voice their views.

Tan Kin Lian