add value to their products or services | My Assignment Tutor

How can the innovation of customer feedback effect a business and the UK economy? Innovation is the change or improvement within a company in order to add value to their products or services. A business would be required to have the capacity for innovation, for survival and competitive advantage. Innovation is the most significant driver of performance output and nonetheless efficiency too. Businesses exist due to customers, it is a give and take relationship – customers give a business money, and the business provides the customer with a product or service. This is not like an average relationship, where there is direct communication between both parties, however, even the slightest level of communication between a business and customers can go a long way via marketing, sales and many other methods, but the one this dissertation will be focusing on is customer feedback. Customer feedback is a vital aspect of a business’s operation, it helps monitor and control customer complaints. This dissertation will consist of data collected from academic literature reviews, examples of UK businesses to reinforce and sustain vital points to present the effects on a business and moreover, the UK economy also.


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