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In a profit making business the firm obviously has to try and achieve this level of customer satisfaction as a way of staying ahead of the competition and making a profit. In a ‘not for profit’ organisation, management substitutes profit for some other criterion such as maximum social benefits; a political party would be likely to substitute maximising votes for financial profit. A university on the other hand may substitute ‘research excellence’, to purely financial profit. In order for organisations to be able to arrange their assets and resources in such a way that they are able to produce ‘bundles of satisfactions’ that satisfy the genuine desires of specifically defined target markets better than the competition, they need to know what the market regards as valuable...
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