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a) Commonwealth Bank of Australia is a multinational bank offering financial services and solutions to customer's needs and wants with business divisions in New Zealand, Asia, North America, and Europe (Commbank.com.au, 2020). Its products and services include credit accounts, savings accounts, insurance services, loans, business loans, personal loans, merchant services, and business-centric products (Commbank.com.au, 2020). The bank has a promising record of providing excellent customer service in context to meeting customer-specific needs and catering effectual financial solutions to their requirements (Commbank.com.au, 2020). Many businesses and customers gained significant benefits from their products and services concerning business loans, personal loans, health and business insurance, and merchandise services to safeguard their finances well (Commbank.com.au, 2020). As the company claims, the executive team of the Commonwealth Bank of Australia can succeed in profit and growth and encourage teammates to achieve the same to enhance productivity mutually (Commbank.com.au, 2020). Besides, the bank has effective and extensive schemes and policies to make Australia's most accessible and committed to customers', bank, and overall company (Commbank.com.au, 2020). All the services of the bank are customer-centric with excellent after-sales service and the products it offers are related to finance and monetary solutions to individual needs (Commbank.com.au, 2020).
b) 1. The Competition and Consumer Act 2010 (Business.gov.au, 2020)
It is a national law which legalizes fair trade within the Australian province and governs the business operating in Australia in dealing with customers, suppliers, and competitors (Business.gov.au, 2020). This indicates that the prime function of this act is to guarantee to protect consumers from product accountability such if a purchased product turns to be malfunctioning and cause additional damage (Business.gov.au, 2020).
The act extensively covers a wide range of aspects of the business that are related to customer services such as product safety, collective bargaining, industrial policy, product labelling, unfair market practices, mergers and acquisitions of firms, industry guidelines, and price monitoring (Business.gov.au, 2020).
The law has both a negative and positive impact on business. In case of negative impact, if the product does not adhere to the consumer act, then the consumer can select between replacement and repairmen, but if both the options are not available then the consumer has the right to reject the product and ask for a refund (Business.gov.au, 2020). Now, concerning positive impact, it creates a positive perspective among consumers regarding reliability, quality, and assurance which in turn, generates high sales volume (Business.gov.au, 2020).
2. The Australian Consumer Law
It is mandatory for businesses operating in Australia need to follow the Australian consumer law which is governed by the Australian Competition and Consumer Commission (Business.qld.gov.au, 2020). This law primarily protects rights and fair practices between consumers and business contracts (Consumerlaw.gov.au, 2020).
The details that are linked to the regulations depict a nationalized regulation for unwelcomed consumer agreements covering door-to-door sales, online sales, and telephonic sales (Consumerlaw.gov.au, 2020).
Any non-compliance to the Australian Consumer Law will lead to business close down and freeze of all accounts that are related to business as all the regulations and codes of ACL are obligatory and business must comply with them if operating in the Australian region (Consumerlaw.gov.au, 2020).
a) The procedures of taking customer complaints, queries, and feedback are crucial to ensure organizational effectiveness and meeting the commitment of catering quality customer service. Concerning such fact, Commonwealth Bank of Australia adopts an effectual and efficient procedure to make sure that its every customer’s requirements and needs are resolved and met (Commbank.com.au, 2020).
b) To improve the existing procedure identified in the Commonwealth Bank of Australia as provided, there are three additional ideas which shall work effectively, and those are as follows:
a) In business environments, public relation is a practice of connecting with the public in regard to release and broadcast of information that is related to newly launched products, accessories, new services, and modifications. It is controlled by business organizations internally but is intended to spread towards the public or consumer to attract, aware, and acquire a new customer base.
b) Product and service promotion is a marketing activity which involves creating widespread awareness about an organizational product or service towards the audience or public to fetch more customers and generate revenue (Shabani and Hassan, 2018). It can be done through advertisements, press conference, seminars, and marketing campaigns in every channel of marketing communication.
c) Quality customer service creates a positive impact on public relations. It can be witnessed in the case of Apple Inc. As it is well known that Apple's customer service is excellent and promising, thus, its public relation events become effective in gaining additional customers and fetches attention from extensive public (Comcowich, 2017).
a) Concerning hearing-impaired customers, the technique to use will be:
b) By using the practice of Approach, Ask, and Assist (Visionaustralia.org, 2020). It includes:
c) The process will be as follows:
a) Best practice can be defined as a working process or practice which is legitimately acknowledged in terms of effectiveness and best to use in business environments to make enhancements. It helps companies to manage quality and efficiency consequently to prosper growth and success within the competitive market (Gálvez-Martos, Styles, Schoenberger and Zeschmar-Lahl, 2018).
b) A customer-centric culture is an organized approach that specifically focuses on customers in offering positive experience towards the customers both during the point of sale and after-sales service with an intention to generate revenue and gain a significant competitive advantage. An example can be seen in Amazon’s business processes (aboutamazon.com, 2020).
c) The four strategies to create the best practice for a customer-centric culture involves:
d) Amazon which is an e-commerce giant based out of the United States has an exceptional customer-centric culture as they define themselves by committed towards customers rather than focusing on competitors (aboutamazon.com, 2020). With effective customer support team and easy customer-centric user interface within their Web and Smartphone applications explains how they have created their business ecosystem especially concentrated towards helping customers (aboutamazon.com, 2020).
The three strategies which shall be used in order to obtain feedback from customers and outlining benefits are as follows:
i. Live online chat by customer support executives will help obtain customer feedback while browsing the website and benefit in gaining new customer base after receiving an effective and prompt response to their queries and issues (Lv, Jin and Huang, 2018).
ii. Through social media pages and links like Facebook and Twitter to gain insight of customer’s concerns, queries, and challenges to address tactically and individually which shall help promote the organization extensively concerning positivity (Lv, Jin and Huang, 2018).
iii. Utilizing surveys and polls to gather valuable data about customer experiences and feedback. This will benefit in creating a sense of belongingness among the customers and consequently to have a positive outlook on the company (Camacho, Wages and Harris, 2019).
1. Aboutamazon.com, 2020. About Amazon. [online] US About Amazon. Available at: <https://www.aboutamazon.com/?utm_source=gateway&utm_medium=footer>
2. Business.gov.au, 2020. Fair Trading Laws | Business.Gov.Au. [online] Business.gov.au. Available at: <https://www.business.gov.au/Products-and-services/Fair-trading/Fair-trading-laws>
3. Business.qld.gov.au, 2020. The Competition and Consumer Act | Business Queensland. [online] Business.qld.gov.au. Available at: <https://www.business.qld.gov.au/starting-business/licensing-obligations/legal-obligations/competition-consumer-act>
4. Camacho, L., Wages, B. and Harris, T., 2019. The Ultimate Survey: Asking One Question at a Time to Get Feedback from Library Users. The Reference Librarian, 61(1), pp.1-14.
5. Commbank.com.au, 2020. About Commonwealth Bank. [online] Commbank.com.au. Available at: <https://www.commbank.com.au/about-us.html?ei=CB-footer_about-commbank>
6. Commbank.com.au, 2020. Your Customer Advocate - Commbank. [online] Commbank.com.au. Available at: <https://www.commbank.com.au/about-us/who-we-are/customer-commitment/customer-advocate.html>
7. Consumerlaw.gov.au, 2020. The Australian Consumer Law | Consumer Law. [online] Consumerlaw.gov.au. Available at: <https://consumerlaw.gov.au/australian-consumer-law>
8. Gálvez-Martos, J., Styles, D., Schoenberger, H. and Zeschmar-Lahl, B., 2018. Construction and demolition waste best management practice in Europe. Resources, Conservation and Recycling, 136, pp.166-178.
9. Lv, Z., Jin, Y. and Huang, J., 2018. How do sellers use live chat to influence consumer purchase decision in China?. Electronic Commerce Research and Applications, 28, pp.102-113.
10. Shabani, N. and Hassan, A., 2018. Augmented Reality for Tourism Service Promotion in Iran as an Emerging Market. Virtual and Augmented Reality, pp.1808-1818.
11. Visionaustralia.org, 2020. Tips For Assisting People Who Are Blind Or Have Low Vision | Vision Australia. Blindness and Low Vision Services. [online] Visionaustralia.org. Available at: <https://www.visionaustralia.org/information/family-friends-carers/tips-assisting>
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