Customer evaluation matrix
Okay kiddo, imagine you are in a candy store trying to decide which candy to buy. You have many options but you can't taste all of them at the same time. So, what do you do? You start evaluating each candy based on some things that you care about, such as the taste, the price, the color, and how it makes you feel.
Well, companies also need to evaluate lots of things when they are deciding which customers to work with or which products to make. They use something called a "Customer Evaluation Matrix" to make that decision easier. It's like a chart that they fill out to compare different customers or products.
The matrix has different boxes with different categories, like "revenue potential" (that means how much money the customer or product might bring in), "customer satisfaction" (that means how happy the customer is with the company), "delivery time" (that means how long it takes to get the product to the customer), and so on.
The company then fills out each box for each customer or product they are considering. They might give a customer a high score for revenue potential but a low score for customer satisfaction, for example. Then they add up all the scores to see which customer or product is the best choice.
The customer evaluation matrix helps companies make smart decisions and choose the best customers or products to work with. Just like how you choose the best candy to buy at the store!
Well, companies also need to evaluate lots of things when they are deciding which customers to work with or which products to make. They use something called a "Customer Evaluation Matrix" to make that decision easier. It's like a chart that they fill out to compare different customers or products.
The matrix has different boxes with different categories, like "revenue potential" (that means how much money the customer or product might bring in), "customer satisfaction" (that means how happy the customer is with the company), "delivery time" (that means how long it takes to get the product to the customer), and so on.
The company then fills out each box for each customer or product they are considering. They might give a customer a high score for revenue potential but a low score for customer satisfaction, for example. Then they add up all the scores to see which customer or product is the best choice.
The customer evaluation matrix helps companies make smart decisions and choose the best customers or products to work with. Just like how you choose the best candy to buy at the store!