Final answer:
Companies survey their existing customers to gather feedback for improving products and services, and to understand customer needs for tailoring marketing strategies, which helps maintain a good reputation and meet customer demands.
Step-by-step explanation:
Companies survey their existing customers for several reasons, two of which are particularly significant:
- Gathering feedback on products or services to improve quality and efficiency, leading to higher customer satisfaction and possibly attracting more business.
- Understanding customer needs and preferences to tailor marketing strategies, resulting in better customer retention and the generation of new leads through recommendations.
Feedback ensures that companies maintain a good reputation, which is essential as it makes buyers less apprehensive about the quality of products they are purchasing. This concern for reputation can also allow businesses to command higher prices when buyers trust them. Additionally, information from customers is vital for companies to adapt and innovate, ensuring they meet the evolving demands of their customer base.