Final answer:
Good management often leads to increased customer loyalty by improving efficiency and productivity, resulting in better or less expensive products that satisfy consumers and foster their loyalty to the firm.
Step-by-step explanation:
One of the outcomes of good management is increased customer loyalty. Effective management can lead to improved efficiency and productivity, which often results in a better or less expensive product for consumers. When consumers recognize the value and quality of a product, their satisfaction can translate into loyalty to the firm.
Good management also supports the company's ability to compete by offering better or cheaper products, which can increase profits and allow employees to earn more income. An effective management system seeks to minimize unnecessary costs, which helps maintain competitive pricing. Overall, the gains from management that effectively aligns operations, finances, and marketing strategies typically outweigh the losses, contributing to the success and longevity of the business.