explain to me

what this means please ?

Emerging Themes Affecting Management Accounting Customer safisfaction is the first priority of any business, whether service, trading. of manufocturing. Without customers, any business cannot survive. Customer value is the alterence beiween what the customer receives and what he gives up. (Hansen and Chapter 1. Views About Financial Cost. And Management Accounting in A Ausineut Organtsation Mowen) What is received is the fotal product value which consists of both tangible and intangible benefits the customet gets from the product or service purchased. We refer to the accumulated product value derived from business activities of research and devetopment to production. to marketing and distribution and finally to servleing of customers after the sale. - Key foctars that have to be improved as demanded by customers are: cost, qually, time, innovation, Because of competition, costs have to be controlled if not reduced. whilio quality has to be continuously improved. When we talk of time, we reler to time taken from developing until the product reaches the markel. Time salso refers to the number of days it takes for the product to reoch the eustomer from the day the order is placed, as well as the readiness and reliability of the business to give the post-purchase services to the customer. The ability of the business to develop innovalive products and services contributes to the ongoing success of the organization, especially those in communicalion and information lechnology areas. - Total value-chain analysis has to be continuously underfaken. All the business functions of the organization add to the total product value. But the total value chain should not preclude the octivilies of the suppliers and customers. Working with the materiais suppliers can help reduce the cost of materiass handling. while working with the customers can help production scheduling. - Focus should be both internal and extema, Management has to operate considering internal and external environment, intemaly, it focuses on the different departments and divisions for elficlency and coordination, but at the same time management should be sensilive to or aware of what is happening in the extemal environment with respect to customers, competitors, and regulatory bodies. - Continuous improvement is imperative. The japanese use "kaizen management" to oddress this concern which is actually commitment to progress. Compelitors' are continuously improving their products. Therefore. manogement hos to strengthen al its business funclions from resecrch and development, design, production, morketing in order not to be left behind. Benchmarking is now commonly used to refer to the continuous process of measuring products, services, or activities against the best level of performance that is found either inside or outside the organization. The diogram below presents the key themes in the newly evolving manogement opproach (Homgren, Foster. and Datar)