Learning Goal: I’m working on a management discussion question and need an explanation and answer to help me learn.
Without customers, businesses could not succeed. The term “customer centric” has, therefore, become synonymous with proactive business strategy worldwide. Primarily due to advances in technology, we are experiencing a fundamental shift in marketing – from a previous focus on companies to a spotlight on consumers. This gives customers a much stronger voice in both the business-to-business (B2B) and business-to-consumer (B2C) markets.
This core reading discusses how customer centricity fits into an organization in three ways:
This reading highlights the importance of understanding the various ways in which customers derive value from products and services. The following four ways are identified and explained, with examples and illustrations of each provided throughout the reading:
Customers define value in different ways depending on the type of product or service they purchase and their needs and motivations at various times throughout their lives. Marketers need to create and maintain, and in many cases improve, the quality of their products and services to continue to surpass the value provided by new and existing competitors. This focus on value is accomplished most successfully by continually assessing the needs and expectations of target markets as well as being on the forefront of new innovations launched in the marketplace.
Following your review, prepare responses to the following discussion questions:
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