The Strategic Importance of Customer Value

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Page count 5
Word count 1373
Read time 5 min
Subject Economics
Type Essay
Language 🇺🇸 US

JC Penny’s quote indicates clearly that friendship is the foundation of every great or successful business. I personally agree with the quote because the concept of friendship makes it easier for customers to feel appreciated and empowered. The friendship becomes a powerful attribute that promotes positive customer service delivery. A company that embraces the idea of friendship begins by promoting and empowering its employees (Kotler et al. 39). Consequently, the workers find it easier to focus on the targeted goals and eventually meet the changing needs of the customers. This friendship creates the best model for maximizing the experiences of the targeted clients. When the customers feel appreciated and developed, it becomes easier for them to do repeat business and support the brand (Sonkova and Grabowska 201).

Businesses that are built upon this type of belief will definitely benefit from a number of rewards. For instance, the customers will be ready to do business with the company for the longest time possible. The business will also monitor and address the unique challenges facing its clients. The customers will become truthful critics whose ideas and complaints can be used effectively to drive business performance. The customers will also encourage their friends to be part of the company’s business model (McFarlane 62). It is also agreeable that the belief has its share of risks. For example, a company that focuses mainly on personal relationships with its customers might fail to attract more stakeholders and eventually make losses. Some of the clients might become obsessed with the firm’s brand and fail to offer balanced ideas that can revolutionize its performance.

The second quote by Mark Cuban indicates that successful companies usually make their products accessible in comparison with those of the existing competitors. Using this philosophy, Mark Cuban embraced the power of online shopping to sell more computers over the internet. From a personal perspective, I strongly believe that the philosophy is agreeable and can be applied in every sector or business (Sonkova and Grabowska 203). This happens to be the case because many customers want to purchase various products with ease. The process also makes it easier for the customer to learn more about a specific product, compare it with other substitutes, and make his or her final purchasing decision. By so doing, more customers will find the process appreciable and support the business model of a company that embraces the philosophy.

Several examples can be presented to explain how the move to make purchasing much easier improves business performance. Amazon remains one of the leading online retailers. The firm markets a wide range of products to its consumers. The firm’s online presence makes it easier for more customers to analyze its products and services. The acquired information guides customers to “purchase the needed products at the comfort of their homes” (Schwarzl and Grabowska 189). The next thing is liaising with the firm in order to ensure the product is delivered in a timely manner. Amazon’s Kindle has revolutionized the manner in which books can be purchased and read without lifting a finger (Torpie 8). These strategies explain why Amazon has become a profitable American retailer. The business model has been copied by companies such as Samsung in order to get closer to the customers. Companies that want to remain successful and profitable should therefore embrace this business model.

The quote by Steve Jobs, the cofounder of Apple Incorporation, shows clearly that successful companies can go a step further to monitor the diverse needs of the customers before they even realize what they really want (McFarlane 68). This can be analyzed as a classical example of proactive customer service. This is the case because the marketer or company goes a step further to learn more about the needs of the consumer before he or she is aware of them. By so doing, the entrepreneur embarks on a new journey to manufacture superior products that are capable of addressing or meeting such needs. For example, a company might predict future demands and come up superior products that can address every emerging need (Kotler et al. 72). This is the reason why Apple Incorporation produced a superior computer before the targeted customers could understand the benefits of the revolutionary gadget.

The creation of Facebook by Mark Zuckerberg is another example that matches this description. This is true because many users have just realized that the social media platform can support their needs and revolutionize their lifestyles (Schwarzl and Grabowska 189). When Zuckerberg was developing the platform, very few people understood how such a technology could change their lives (Schwarzl and Grabowska 190). Basically, business owners should be ready to learn more about the complaints presented by their customers. The emerging concerns should then be addressed using quality products and eventually deal with the problem of competition.

Zug Ziglar’s quote is based on the premise that the complaints of a consumer can be embraced by a firm in order to alter its business model. By so doing, the business will be in a position to produce better products and address such complaints (Codourey 12). Feedback received from a given consumer can be used to reshape business performance in an attempt to improve service delivery. Companies that embrace the ideas and complaints presented by their customers will find it easier to develop better products or develop new marketing models. Such measures are usually undertaken in order to empower the targeted customers.

Several companies have changed their models based on the responses received from their respective customers. One of these firms is Apple Incorporation. After successfully manufacturing and marketing the iPhone 3, the company realized that the customers were happy with the product. The company went ahead to collect information and feedback from different customers. Majority of the customers indicated that it was the right time for the company to produce a new device that could offer faster internet connections, deliver quality photographs, and resonate with the image of the user (Codourey 16). This kind of information is what guided the research and development (R&D) team to come up with the iPhone 4. Similarly, the approach has been embraced in order to produce new devices that can satisfy the changing needs of the customers. Companies that embrace such responses will realize their business goals much faster.

The quote by Dale Carnegie has been borrowed by many entrepreneurs and business managers because it acts as a guiding principle for managing human relations or interactions. The message gained from the quote can be used by companies to develop the best customer service strategies (Sonkova and Grabowska 199). The major aspects of the community show conclusively that human interaction is a must. One of these aspects revolves around personal relationships. Human beings will always be required to interact with different people including friends, relatives, parents, neighbors, classmates, and even leaders (Torpie 8). This kind of interaction will always reveal many things about human relationships. For instance, every person will acknowledge the fact that human beings tend to have diverse ideas, thinking abilities, tastes, expectations, preferences, and needs. Whenever establishing specific relationships, it is appropriate for people to be aware of these unique differences. By so doing, the individual will find it easier to establish an evidence-based relationship with a specific friend or relative. The relationship will differ significantly whenever relating with another individual.

With this kind of understanding, the person will be able to engage in appropriate discussions that appeal to the targeted friend or neighbor. Businesspeople and managers are therefore expected to embrace similar ideas whenever dealing with their customers. This is the case because the targeted customers tend to portray diverse thoughts, ideas, tastes, preferences, and expectations (Sonkova and Grabowska 201). The businessperson will go further to come up with appropriate products and market them using the best channels.

This philosophy borrows a lot from most of the quotes discussed above. For instance, the manager or marketer should develop a new friendship with the customer and monitor his or her needs (Codourey 17). This knowledge will make it possible for the company to deal with complex situations that might arise. The firm will eventually ensure quality services are available to the targeted customers. The practice is also associated with increased profits.

Works Cited

Codourey, Maurice. “The Public Handshake, the Pushed Gossip and the Healthcare Marketing.” Economics and Sociology, vol. 6, no 2, 2013, pp. 11-27.

Kotler, Philip et al. Marketing. Pearson, 2015.

McFarlane, Donovan. “The Strategic Importance of Customer Value.” Atlantic Marketing Journal, vol. 1, no. 1, 2013, pp. 61-75.

Schwarzl, Susanne, and Monika Grabowska. “Online Marketing: The Future is Here.” Journal of International Studies, vol. 8, no. 2, 2015, pp. 187-196.

Sonkova, Tereza, and Monika Grabowska. “Customer Engagement: Transactional vs. Relationship Marketing.” Journal of International Studies, vol. 8, no. 1, 2015, pp. 196-206.

Torpie, Kathy. “Customer Service vs. Patient Care.” Patient Experience Journal, vol. 1, no. 2, 2014, pp. 6-8.

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EduRaven. (2021, October 19). The Strategic Importance of Customer Value. https://eduraven.com/the-strategic-importance-of-customer-value/

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"The Strategic Importance of Customer Value." EduRaven, 19 Oct. 2021, eduraven.com/the-strategic-importance-of-customer-value/.

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EduRaven. (2021) 'The Strategic Importance of Customer Value'. 19 October.

References

EduRaven. 2021. "The Strategic Importance of Customer Value." October 19, 2021. https://eduraven.com/the-strategic-importance-of-customer-value/.

1. EduRaven. "The Strategic Importance of Customer Value." October 19, 2021. https://eduraven.com/the-strategic-importance-of-customer-value/.


Bibliography


EduRaven. "The Strategic Importance of Customer Value." October 19, 2021. https://eduraven.com/the-strategic-importance-of-customer-value/.

References

EduRaven. 2021. "The Strategic Importance of Customer Value." October 19, 2021. https://eduraven.com/the-strategic-importance-of-customer-value/.

1. EduRaven. "The Strategic Importance of Customer Value." October 19, 2021. https://eduraven.com/the-strategic-importance-of-customer-value/.


Bibliography


EduRaven. "The Strategic Importance of Customer Value." October 19, 2021. https://eduraven.com/the-strategic-importance-of-customer-value/.