Lens 1: Growth and business models: Drawing on the idea of the Customer Value Proposition, reflect on the challenges you have faced in determining value propositions
Today’s companies are shifting their focus from their products and sales oriented companies towards understanding the needs, preferences and desires of their customers. This formula ensures that organisations are creating products polished for their targeted markets. In the recent year, I have represented one of millions of individuals that have been grasped by this tumultuous client relationship promoted by a more conscious industry.
Regarding the role of a client in a business, I agree with Sam Wulton, founder of the Wal-Mart brand, when arguing that: “There is only one boss. The customer. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else”. Jeff Bezos, the founder of the famous online company Amazon, which is said to be the most consumer-oriented company, often reminds employees to be obsessed with the client by waking up every morning terrified, not of the competition, but of Amazon’s own customers. ” If you do build a great experience, customers tell each other about that.” And that’s what happens. The ease of obtaining any item from a selection of similar, yet unique choices, has proved itself to be a satisfying reality, turning Amazon into my favourite online retailer.
Companies are responsible for building relationships with their customers by providing superior customer value and the sence of fulfillment. When evaluating goods or service evaluate goods/services in light of their perceived value, I always expect a product with a retail price listed at premium to have top of the line features. Customer satisfaction depends on the expectations of the customer and companies that are able to successfully meet and even exceed the expectations of their customers will gain loyal customers in the long run.