Description
Customer Centricity
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:
- as part of a knowledge management system (understanding the customer);
- as part of developing strategic competence as a learning organization (building a customer-centric culture); and
- as a foundation for corporate strategy development and execution (serving the customer).
Following your review, prepare responses to the following discussion questions:
- According to research, what are some of the key customer-centric characteristics of successful companies?
- What are some of the ways that technology has shifted power from companies to consumers?
- In discussing Net Promoter Score (NPS), why does Reicheld suggest doing surveys frequently rather than annually or just a few times a year?
Explanation & Answer
View attached explanation and answer. Let me know if you have any questions.
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Rethinking Marketing
Student’s Name
Institution Affiliation
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Rethinking Marketing
Question 1
According to Frank et al. (2020), customer-centric companies' top executives must concentrate
on the customers' needs. For example, take Elon Musk of Tesla as an example of a leader who,
while being extremely busy, answers individual consumers on his Twitter account each day. The
company's leadership must demonstrate to everyone that the customers come first.
As well, the company ensures that there is employee engagement: Employees treat consumers in
the same way they treat their bosses. How can workers be expected to interact with customers in
a significant way if mid-level leadership is authoritarian, dominating, and process-driven but
does not enable employees to feel involved and able to contribute ideas? Point your team on the
proper...
