Topic of Interest 1: "Focusing on Customers Is New to Business Strategy"
With the shift of focus on selling products, to investment in customer loyalty, I found it interesting that this is a relatively new concept. As I grew up, we purchased things. That is about as far as my thought process ran and it was not until I realized that the coupons being dispensed at my local grocery store were related to my shopping habits that I realized that they were tracking my purchases. That ability to type in my phone number for savings is actuality a project management tool they are using to monitor my habits. In return for my information, they reward me (encourage me to continue giving them my business) with coupons for the popsicles and diet sodas …show more content…
This loyalty allows company to project profits based on my spending habits. For instance, the coffee shop that I frequent already knows what I am going order. I only have to roll down the window to pay. I am sure that I am included in their marketing strategy and monthly projected profits. They have learned what I like and with that personal recognition have turned me into a valued customer. Individualized marketing will only get more competitive as enterprises work to individualize products and services even more to win over these lifelong branded customers. Focusing on customers is not really a new strategy, it was a philosophy, pushed to the side in the quest for high sales, and high profits. In this technological world, where we cannot seem to look up from our …show more content…
Information is now easy to access, making consumers more educated with higher demands. They have the ability to research the products that they would like to buy and are less likely to compromise. Consumers expect fast service, and have higher expectations related to sales and customer service experiences. This change in behavior puts a responsibility on companies to provide better quality, and more value in order to win the favor of the consumer. Customers are harder to please and less flexible than they were in the past. We live in a fast-paced, instant gratification society and people tend to expect that they receive service instantly. This puts more pressure on the enterprise to provide individualized, high quality, and competent customer service. I believe that this expansion of knowledge gives the buyer more protection and value for their money as their business is in high demand and it is more difficult to give dishonest and low quality
With the shift of focus on selling products, to investment in customer loyalty, I found it interesting that this is a relatively new concept. As I grew up, we purchased things. That is about as far as my thought process ran and it was not until I realized that the coupons being dispensed at my local grocery store were related to my shopping habits that I realized that they were tracking my purchases. That ability to type in my phone number for savings is actuality a project management tool they are using to monitor my habits. In return for my information, they reward me (encourage me to continue giving them my business) with coupons for the popsicles and diet sodas …show more content…
This loyalty allows company to project profits based on my spending habits. For instance, the coffee shop that I frequent already knows what I am going order. I only have to roll down the window to pay. I am sure that I am included in their marketing strategy and monthly projected profits. They have learned what I like and with that personal recognition have turned me into a valued customer. Individualized marketing will only get more competitive as enterprises work to individualize products and services even more to win over these lifelong branded customers. Focusing on customers is not really a new strategy, it was a philosophy, pushed to the side in the quest for high sales, and high profits. In this technological world, where we cannot seem to look up from our …show more content…
Information is now easy to access, making consumers more educated with higher demands. They have the ability to research the products that they would like to buy and are less likely to compromise. Consumers expect fast service, and have higher expectations related to sales and customer service experiences. This change in behavior puts a responsibility on companies to provide better quality, and more value in order to win the favor of the consumer. Customers are harder to please and less flexible than they were in the past. We live in a fast-paced, instant gratification society and people tend to expect that they receive service instantly. This puts more pressure on the enterprise to provide individualized, high quality, and competent customer service. I believe that this expansion of knowledge gives the buyer more protection and value for their money as their business is in high demand and it is more difficult to give dishonest and low quality