BUAD 807: Fundamentals of Marketing Reg. No: DP17MBA0967 The mantra “customer is king” is an old adage signifying the importance of the potential customer and existing customers in business. Provision of good customer service from the company to customers persist, however due to the advancement in technology and current business settings, customer is king surpasses positive customer service.At present the firm has to give the best since customer’s desire the best value for money. Before thought of treating the customer well, the idea of value is very precious to the customer patronizing a business.
When developing products and services the customer must always be put in mind.The best must be given to the customer as the main ideology of the mantra still persist wherein a customer should never be offended because this will amount to losses in the business. It is even worst today as customers possess more powers thanks to the social media.The customer desires not to be told what to do, as a king does not take orders but rather gives orders. This is the reason why the customers endear royal treatment in a king servant manner when there exist active demand for a commodity or service from a particular enterprise. This encourages more customers to a franchise. Customers will not buy goods because you ask them to, so marketers should be wary of aggressively trying to persuade a customer to buy into a specific product.Things should be made easy for sake of efficiency desired by the average customer.
Hence the marketer can ensure ease of transaction by bringing the product or service as close to the customer as possible in other to save the customer the hassle and bustle, saving customers time, money and strength.Customers should be carried along and if possible let them call the shots. This is not to let them run the business, but instead customers should be allowed to dictate their wants and needs via letting them participate in the development of a new or existing product.No matter the industry or business practice marketers find themselves in, the customers will be the most valuable stakeholders. The better they are treated the better for the business. So the relationship with customers in the marketer’s sight should relate to a long term relationship sustainable and must not be viewed as only transactional.According to Cockerell and Curtin in 2013 and even Mitchell in 2003 customers should be satisfied, even be hugged, though different outcomes may occur, often most companies follow such recommendations when loyal customers are wanted Nevertheless some scholars argue that the customer focus is rather shallow because of the modern business world. Indeed customers are needed and should be well taken care of and satisfied.
Yet for exchanges the customer is not only important party to be cajoled successfully. Rather the sales force and service personnel also must be considered as they influence a host of relationships. In addition to customers the internal business team and external business partners determine sales performance.
It has been discovered that non-customer groups forecasted the faults in performance than did the customers perceived influence. Alternatively not only the customers are significant, but also the internal business team and the external business partners tended to be more important than the customers. Managers are aware that the other group members are as important as customers in closing business deals. There exists idealistic customer centric marketing ideology and free market doctrine which are all customer oriented.
This portrays marketing as striving to understand the customer and creating more customer value, still such perceptions are blatantly incomplete as customers and shareholders interest overlap at certain levels. These conflicting interests never perfectly coincide within the bounds of law, when shareholders’ interests are usually favored.