This past week we have the opportunity to study, explore and discuss the importance of the customer. In our reading, we learned that, according to Drucker, one of the big marketing objectives is the customer and that all business's should be customer focused. One of the quotes discussed this week made by Drucker was " The purpose of a company is to create a customer. Therefore, the business has two and only two basic functions: marketing and innovation.". Innovation used in the context of solving the customers needs is and should be the focus of any business. Solving the problems of the customer will allow a company to stay relevant through the test of time.
While doing some follow up research on the Internet regarding how a business should change or solve customer problems, I found an interesting article that suggested a company may have better success if it moved. I thought this was a great addition to our conversation regarding change. Drucker suggests that a business should change to fit the customers needs. This article suggests move to a place where your current product can solve customers needs.
Another prevalent topic during our class discussion was customer retention and loyalty. A customers loyalty starts with their experiences. We discussed several companies that we were loyal to and why. It was a unanimous decision that it was the perks, the treatment we were given and the general experience that kept us returning to the same company. Being in the health field I wondered if this type of business loyalty was the same in the medical world. I found an article that discusses the money people are will to spend on prescriptions.
This article is a great testimony to the idea, customers are willing to pay more if their experience is a good one.
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