Customer Centric Approach

901 Words4 Pages
The aim of this essay is to discuss the purpose and the different types of marketing approaches as well as the term of customer-centric approach and its superiority, also we will discuss about an argument that will be supported by some specific evidence and lastly as a conclusion we will end up by giving my opinion about the topic.
Starting off we will discuss the meaning behind the term “market approach”. Market Approach is a mechanism of determining the reckoning value of an asset, situated on the selling price of identical items. The market approach is a business valuation procedure for a closely held business. Furthermore, the market approach can be used to regulate the value of a business ownership interest, security, or intangible asset.
…show more content…
Let’s take for example , an electronics company that performs customer surveys having others help them install equipment in their homes. This could lead the company to expand its business to offering in-home installation of electronics. Another potential benefit of a customer-centric business strategy is that it can increase customer satisfaction. The purpose of customer-centricity is to find out what customers like and don’t like, and to tailor products and services to better fulfill those needs and eliminate sources of irritation. For instance , a hotel might offer high-speed wire and wireless connections in each room to allow customers to use the type of connection they prefer. High customer satisfaction makes customers more likely to come back in the future. Consumers have many choices of where to buy goods, so creating a unique, high-quality shopping experience can be just as important for getting customers to come back as the products themselves. This is an area in which small businesses can have an advantage over the larger competitors. Because small companies have fewer customers than large ones, they can spend more time giving personalized assistance and creating strong relationships. Because many markets are inundated with suppliers, maintaining and increasing market share is key to increasing profits. Companies that don’t focus on customers run the risk of losing customers to competitors that offer similar products and better overall shopping experiences. While resisting the implementation of customer-centric changes might save money in the short term, it can result in declining market share and lower profit in the long term (small

More about Customer Centric Approach

Open Document