Posted in Marketing and Strategy Terms, Total Reads: 2994
Definition: Customer-Centered Company
These are the companies that focus on customers while making their strategies. These companies try to address the customer’s needs, react to changes in their behavior, and try to mould their strategies and functioning according to the customers’ needs. These are the companies that are able to identify opportunities and introduce new trends in the market. The opposite of this is a competitor centered company, which tries to make its strategies in response to competitor’s actions.
For example: If a customer centric company observes a situation where the market for chips is growing at 2 % annually, but the market for health conscious people is increasing at 5% annually and there is no customer loyalty. In this case this company will introduce healthier variant of chips with some contest or incentive to make the customers loyal.