Posted in Marketing and Strategy Terms, Total Reads: 1230
Definition: Customer Philosophy
Customer philosophy is an idea in marketing which focuses on not just producing the product and selling it to make profits but deliver value to the customer and keep the customer satisfied. Any company will try to increase profits by cutting costs but in the long run, the customer satisfaction is important for sustained growth.
The orientation here is such that the service and value offered to the customer should be higher than the cost incurred by the customer in purchasing the product or using the service. E.g.: The philosophy is about delivering value to the customer, keeping the promises to the customer – in short keeping the customer happy while making profits.
In today’s world where the social media and word of mouth are really powerful, an unsatisfied customer spreads the word and causes further damage. Wal-Mart is also an example of a company which has followed a good customer philosophy approach to attract, retain and grow customers. This is especially important in the service sector where customer service is valued a lot.