The Consumer Is God in Today’s Market

The Consumer Is God in Today’s Market

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            It is often said, “the consumer is the King “or “a customer is always right.” A related Japanese proverb, however, puts it “ the customer is God” in fact, even the word customer is derived from Japanese (Kyakusuma) meaning an honored guest (Graban, 2006). Customers are considered the most important component of any business organization. They comprise the resource that determines the success of a business.

            In today’s competitive market, the repeat of business is very vital in selling; customers who come again provide certainty for business and continued revenue generation. We are well aware that organizations would not exist it not for the customer’s demands. For the achievement of business goals and to maintain its status, customer needs have to be met and fully satisfied (Graban, 2006). Failure to satisfy customer needs will drive them away and on to a similar competitor who enjoys the competitive advantage.

            In modern times, it is estimated that customer satisfaction is the spirit of the sales process. It costs as much as five times to acquire a new customer than it does to keep an existing one. It means that the seller has to do all it takes in the provision of goods and services that conform to the customer requirements (Businesscasestudies.co.uk, 2015). Any organization entering into business should, therefore, have only one motive, generating profits and good customer relations; therefore money should be invested in classifying consumer demand and preferences.

            In a monopoly market, suppliers dictate what consumers buy from time to time. But with the Government regulations of consumer laws and acts, the supplier is locked in a cage such that he does not determine the demand. The consumer is still the God in the long run whereas the seller only serves to modify the product to suit the market (Businesscasestudies.co.uk, 2015).

References

Businesscasestudies.co.uk, (2015). Why customers are important Customer focus business studies and business English | Business Case Studies. Retrieved 27 April 2015, from http://businesscasestudies.co.uk/business-theory/marketing/why-customers-are-important.html#axzz3YXW2WEbd

Graban, M. (2006). "The Customer Is God." Lean Blog. Retrieved 27 April 2015, from http://www.leanblog.org/2006/02/customer-is-god/

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