Market-based management

by Best, Roger J.

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Full title :Market-based management / Roger J. Best.

Summary

Businesses that have embedded a strong customer focus into their business culture are forward looking and experience continuous improvement as a result of their passion to fully understand the customer experience. Customer-focused businesses are in synch with customers' needs, competitors' strategies, changing environmental conditions, and emerging technologies, and they seek ways to continuously improve the customer solutions they bring to target customers. This process enables them to move with-and often lead-change. The major benefit of a strong customer focus is long-run survival. Western cultures have long been criticized for their extremely short-term perspective. A business with a short-term perspective usually lacks a strong customer focus and is less motivated to build long-term customer relationships as a primary management goal. Managers are often judged on last quarter's results and not on their efforts to ensure the long-run survival of the business. Likewise, shareholders are more interested in immediate earnings than in long-run survival.