Customer is King: Evolution of the Retail Food Industry
Customer is King
Introduction:
It is common understanding that you cannot have a business if you do not have customers to buy the product you produce or services you deliver; therefore customer is an integral part of every business. There was a time when customers was treated less critical and vocal by the businesses and markets was treated just as dumping grounds for the products, however this situation does not prevail anymore because of the tremendous transformation happening in the retail food industry since last five decades. Today customers have more choices than ever before, through more diverse channels. Even the expectations of customer are higher than ever before. Companies who fail to leave up to the expectation are finding hard to get or retain the customers- Majority of the unsatisfied customer do not complain they just change the suppliers. Therefore retailers have realised that the only way to sustain in the competitive market is by being customer centric.(Barnes & Glynn, 1993)
Today every businesses treat customer as king and aware that only exceptional level of customer service can differentiate them from the competition in an increasingly saturated marketplace. Customer is often treated as the asset of the company and considered in the strategic level decision making. Therefore I certainly agree with this frequently used marketing cliché “customer is king”. To better explain my position I have presented my views based on two contexts. The first being how customer is king? This is explained by describing the customer’s role in the evolution of the retail food industry and its implications. The second being why customer is king? This is explained by detailing the significance of customers in the retail food business.
The evolution of the retail food industry and its implications:
Retail food industry has undergone a tremendous transformation in the last five decades, these transformations can be classified into four different phases-
Introduction:
It is common understanding that you cannot have a business if you do not have customers to buy the product you produce or services you deliver; therefore customer is an integral part of every business. There was a time when customers was treated less critical and vocal by the businesses and markets was treated just as dumping grounds for the products, however this situation does not prevail anymore because of the tremendous transformation happening in the retail food industry since last five decades. Today customers have more choices than ever before, through more diverse channels. Even the expectations of customer are higher than ever before. Companies who fail to leave up to the expectation are finding hard to get or retain the customers- Majority of the unsatisfied customer do not complain they just change the suppliers. Therefore retailers have realised that the only way to sustain in the competitive market is by being customer centric.(Barnes & Glynn, 1993)
Today every businesses treat customer as king and aware that only exceptional level of customer service can differentiate them from the competition in an increasingly saturated marketplace. Customer is often treated as the asset of the company and considered in the strategic level decision making. Therefore I certainly agree with this frequently used marketing cliché “customer is king”. To better explain my position I have presented my views based on two contexts. The first being how customer is king? This is explained by describing the customer’s role in the evolution of the retail food industry and its implications. The second being why customer is king? This is explained by detailing the significance of customers in the retail food business.
The evolution of the retail food industry and its implications:
Retail food industry has undergone a tremendous transformation in the last five decades, these transformations can be classified into four different phases-
References: Barnes, J. G., & Glynn, W. J. (1993). The Customer Wants Service: Why Technology is no Longer Enough. [Article]. Journal of Marketing Management, 9(1), 43-53. Cooil, B., Keiningham, T George, R. J. (2005). Supermarket Shopping: What Is This Thing Called "Customer Service"? [Article]. Journal of Food Products Marketing, 11(2), 1. doi: 10.1300/J038v11n02•01 Gómez, M Keith, R. J. (1960). The Marketing Revolution. [Article]. Journal of Marketing, 24(3), 35-38. Meyer, J Min, H. (2011). Evaluating the comparative service quality of supermarkets using the analytic hierarchy process: EMERALD GROUP PUBLISHING LIMITED. Pleshko, L. P., & Baqer, S. M. (2008). A PATH ANALYSIS STUDY OF THE RELATIONSHIPS AMONG CONSUMER SATISFACTION, LOYALTY, AND MARKET SHARE IN RETAIL SERVICES. [Article]. Academy of Marketing Studies Journal, 12(2), 111-127. Reichheld, F Schaffer, D., Schroder, W. R., and Earle, M. D. (1998). Dimensions of food marketing:An international perspective Food Marketing, 9-24. Steidtman, C Terbeek, G. A. (1999). Perspective: How did we get where we are today? Agentry Agenda (pp. 1-30). Tuck, S