Is the Customer Really King? Essay

The marketing existence, much like the financial world, has been in considerable flux. But one thing seems fairly clear, and it has to do with the unsteady balance of power between the companies that produce the goods, the retail merchants that stock and distribute them, and the consumers who be counted on to buy whats provided.For a good many years, the world largely belonged to the manufacturing and marketing powerhouses that dominated consumer demand through the twin powers of advance and product development They sold, you bought. But a few decades ago, there was a sea change in which power transitioned to the retailers. The major retailers controlled what was featured in the stores and what appeared on the shelves and thereby determined what was available for the shopper to buy. Marketplace control went from Procter & adventure and Sony to Walmart and Best Buy.But now were told that were in an solely new age the new normal when neither the manufacturer nor the retailer i s in charge. Today, the story goes, the customer finally runs the show.Theres a good deal of evidence in support of this. Not excessively long ago, mighty Walmart reportedly was forced to reinstate about ccc items that the company had eliminated from its shelves in an attempt to streamline its operations. Walmart shoppers apparently werent delightful with the disappearance of some of their favorite brands, and they let the company know it. The lesson learned, in the words of former CEO Lee Scott Rule No. 1 in retail, dont aggravate your customer.Of course, Walmart isnt alone in recognizing the need to pay closer attention to customers, whose loyal patronage flockt simply be assumed. Other retailers are also responding to the military issue of the newly empowered consumer. For example, Walgreens announced a renewed emphasis on customer centric retailing, redesigning up to 3,000 of its stores to make them easier to shop and more gratifying for their shoppers. In the words of one l eading industry advisor, retailers today fork out to take a different approach they must focus on exactly what the customer wants.