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Wednesday, 24 October 2012

Drucker : The customer is the foundation of a business

"It is the customer who determines what a business is. It is the customer alone whose willingness to pay for a good or for a service converts economic resources into wealth… What the business thinks it produces is not of the first importance—especially not to the future of the business and its success…. What the customer thinks he is buying, what he considers value, is decisive—it determines what a business, is, what it produces and whether it will prosper. And what the customer buys and considers value is never a product. It is always utility, that is, what a product or service does for him…. The customer is the foundation of a business and keeps it in existence. He alone gives employment."

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