These days people are more discerning, and they don't just buy products - a certain level of customer service is expected. Companies that do very well are those who recognise that people are willing to pay for perceived value and that is why there are brands that do exceptionally well. Who hasn't heard of Mcdonald's or Coca-Cola? Getting into the minds of customers is what brings in the money.
Some companies feel the only way to consumer's heart is the price and continually try to cut costs. Yet if that is the case, how did some brands bring themselves to luxury status and convince consumers to pay a premium for their products and services?
More and more, companies that survive in the increasingly competitive landscape realise that making money is a mind game. Perhaps that is why whenever I pass by some place that is being renovated, the signs that are put up, "We are upgrading to serve you better." Now how nice that sounds.
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