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Appreciate answers with examples :-)
A Competitor Centered company sets its strategies upon what the competitors do in the market. Such a company usually does not look at what the customers really need, This may cause companies to draw back from some markets when the competitor starts an aggressive campaign with which they cannot compete.
At the other hand, Customer Centered companies make their strategies based on customers' needs and responds rather than concentrating only on the competitor.
Customer Centered Company- Actions taken by a business to support its sales and service staff in considering client needs and satisfaction their major priorities.
Competitor Centered Company- How a company constantly reassess its existing strengths and weaknesses relative to its competitor.
I would like to add to my friend Divyesh's answer.
- Competitor-centric approach is not the ideal way to go unless you want to establish a price war. Although it might be a better option when you are selling an invention or causing disruption in the market.
- Consumer centric is the better option because this way you can build a brand and its brand loyalty.
... then again I am not a subject matter expert.
Agreed with Mr. Divyesh.
Customer and Competitor Orientations:
Some companies are Customer focused & some others are Competitor focused.
A few others are focused on neither, they are product oriented.
Yet, most others are both Customer and Competitor focused, they are market oriented.
Thank you all for the wonderful Answers.
Customer Centered Company: It is the level of Business Vision set as 'It can survive & best the competition only when it satisfies or exceeds customer expectations'. This is usually a vision of an top rated company or who enjoys a large market share. Thus, every function and employee is focused on meeting customers’ expressed and latent needs.
A customer-oriented company expects and wants its customers to compare its offerings against those of competition, and uses customer feedback to improve its operations. They are usually considered as 'Innovators' as well as 'Market Leaders'
Whereas
A Competitor Centered Company: Though it also is interested in meeting expectations in different way.
These are usually new bees or enjoy a small market share & thus focus on Competitor's or Market Leader's in the market & try to match or reduce the prices or higher discounts etc then the Market Leader so as to sustain the competition.
It is usually applicable in fast evolving Markets or competition where 'New Product Cycle' is a short period & also involves high cost in data research, bringing out innovative products, testing & trail etc thus these wait for an successful brand to emerge & than copy the pattern & make of their own usually at very less price to sustain.
:-)
Mr. Shetty....... i fully agreed to you, to Mr. Patel, to Mr. Mayaleh & to others. You people dont left anything to add to the topic. Tanks for the invitation.
