In this world of extreme competition, companies with a total focus on the customer are going to be winners. Companies should understand the importance of customer satisfaction and then build a process around that. A satisfied customer will be a loyal customer.
The 21st century has seen the arrival of a new economy, thanks to technology and development. To understand the new economy, it is important to understand the brief characteristics of the old economy.
The Industrial Revolution was the starting point of the old economy with a focus on the mass production of standardized products. This was important for mass product cost reductions and to satisfy a large consumer base, as production increased as companies expanded into new markets across geographies. The old economy had an organizational hierarchy, with top management giving instructions that were executed by the middle manager over the workers.
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