Understanding Modern Business-Customer Relationships

Businesses see customers differently now because:

• they focus more on customer experience.

• they prioritize profit over customer satisfaction.

• they ignore customer feedback.

• they have less competition.

The difference between old and new ways of talking to customers is:

• Old ways are more personal, new ways are more digital.

• Old ways are faster, new ways are slower.

• Old ways are more efficient, new ways are less efficient.

• Old ways are more digital, new ways are more personal.

Customers matter more today because:

• they have more choices and access to information.

• businesses have less competition.

• they are less demanding than before.

• technology has made them less influential.

Businesses need mobile apps or websites because:

• they want to increase their online presence.

• they want to reduce their expenses.

• they want to limit their customer base.

• they want to avoid digital marketing.

Customers now expect:

• Lower prices

• Faster service

• More personalized experiences

• Higher quality products

What’s “value flow”?

• A concept in economics

• A type of data structure

• A programming language

• A financial term

How do you turn customers into fans?

• By providing exceptional customer service

• By offering discounts

• By having a strong social media presence

• By creating engaging content

Competition is harder now because:

• There are more players in the market.

• Technology has made it easier to enter the market.

• Consumer expectations have increased.

• All of the above.

A "platform" business is:

• a traditional business model focusing on product sales

• a business model that creates value by facilitating exchanges between two or more interdependent groups

• a business model that relies solely on advertising revenue

• a business model that focuses on manufacturing and distribution

What’s “disintermediation”?.

• The process of removing intermediaries from a supply chain

• The introduction of new intermediaries in a supply chain

• The process of adding more layers to a supply chain

• The reduction of supply chain efficiency