ECONOMICS

Detailed explanation-1: -What is the customer perspective? Customer perspective refers to an approach that examines a company from the viewpoint of the individuals who purchase and utilize its products and services. This viewpoint considers organizations’ client base, which is crucial to financial success and product sales.

Detailed explanation-2: -The theory behind the Balanced Scorecard customer perspective is that you have to make your customers happy to sell them products and services-and in order to make your customers happy, you have to understand them.

Detailed explanation-3: -An example of customer perspective in balanced scorecard is customer satisfaction and market share. A balanced scorecard is a strategic management performance metric used to identify and improve various internal business functions and their resulting external outcomes.

Detailed explanation-4: -Customer perception is important because it impacts a business’s bottom line. Say a customer becomes so frustrated with your brand that they decide to end their subscription with your business. You might think it’s a small loss-just a single subscription-but that churn represents much more value.