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: -Customer perception is how customers view your brand. “Your brand is what sets you apart in the market from your competitors, and it can be defined as the sum of your customer experience, your product experience and every customer touchpoint that you have, ” says Director of Service Al Moore.

Detailed explanation-3: -Instead of focusing on the 4Ps of traditional marketing (Product, Place, Price and Promotion), consider the 4Cs of customer value: Content, Convenience, Cost and Communication. Focus on content instead of product. People do not buy books per se. They purchase information that helps or entertains them in some way.

Detailed explanation-4: -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.