The contemporary debates around the effectiveness of a product-centric approach versus a customer-centric approach in business strategy often revolve around the focus of the business. A product-centric approach focuses on the quality and features of the product, believing that a superior product will naturally attract customers. This approach can lead to innovative products, but may overlook customer needs and preferences. On the other hand, a customer-centric approach prioritizes understanding and meeting the needs of the customer. This approach can lead to high customer satisfaction and loyalty, but may overlook opportunities for product innovation. The example of Amazon and Sony in the e-reader market illustrates this debate. Despite Sony's superior product, Amazon's customer-centric approach, which focused on improving convenience across the customer journey, won a larger market share.
Ever wondered what strategies make Apple, Amazon, and other juggernauts so successful? Better, Simpl...
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