1.1.3 Customer – The Real King in Today’s Market

According to the present day market situation, customers or consumers are considered the real king. All the marketing
strategies or other things involved in any business are done mainly keeping the consumers in mind. Every organization wants
to earn profit and expects their product demand to go high.

Organizations have to plan their product according to the consumer’s specifications. Before planning products and
producing them, the company has to conduct surveys to know about the consumers’ demand- what they want. It may be the reliability of the product, performance, appearance, etc.

If the customer does not like the product, they won’t buy it and that would result in a
loss for the company. So the companies have to mold their marketing plans and objectives according to the demands of the
consumers.

The consumer in today’s market is provided by a lot of variations in price and quality in a lot of goods but it is
geographically restricted. The customer is the king in some specific market situation.

For example, if the price of dove shampoo increases, the consumer can easily shift to any other brand because of the huge
availability of other brands and also because the switching cost is very less. On the other hand in the case of monopoly, the consumers have no choice.

For example, a few years back in India, many sectors were completely controlled by government enterprises.
Under such regulated conditions, the customers had little choice in terms of variety, quality, or price. Consumers have to
accept it because they have no other choice. Therefore in this case the consumer is not the king. So we can say that only if the
substitute of any product is available in the market, the consumer becomes the king.

However, given the dense competition and upcoming brands, numerous business organizations are in the pursuit of retaining
the faith of the customers and hold on to their grip in the market, which is an ideal scenario. So it would not be wrong to say that customer is the real king of the market since marketing now is no longer an inward approach, but outward that incorporates both the business organization and the consumers