From the course: The Definitive Drucker (getAbstract Summary)

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Customers and consumers

Customers and consumers

- [Instructor] Drucker preached that customers belong at the center of all business decisions. He advised his consulting clients to answer several specific questions to get them to focus on their customers. First, who is your customer? Identifying a customer isn't always easy. In healthcare for instance, patients make buying decisions, but they're strongly influenced by their doctors and by the internet. Those who sell medical gear often mistakenly assume that doctors make buying decisions, when in fact, hospital administrators make those determinations. Second, who is not your customer? You must also identify customers you don't want to do business with. Bill Donaldson of the Donaldson, Lovkin, and Generate Investment Bank decided that people with questionable ethics weren't his target customers. The third question is, what does your customer consider value? The CEO can't delegate the task of asking what the…

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