Economists called the 20th century ‘The American Century’ because of the US domination of the world economy. So, will this be another American century or, as many Americans fear, will the balance of power shift to China or India, making this century The Chinese Century or The Indian Century?
None of the above. This century is The Customer Century. Last century, suppliers had the power. This century, with over-supply the major feature of the global economy, customers have the power. So, stop thinking in terms of which country will dominate; that’s a limited way of thinking and stops you focusing on where power really is.
Remember the Mattel toy recall? Most of those toys were made in China. That was an example of American consumers exercising their power over suppliers who were both American (Mattel) and Chinese (Mattel’s suppliers). China’s product quality and safety standards are being forced up by the demands of the American consumer.
So what are you doing to change your organization’s practices to recognize that power now lies with the customer?
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