“The balance of power is shifting toward consumers and away from companies… The right way to respond to this if you are a company is to put the vast majority of your energy, attention and dollars into building a great product or service and put a smaller am”
— Jeff Bezos
Simplified Meaning:
Consumers are now the ones in control rather than the companies. This means that businesses can no longer simply push any product or service on people and expect to succeed. Instead, companies must focus most of their efforts on creating something truly valuable and useful for their customers. By making great products or offering exceptional services, businesses can win over consumers who have more choices than ever before. For example, with the rise of online reviews and social media, a restaurant must ensure its food and service are top-notch because word of mouth travels fast. If it invests more in improving the dining experience rather than flashy advertisements, it is more likely to attract and retain customers. In everyday life, people should also aim to prioritize quality and genuine value in whatever they do, as this approach is more likely to lead to long-term success and satisfaction.
