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Executive Summary: “The Age of Customer Capitalism”

The article “The Age of Customer Capitalism” in the Harvard Business Review discusses the transition of the corporate ideology from the 1930’s until today. The transition begins in the early 20th century going from managerial capitalism, to the mid- 1970’s which focuses on shareholder maximization, and the beginning of 2000 which is customer-driven maximization. In the end, despite the growth and success of putting shareholders first, it appears that putting customers first has both the best profit margin and duration of effectiveness than any other business practice. In the early 1900’s, the initiative of managerial capitalism was to have a separation between ownership and management. The separation proved a fatal flaw to profit maximization. The owners could not have the control like the previous Rockefellers or Mellons, and the management was focused on padding their own pockets and building personal nest eggs. Consequently, this model transitioned into shareholder focus. However, this too had its fair share of problems percentage-wise; there was no difference in earning returns from the managerial capitalism to shareholder maximization. In addition, stock prices seem to be inextricably linked to shareholder’s expectations which are often unrealistic and ultimately have a cap. With customer-driven focus, although not perfect, a company’s market capitalization is greater as seen with the success of J&J and P&G which are both in the top 10 world list. Executive compensation is linked to long-term organizational gains through operating TSR ensuring the company’s future well beyond the tenure of any employee. And customer satisfaction drives decision making to create profit, growth, and

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