Redefining the Purpose of a Corporation - the Petrova Experience


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  • Rick Franza: Redefining the purpose of a corporation

    The traditional purpose of a corporation has been, first and foremost, to maximize profits to increase shareholder value. While such a purpose has, in many ways, served companies and their investors well over many years, such a purpose can have some detrimental effects.

    On the positive side, it protects the shareholders who invest their financial resources in the firm. By seeking to maximize profits, the corporation’s leadership (e.g., the CEO) ensures shareholders receive appropriate returns.

    However, a singular focus on maximizing profit has the potential to negatively affect the corporation and many of its stakeholders. A short-term outlook also can lead firms to cut costs on customer service, employee wages and purchases from suppliers, all of which are likely to impact long-term success.

    • Delivering value to customers; meeting or exceeding customer expectations.

    Learn more about how to meet and exceed customer expectations

    This article was published in The Augusta Chronicle.

    Read the full text of the article here.

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    Get Customer Experience Basics Right and You Don’t Need to Invest in Wow Moments

    Wow Moments are a Customer Experience hot topic. Customer experience professionals ideate how to build, prioritize, finance, and measure these Wow Moments. Chip and Dan Heath wrote a whole book on the topic: The Power of Moments. No Wow Moment saves you from negative word of mouth if your brand fails to get the customer experience basics right or to deliver the expected brand experience consistently.

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