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Corporate Culture


Are your customers advocates, ambivalent, or covertly unhappy? 

(01 Mar 2019; Reprinted from The Penn Wealth Report) I recall watching a cocky, arrogant little Oscar Munoz, CEO of United Continental (UAL $65-$90-$98), being interviewed on a major business network right after an incident in which a man was dragged off an overbooked United flight. The story, rightfully, made national headlines. Instead of simply apologizing for his airline's terrible handling of the situation, a defiant Munoz essentially blamed the passenger. Within hours his tune had changed—no doubt after someone at the company made him aware of the blowback—but the CEO's true colors were on display in that first interview. 

​Fast forward. I have been a reader of the Wall Street Journal for decades. I was once an advocate for the paper. Over the past four years, however, I have gone from advocate to someone who would jump ship as a subscriber at the drop of a hat. Unfortunately, the company's product isn't fungible—there just aren't many good alternatives out there, and they know it. Perhaps that is the reason they have spiked their prices by 16%, 14%, 12%, and 5.4% over the past four years, respectively. Maybe their input costs went up? Not likely—as a digital-only customer they would not save one cent if I left (one of the incredible benefits to a company operating in a digital world). So, I will politely complain to the company (as I have for the past two years), I will get a cold fish response, and I will fume on.

But is that really how to run a business? We cannot change someone else's organization, but we can shape our own. Always be considering how products and services can be improved, and never forget who is keeping the lights on. You may offer clients a unique value proposition, but that doesn't mean you shouldn't constantly be evaluating the customer experience. Look at Lord Jeffrey's words of wisdom (quote of the day) from the 18th century. Nothing has changed in the 270 years since he penned them; they remain excellent words to live by, and to embed within your own corporate culture
. 

Before the likes of Amazon, companies (from bookstores to clothing retailers) had much greater pricing power. While there may be only a few "top-notch" business publications out there right now, the news industry will undoubtedly continue to be disrupted by technological advances. For arrogant management teams who treat customers like cattle, that is bad news. For the new breed of disruptors who treat their customers like gold, that is incredibly exciting.
Content copyright, 2023, Penn Wealth Publishing, LLC. All rights reserved.

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Any opinions expressed are those of Penn Wealth Publishing, LLC and are current only through the date published. These views are subject to change at any time based on market and other conditions, and no forecast can be guaranteed. Past performance is no guarantee of future results. Always consult your investment professional before investing any money. Any and all commentary and data on this Site is for informational purposes only, and is not a solicitation to buy or sell any investment. Penn Wealth Publishing is a separate entity from Penn Wealth Management, LLC, our registered investment advisory firm.
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  • Home
  • Report Library
    • Report Library Access
  • Products & Services
    • Penn Wealth Architect
    • Vol 10 Issue 01 Housing Issue
    • Vol 9 Issue 03 Show Goes On
    • Vol 9 Issue 02 Utilities
    • Market Downturn Toolkit
    • Professional Wealth Management
    • Personal Financial Website
    • Market Outlook
    • The Penn Global Leaders Club 2019
    • The Report
    • Worksheets & Tools
    • Building Your Empire
  • Our Organization
    • Which Route
  • Trading Desk
    • Trading Desk Private
  • The Penn Strategies
    • Sample Portfolios
    • Penn Strategic Income Portfolio
    • Penn Dynamic Growth Strategy
    • Penn Global Leaders Club
    • Penn Intrepid Trading Platform
    • Penn New Frontier Fund
    • Penn International Investor
  • Strategic Vision
    • The Blueprint
    • Leadership Academy >
      • Corporate Culture
    • Project Management
    • Western Civilization >
      • American Spirit
  • Command & Control
    • Action Environment >
      • Focus
    • Health & Longevity >
      • Cellular Health
    • Science of the Mind
    • Time Management
  • Harvesting Wealth
    • Business Development >
      • Building Your Business
      • Sales, Marketing, & Advertising >
        • Penn Digital Marketing
        • Advertising
        • Branding Strategy
      • SWOT Analysis
    • Business Finance
    • Real Estate Investment & Development
    • Retirement Planning >
      • Social Security, Medicare, & Medicaid
  • Tactical Awareness
    • Penn Wealth Realist's Dictionary
    • The Human Connection
    • Risk Management
    • Taxation >
      • Capital Gains & Losses
  • Investment Intelligence
    • Tactical Asset Allocation >
      • Tactical Asset Allocation—Private
    • Charts of the Week
    • Fixed Income Desk
    • Market Downturn Strategies
    • Science & Technology Investor >
      • Information Technology
      • Space Sciences & Exploration
    • Sector Weightings
    • Strategies & Tactics >
      • Behavioral Finance
      • Exchange Traded Funds
      • Fundamental Analysis >
        • Investment Valuation
      • Mergers & Acquisitions
      • Momentum Investing
      • Short Squeeze >
        • Short Squeeze Private
      • Technical Analysis
    • Under the Radar Private
  • Financial Planning
    • Balance Sheet >
      • The Investment Vault >
        • Emergency Reserve Fund
        • Company Plans
        • Individual Retirement Accounts
      • Debt
    • Cash Flow >
      • Income
      • Expenses
    • Education Funding >
      • Funding Strategies
      • Financial Aid
  • The Journey
    • Travel & Leisure >
      • Latin America