customer

Definitions (2)
Related Terms
1. General: A party that receives or consumes products (goods or services) and has the ability to choose between different products and suppliers. See also buyer.
2. Quality control: Entity within a firm who establishes the requirement of a process (accounting, for example) and receives the output of that process (a financial statement, for example) from one or more internal or external suppliers.

Notable Quotable

The 20/80 Rule Applied to Customers
"For many companies, 20% of the customers generate 80% of the profits. Those companies would often be better off by focusing more on that 20%, and by searching for other customers similar to that 20%, and focusing less on the other 80% of their current customers."
- Tom Murcko
Who is the Real Boss
"There is only one boss. The customer. And he can fire everybody in the company, from the chairman on down, simply by spending his money somewhere else. (Sam Walton, founder of Wal-Mart)"
- Sam Walton