“Fast, cheap or good — pick any two.” Ten years ago, I use to hear that saying a lot, and it made sense at that time. In today’s economy, however, customers want and expect all three, which is a challenge.
A new catchphrase, “mashup,” is making its way into the lexicon – applied most often (so far) to music, software and ice cream (Coldstone). I believe that “Best Value” is truly a mashup of Price, Lead-Time and Quality. Customers who understand that concept make the best long-term business partners. Customers who simply want absolutely the lowest price never stay for long. And, as we all have learned, the lowest price is rarely the best value.Share