Steve Jobs on Market Responsiveness: Why Consumer Power is Stronger Than Ever

Steve Jobs had a way of making complex market dynamics seem simple and understandable. In this case, he highlights something crucial: the market today is way more responsive to what consumers want, especially when it comes to pricing. This shift didn’t happen overnight; it's a direct result of how industries have changed their approach.

Steve Jobs, Co-founder, Apple

Six months ago, prices felt more rigid, less flexible. But now, consumers have more power than ever. If they signal they want lower prices, companies are paying attention and reacting faster. Why? Because the structure of industries—like publishing, as Jobs mentions—has shifted dramatically. This means the game has changed, and consumers hold more influence.

Consumer Demand Shapes Markets

In today’s fast-moving world, consumers have become the real decision-makers. Pricing no longer feels like something set in stone. Instead, companies have to listen to what people want, and if enough voices push for lower prices, businesses will react.

Examples of Market Responsiveness

Take Judy Faulkner, the founder of Epic Systems, a healthcare software company. Years ago, Faulkner recognized that hospitals needed better, more responsive software to manage patient records. Back then, few companies in the industry paid attention to what hospitals actually wanted. But Faulkner listened and created a solution that revolutionized the industry. By responding to the market’s demands, she built one of the largest healthcare software companies in the world.

Another great example is Sara Blakely, founder of Spanx. In an industry where women’s shapewear hadn’t evolved much, Blakely saw an opportunity to respond to consumer dissatisfaction. She created a product that truly met the needs of her customers—comfortable, effective, and modern shapewear. The market responded, and her business skyrocketed.

The Shift in Power

These examples show how much power consumers now hold in the market. Like Steve Jobs said, the structure has changed, and companies can’t afford to ignore what people want. Whether it’s through pricing or product innovation, businesses that respond quickly to consumer demands are the ones that succeed.

So, if you're a consumer, know this: your voice has never been more important. And if you're an entrepreneur, pay close attention to what your customers want, because the market is more responsive now than it’s ever been.

Listen to Steve Jobs:

Source: Steve Jobs in 2010, at D8 Conference (Full Video)