In a world where competition often drives businesses to seek advantages over their rivals through various strategies, this statement emphasizes that good will or goodwill—meaning the positive reputation and relationships a business cultivates with its customers—is an intangible asset that cannot be undermined by competitive tactics. Unlike tangible goods or services that can be undersold or replicated, goodwill is built on trust and loyalty which are difficult for competitors to replicate.
The deep meaning of this quote lies in highlighting the enduring value of maintaining ethical practices and fostering positive relationships in business dealings. It suggests that a company’s reputation for integrity and customer care cannot be easily duplicated by rivals seeking quick wins through lower prices or aggressive marketing strategies. Building goodwill means investing in long-term customer satisfaction rather than focusing solely on short-term gains. This approach not only helps businesses weather economic downturns but also creates a loyal customer base that is more likely to support the company during tough times and recommend it to others.
Marshall Field, known for his innovative business practices and philanthropic efforts, was an American merchant and retailer who lived from 1834 to 1905. He founded Marshall Field & Company, which later became part of the giant retail chain Macy's, Inc., under a different name. His quote reflects his philosophy that treating customers with respect and building lasting relationships are key elements for business success, an approach that set him apart in the competitive world of American commerce during the late 19th century.
