Jeff Bezos: “There are two ways to build a successful company. One is to work very, very hard to convince customers to pay high margins [the Colgate, Nike, Coca-Cola model alluded to above].”

“The other is to work very, very hard to be able to offer customers low margins [the Wal-Mart, Costco, AirAsia, Amazon, Asos model]. They both work. We’re firmly in the second camp. It’s difficult – you have to eliminate defects and be very efficient.”

“But it’s also a point of view. We’d rather have a very large customer base and low margins than a small customer base and higher margins.” h/t Nick Sleep & Qais Zakaria