For a long time, the marketing theories and principles of marketing experts like Phillip Kotler and others were the bible for Management and Marketing Managers. However in the last two decades, every business rule, marketing theory and guiding Organizational principles have had to be re-written, new rules for marketing have had to be defined and the game of competition has changed. Only those that have moved with times, re-engineered themselves in line with the new emerging trends in technology, process, economic and environmental fields have been able to emerge as the winners in the recent times. The new internet age and technological age has changed the face of products, services as well as customer expectations. It has also changed the rule of competition in the market.
In line with the new trends, there have been several companies that have emerged, made a mark in the market with revolutionary products and faded as quickly as they came. Then there have been those who have been there for a long time, have built their brands and have re-evolved in recent times to innovate and overhaul the brands and thus maintain their growth and sway over the markets and customers.
Most often we hear of Organizations having gone through re-engineering exercise and re-modeled their business processes. Most of the times, Organizations are found to be running Business Process Re-engineering exercise in one or the other branch or business unit. If such an exercise has to be a success, the entire project should be aimed at and based on creating efficiency or increasing the effectiveness of a chosen product or service delivery and help the Organization increase its market dominance as well as provide an effective value proposition to the intended customers. Unless and until the exercise is based on a direct impact to the value proposition, it does not help the Organization to invest into such a project.
Today’s customers are highly demanding and better informed than the previous generations. The awareness on the part of the customers, as well as aggressive competition in the market that provides a wider choice to the customer has made the Customer demand and expect much more from the product or service as well as from the Company that he is engaging with. Today, customer expectations are not only to do with product quality, performance and price but the total experience of pre-sales and post sales too plays an important role. The customers today expect speed of transactions and are not willing to wait. For example, Customers are not willing to wait in long queue at the airports and expect technology to ensure that they have quick and smooth hassle free check in transactions. This makes the Companies to continually invest into technology to deliver Information as well as service the customers in order to create that crucial differentiation. Hotels have got to find ways to know their customers well enough, anticipate his needs and deliver service as per his expectations. In all cases, Organizations have got to be keyed in, to understand the customer better and to choose its niche value proposition to be able to offer to its customers. Choosing value proposition and driving the entire Organization and business models as well as the business processes to focus on excellence in the chosen niche is what helps the business establish its leadership and fight competition.
Choosing the right value proposition and re-engineering its business process to achieve excellence holds the key to market leadership. Brands like Casio, Wal-mart, Rado and host of others across different fields are proof to the fact that they have not build brands and rested on the laurels, but have focused on re-inventing their product offering from time to time and excelled in their chosen niche value proposition. It should be noted here that these Companies have not tried to experiment across product range or steer from their primary product focus. They have retained their product portfolios and continue to service the same customer segments. Thus, continually working to re-invest in the value proposition of the brand and product holds the key to the Organization’s growth and leadership in the market.
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