Strategies The Market And Track The Opportunities

Today with the inevitable price pressure and declining customer loyalty

, CEOs are looking at differentiation from marketing. In an arena of cut throat competition, differentiation is the need of the hour, one which cannot be replicated by competitors.

To create differentiation, marketing mix consisting of four Ps and marketing segmentation is important for an IT business. The process of dividing the market into clusters of customers in such a way that each market segment is best reached through a unique marketing mix of four Ps is called market segmentation. However, creating differentiation across segments only through the four Ps is too narrow.

Instead, differentiation should be created through a framework that inspires greater strategic insights and which examines the cross functional implications of serving varied customers.

Organizations seek changes which enable faster and more logical coordination of the customer value- creating activities. Companies should focus on processes and not on functions. Team building exercises should be emphasized on in a corporate setup and hierarchies should be done with. Suppliers and distributors should be granted partnership for small transactions as well. Organizations are becoming flexible, dynamic and networked. The traditional model of functional, divisional and closed organization has taken a backseat.

Eventually, cross functional processes benefit the customer. New product development and customer acquisitions are implemented by cross functional teams by breaking down silos and enhancing critical processes.

Marketers can elevate their role in an organization by initiating processes that are strategic, cross- functional and bottom-line oriented. CEOs must aspire to participate in such processes and conversations that shape the firms destiny.

Value for a customer can be created by a value network, referred to as a value chain or business system, which is the integration of all marketing and non-marketing activities. The concept of strategic segments helps identify opportunities for deep differentiation.

Customers are spoilt for choice in a global marketplace because of so many product portals. Product differentiation in a global marketplace is unsustainable as customers prefer solutions. CEOs always want their companies to enhance customer loyalty and alleviate pricing pressures by service offering customers solutions instead of products.

With new features and newer functionality the competition is extreme in the sector of business information. Business information firms are ever innovating and improving their services to equip the Client - sales and marketing divisions with sound market intelligence.

Today, customers want solutions which are result oriented and want products which are high in quality as they have become time starved, impatient and demanding.

by: Dataguru

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