There are three kinds of organizations; those who make things happened; those who watch things happen; and those who wonder what`s happened.
If we do not change our direction, we are likely to end up where we are headed.
As the world spins into the challenging phase of economy, both citizen and business wonder what is ahead. There is not only change, but the rate of change is accelerating. A twelve-year old girl said of her ten year old sister, “She is of a different generation.” Her younger sister listens to difference music, plays different videos, knows different movie stars, has different heroes.
Organisation or companies often fail to recognize that their marketplace changes years to year. Last year winning marketing strategy may become today`s losing strategy. As someone observed, there are two kinds of companies: those who change and those who disappear.
Today`s economic landscape is being shaped by two powerful forces- Digitalization & Globalization. The Digitalization landscape today is dotted with new products & services offering, one would not have thought that one day world will be lockdown and everyone shall work from home, using various digital platforms. Making marketing & sales call through video calling, taking meeting through video conferencing, government will run their cabinet meetings through video conferencing digital platforms. Technology drives the second major force, globalization.
Besides digitalization & globalization, other forces are reshaping the economy e.g. deregulation, privatization, etc. As the pace of change accelerates, companies can no longer rely on their former business practices to sustain prosperity. Few point below compares business assumptions and practices that were practiced then with the one is being practiced now.
Earlier companies use to make & manage everything inside the company, Now companies buy more things from outside or outsource.
Earlier companies are product centric, now they are market and / or customer centric
Earlier practices mass marketing now practices target marketing
Earlier business was managing from top now manage up and down and across
Earlier operate in the marketplace no operate also in the marketspace
Earlier focus on the product now focus on value for the product and feedback on the product
And their earlier approaches and practices that were practiced then, which are not practiced now. Those who have not changed their business practices is locked in traditional practices.
Besides winning business practices, is there a set of winning marketing practices? Are there winning marketing practices?
Answer is Yes according to Kotler on Marketing there are nine one liner formulas of winning marketing practices.
- Win Through Higher Quality
- Win Through Better Service
- Win Through Lower Prices
- Win Through High Market Share
- Win Through Adaptation And Customization
- Win Through Continuous Product Improvement
- Win Through Product Innovation
- Win Through entering High-Growth Markets
- Win Through Exceeding Customer Expectations
So out of above What Constitutes a Winning Marketing Strategy?
Clearly there is no on marketing road to riches. Instead of relying on one major differentiations or thrust, a company needs to make their own unique strategy of marketing activities.
Remember Knowing is Knowing and Doing is Doing, it is not enough to do most things a little better than the competitors. We at Trizone assist businesses to weave its own unique tapestry of marketing qualities and activities.
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Akhil Dave 