Reinventing the Strategic Concept of Marketing
Reorienting the strategic marketing principle of ‘focus’ helped several enterprises to stay successful. It is often known to the heads of the organisations that to stay relevant, even in the domestic market, they need to scout for broader external markets. This will act as a cushion and help against their free fall damages.
An enterprise planning an extension to a foreign soil often rely on customer oriented marketing. In a globalised world, international marketing managers are faced with high pitched competition where the competitors offer greater value and accept reduced profit margin. In such a scenario, customers naturally incline towards the most attractive offer and this will effectively make certain businesses extinct.
Visionary enterprises enhance their stakeholders’ benefits by concentrating their resources. The idea of strategic concept encompasses the customer with a broader external environment comprising social, economic and political forces. An age old adage ‘customer is king’ cannot stand true to this narrative.
Although profit stands crucial in decisions, the strategic concept held the view that delivering value by creating stakeholders benefits can easily win customers. And this value shall be seen as a differential advantage and not in the light of any particular deliverable. If the benefits enjoyed by the customers are greater than what the competitors offer, a brand loyalty will be naturally created.
Reorienting the strategic concept of marketing by severing the paternalistic business ties and incorporating local flavours will help those targeting expansion particularly to the Indian soil.