Tech Talk : Competing in The Product Market Through Services
Monday August 16, 2010 , 1 min Read
Competing in The Product Market Through Services Professor Jay Kandampully. PhD
In the past, the aim of marketing and advertising was to attract customers to the firm’s products and services. However, today’s competitive market has increased customer choice, and firms have recognized that their focus must extend beyond one-off sales to a relationship of ongoing loyalty with their customers. Attracting and retaining customers has therefore become not a mere marketing function, but the entire focus and preoccupation of successful firms. Indeed, in this increasingly complex and fragmented market, many of today’s customer focused products and services may be considered mutated rather than evolved.
Customer-focused innovation has become the standard of today. Such customer-focused innovation requires the synchronization of every activity of the firm to produce enhanced value for the customer. Google focuses on technological advancement of its search engine while striving to retain the simplicity and ease of use for which it is so renowned and beloved by its customers. The law of business success is no longer ‘find a need and fill it’ but, rather, ‘imagine a need and create it
