Ways to Comprehend the Big Picture: Marketplace and Competition

Market place and Competition

We support the top Management to comprehend the big picture – the marketplace, the competitors. We sharpen their focus and formulate their strategic course. We organize the resources for achieving the desired targets.

Mustafa Tuskeen

By Mustafa Tuskeen

In this fast-paced world economy, it is time for every organization to focus their attention to key forces outside of their own business, which can present huge challenges, as well as huge opportunities:

  1. The changing needs of the new Millennial. Products and services can easily flow into or out of emerging nations, changing cost factors as well as demand. Businesses need to focus on agility and their ability to innovate.
  2. Disruptive Technological innovations creating market instability markets is now commonplace.
  3. Stakeholders power shift to Customer and employee. Power is shifting from shareholders and owners to customers and employees. Competition is growing rapidly. New business models require evolved outlook to employees and team motivation to inculcate work related ownership. An aggressive focus on customer relationships and multi touch-point of customer communication – interaction and continuous feedback.
  4. No business is an island. Today’s hyper connected people through social media, can create ripple effects across the social network. These ripples can create opportunities or cause catastrophes for any business. Competition is with withing first and later with the outside.
  5. Changing face of globalization – “Reverse innovation” Customers in developing countries are adopting new technologies faster than the advanced economies due to the compelling need to grow within the opportunities created in the growing economies. Examples include smart card adoption, where there were no credit cards, and cell phone coverage emerging before land lines.

“Smart business leaders are accepting these challenges as the new paradigm. Organizations are looking at their business as part of the global stage.”

Organizations need to address these issues on a timely basis building and developing teams that are flexible, innovative, and resilient. It is difficult to bring the required culture into a company – its management – its culture are not open to change and does not lay emphasis on listening to the customer and responding quickly to get ahead in the competition.

Is your organization ready to face this reality and prepared enough to play on that stage?

 

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