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Pages 6 (1506 words)
Nearly all the professional service firms varying in nature from engineering firms to high tech and management consultants, advertisement agencies, accountancies, etc, compete by trying not to fail rather than by trying to win. They are engaged in a never-ending game of catch-up…
They rarely allow themselves the time to try to gain an understanding of the entire marketplace context in which they compete, this means sometimes while marketing a new service to gain competitive advantage, they often overlook the research part and just introduces the service, which sometimes gives loss (Suzzane, 2004:4).
Today every service firm tries to get a commanding position so that it can by having range of services, competitive distinctions, and innovations that can dictate the particular service industry in which it is competing. And it should become the future trendsetter (Suzzane, 2004:8).
Each of these looking out techniques serves to give a professional service firm a reliable sounding board on which to evaluate new opportunities or threats. Collectively, they help a professional service firm to develop concrete grounding for future business decisions and new strategies (Suzzane, 2004:15).
The professional service sector, whose very foundation is based on intellectual capital, has yet to apply its collective brainpower to truly dig into its marketplace. Put simply, digging deeper means doing the targeted organizational and analytical work it takes to compete more effectively. But today, despite the availability (and increasing affordability) of powerful software applications, few firms conduct formal data mining to discover the unmet needs of clients and prospects. ...
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