According to Treacy and Wiersemas Value Disciplines framework, redefining the value for customers in their respective markets, building powerful, cohesive business systems that could deliver more of that value than competitors and raising customers’ expectations beyond the…
Redefining the value for customers in different markets is necessary because of the enormous differences in customer tastes, purchasing behaviors, attitude etc. Moreover, customers in different markets are socially, culturally, politically, and economically different and hence customized business strategies are necessary even for the same product at different markets. Parker Pen misread the globalization principles and tried to implement a unique marketing strategy for their pens in different countries and failed miserably. Moreover, an Indian customer may like to have some kind of discount while purchasing a car whereas an American customer may like to have a free offer along with purchasing of the same car. In other words, the car manufacturer should adopt different marketing or business strategies at different countries even for selling the same product.
Building powerful and cohesive business systems based the characteristics of a market is another important strategy needed for the success of a business. For example, Americans like to purchase top quality branded goods even if the prices were too much whereas an Indian customer may prefer low prices even if the quality was compromising. In other words, it is difficult for the Benz car makers to sell their top models in India whereas same model could be the best seller in America. Same way, it is difficult for Indian car manufacturer Maruti to sell their cars in America even though they are the best sellers in the Indian market. If Maruti wants to sell their cars in America, they need to make necessary changes in their car models in order to make it suitable to the American market.
Raising customers’ expectations beyond the competition’s reach is the third strategy needed for business success. Indian car manufacturer TATA recently unveiled world’s cheapest car NANO priced $ 2000. This car became a hot seller in Indian market and its booking is already ...
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