Thinking about strategic marketing starts with a simple question: what is my market? Who are my competitors? Who do I have to fight against Turkey Phone Number List today and especially tomorrow? This question seems trivial but it is one of the most complex questions that the marketer must face in the development of his development strategy! ISM Team Share on Facebook Share on Twitter Share on Linkedin Thinking about strategic marketing starts with a simple question: what is my market? Who are my competitors? Who do I have to fight against today and especially tomorrow? This question seems trivial but it is one of the most complex questions that the marketer must face in the development of his development strategy! Vincent_Chaigneau A great marketing theorist, Theodore Levitt, understood this well.
In a seminal article published in the Harvard Business Review a few decades ago and republished recently, he discusses the traditional “myopia” of marketers. The marketer is often wrong in his definition of the market. It is “short-sighted” in the sense that it favors an often very narrow definition of its market, concentrating its efforts on fighting against a well-identified historical front-end competitor when the real issues lie elsewhere. If the rail has almost disappeared in the United States, he explains, it is because the American railway companies considered that they were fighting in the rail transport market! They did not understand the new competition of air transport … Likewise, Kodak, which declared bankruptcy in 2012,
How Does The Customer See Things?
took too long to realize that it had to fight in the global photo market including new digital technologies, and not in the simple segment of film photography. Nokia and RIM (Blackberry) benchmark phone brands a few years ago underestimated Apple’s entry into the market. The big insurance companies were slow to understand the danger represented by the arrival of the big banks in their field. The incumbent telephone operators did not all prepare well for the arrival of Free on the market. Magazines and newspapers are all struggling with a new competitor who constantly provides rich, up-to-date, free content on all subjects: the internet. The music majors have lost the battle to Spotify Deezer or You Tube.
Have all car manufacturers understood that their competitors of tomorrow are called Tesla or Google? Think carefully about your strategic arena, not to be “short-sighted” but to see broad and global in your market definition, that is the question! Another big name in strategy, Michael Porter, has listed for us in his 5 forces theory the right questions to ask about the forces in the market. Are my direct front-line competitors still my most dangerous competitors for the years to come? Have I taken the measure of new entrants or potential new entrants? Don’t I have partners, suppliers or distributors who by moving in the value chain also become my competitors? How does the customer see things?
Are My Direct Front-line Competitors Still My Most Dangerous Competitors For The Years To Come?
What are, in the eyes of the customer, the substitutes for the products or services that I am trying to sell them? These substitutes can be products of a different nature as well as products of the same type but sold in another sales channel. All these questions, the marketer must ask and answer them with clairvoyance from the beginning of his strategic reflection. More than ever, in a digitalized world, faced with a customer zapper, demanding, over-informed and confronted with a plethora of offers, the value belongs to the companies which manage to think globally of their market, by being “customer-centric” and no longer “product-centric” “. The right definition of the market is given to us by the customer! Marketers, don’t be nearsighted anymore!