Please rank this analysis. Appreciate any comments/feedback. Tx much.
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“Since no business can be all things at once, companies that specialize in one product or service are more efficient than those that offer a diverse product mix.”
From your perspective, how accurate is the above statement? Support your position with reasons and/or examples from your own experience, observations, or reading.
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Today's market demands specialists, be it in the form of a service or a product. As it is rightly said, it is always "Survival of the fittest". And customer is the one who determines this. I agree the accuracy of the above statement.
Back in the days, companies were created to provide varied services. For example, some of the accounting firms initial strategy was to provide plethora of services. For that matter, there were many boutique firms that focus on revenue rather than customer satisfaction. Some firms create a service offering based on client need and provide any type of service. However, over a period of time, there was a paradigm shift in the strategy and thought process of these firms. Today, their strategy is to make a specialist or hire specialists based on their experience and use their profile as a value proposition to the client. It can be an SAP consultant specialized in Utility industry or a Strategic consultant specialized in Health care industry. Clients opine that if they hire such firms they will not only be getting the service that is relevant to their industry but also the service that is best in class.
Even product oriented companies are focusing on customer expectations and moving forward one step at a time. Idea behind this is to analyze customer expectations, innovate, and deliver the product that customer values. For example, Apple started off with iPod; it created revolution in music industry. With that, it did not stop; it moved forward and innovated new products such as iPhone. Everyone knows how huge of a hit is iPhone. In less than a year, iPhone ranked among top 3 mobile phones of the United States.
Some may argue that companies need to address varying needs of the consumers. But they miss the most important point i.e.; consumers value services or products that are best in class.
In sum, if a company wants to meet or exceed customer expectations, it has to focus to provide an invaluable service or product, and it has to approach one product or service at a time. As evident in the above examples, chances of success is definitely high.
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“Since no business can be all things at once, companies that specialize in one product or service are more efficient than those that offer a diverse product mix.”
From your perspective, how accurate is the above statement? Support your position with reasons and/or examples from your own experience, observations, or reading.
--------------------------------------
Today's market demands specialists, be it in the form of a service or a product. As it is rightly said, it is always "Survival of the fittest". And customer is the one who determines this. I agree the accuracy of the above statement.
Back in the days, companies were created to provide varied services. For example, some of the accounting firms initial strategy was to provide plethora of services. For that matter, there were many boutique firms that focus on revenue rather than customer satisfaction. Some firms create a service offering based on client need and provide any type of service. However, over a period of time, there was a paradigm shift in the strategy and thought process of these firms. Today, their strategy is to make a specialist or hire specialists based on their experience and use their profile as a value proposition to the client. It can be an SAP consultant specialized in Utility industry or a Strategic consultant specialized in Health care industry. Clients opine that if they hire such firms they will not only be getting the service that is relevant to their industry but also the service that is best in class.
Even product oriented companies are focusing on customer expectations and moving forward one step at a time. Idea behind this is to analyze customer expectations, innovate, and deliver the product that customer values. For example, Apple started off with iPod; it created revolution in music industry. With that, it did not stop; it moved forward and innovated new products such as iPhone. Everyone knows how huge of a hit is iPhone. In less than a year, iPhone ranked among top 3 mobile phones of the United States.
Some may argue that companies need to address varying needs of the consumers. But they miss the most important point i.e.; consumers value services or products that are best in class.
In sum, if a company wants to meet or exceed customer expectations, it has to focus to provide an invaluable service or product, and it has to approach one product or service at a time. As evident in the above examples, chances of success is definitely high.
