Correcting a Failed Marketing Strategy |
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Companies that are tired of their failed marketing strategy need to redefine their market boundaries. This way they can break themselves into the competition and create a name for their brand. Redefining market boundaries mainly focuses on the search risk that many companies tend to struggle with. As a matter of fact, the real challenge is about successfully identifying the necessary possibilities from a haystack of possibilities that exist. Tackling this challenge can make a lot of difference since businesses do not generally rely on intuitions or luck for it to succeed. Initially, there were marketers that struggled to discover whether there were any patterns for redesigning the market boundaries or not. When they discovered that there is indeed a clear pattern for redesigning the market boundaries, they wanted to know if the pattern could be used across all types of industries such as,
Since there was a clear pattern discovered for redesigning market boundaries, there were specifically six basic approaches towards it. These approaches are known as the six paths framework. Moreover, these paths could be put to use in any industrial sector. By implementing these paths one can lead a company to the desired marketing success. As a matter of fact, none of these paths need special vision or foresight regarding the future. All the six patterns are based on viewing familiar data from a new perspective. If you observe, these paths are found to be challenging the six fundamental assumptions that form the basics of many companies’ marketing strategy. The strategies built on these assumptions tend to hold the company back when it comes to facing the real competition. Specifically, companies tend to do the following:
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