TL Spot

TL Spot

Marketing today is not just a profit phenomenon for most successful global and multidomestic companies; it is rather a ensuring a sustained growth in marketplace by creating social and stakeholder values. Consequently, the business models are built around triadic constituents including market (competition), society (social needs, responsibility, and sustainability), and values (customers and stakeholders). These elements are integrated to explain the design cube through the design-to-market, design-to-society, and design-to-value perspectives in contemporary business modeling process. The major concern for large firms today is not to explore new markets, expand portfolios, and go global, but to tailor their business strategies to fit to social, ethnic, and consumer culture. Such strategic alignment determines the degree of standardization or adaptation appropriate to the society, stakeholders, and customers in creating Strategic business models. Firms converge the design cube elements to build the overall business strategy, determining which products and services benefit in the competitive, social, and consumption ecosystems. Accordingly, companies develop strengths to defy social and cultural barriers and analyze tradeoffs to develop appropriate the marketing mix strategies.

The increasing use of market research tools to understand the trends of market competition has helped firms conceptualize the design-to-market strategies. A large number of local firms in emerging markets could be able to manage a successful way out of market competition from multinational companies. These firms have built out-of-the-box strategies to manage product and services in the competitive markets by focusing on customer needs, preferences, and values. The design-to-market philosophy advocates co-creation and collective intelligence to develop innovation and technology-based products.

Successful companies differentiate their products and services by analyzing the linear elements in the marketing path comprising problems, needs, solutions, perceived values, competitive advantage, and loyalty over time among customers. Such behavioral analysis in the customer-centric firms begin from the moment customers realize they need a product and service but is currently unavailable.

The dimensions of social performance of firms suggest that the convergence of market competition and social relationship is discrete. Social performance includes broad business-related public perspectives, such as community welfare, sustainability, human rights, and the social benefits of employees in the firm.

Customer-centric companies develop customer engagement not only to enhance their participation in product development and promotions, but also in evolving the design-to-value strategies in businesses. Design-to-value strategies of the firm enhances the scope of creation and capture of value by engaging customers and stakeholders. Co-creation of products and services provides opportunity to generate value, enhance customer relationships, and cultivate loyalty. Most customer-centric companies tend to create customer value by delivering distinctive values in the niche markets.

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