What is Brand Image? – Meaning and its Concept
Brand image is the current view of the customers about a brand. It can be defined as a unique bundle of associations within the minds of target customers. It signifies what the brand presently stands for. It is a set of beliefs held about a specific brand. In short, it is nothing but the consumers’ […]
Steps in Strategy Formulation Process
Strategy formulation refers to the process of choosing the most appropriate course of action for the realization of organizational goals and objectives and thereby achieving the organizational vision. The process of strategy formulation basically involves six main steps. Though these steps do not follow a rigid chronological order, however they are very rational and can […]
Service Product Management: An Oxymoron or a Reality?
Till now, we have considered how product management is done in companies that have different product lines and brands. Now, in this article, we would consider whether the term service product management or the process of managing the entire lifecycle of services is an oxymoron or is indeed a concept that is realistic and feasible. […]
Operational CRM
Operational CRM is mainly focused on automation, improvement and enhancement of business processes which are based on customer-facing or customer supporting. The main importance of a CRM system lies on how the selling, marketing and service oriented processes are automated, and for which operational CRM systems are embedded with following major automation applications: Marketing automation- […]
Methods of Measuring Customer Satisfaction
Managing customers’ satisfaction efficiently is one the biggest challenge an organization face. The tools or methods to measure customer satisfaction needs to be defined sophisticatedly to fulfill the desired norms. There are following methods to measure customer satisfaction: Direct Methods: Directly contacting customers and getting their valuable feedback is very important. Following are some of […]
Technology is a term that is frequently used in the business world. It is a term habitually related to science. But there is a significant difference between the two. Science comprises of outcomes of basic academic studies whereas technology infers to the relevant application of science. This difference is critical when it is to be understood about the manner in which businesses attain new technologies.
The significance of technology to an organization is positioned in the reality that having of technology can provide a competitive advantage. Consequently technology can be considered as an asset of strategic importance. In addition it can be said that an organization“s capacity to handle and take advantage of technology can symbolize a core competence.
Technology competence can improve an organization“s product portfolio. This is possible in different ways as below:
A novel product can be built which permits the customer to execute activities that were earlier not doable or else extremely hard. For instance consider the growth of mobile technology. It permits customers to converse with least difficult around the world. There are users who are ready to compensate high values to have products of latest technology. These products are expected to be extremely pioneering needing good investments in new technology.
An available product can be transformed to turn it into more functional while the fundamental utility continues to be the same. For instance take the case of mobile phones having cameras. Organizations incessantly search for innovations to make their products distinctive from those of their competitors. Even if such innovations can be small, over a period of time these can combine to denote a major leap forward in technology.
With the technology developing into a more advanced stage, product dependability turns out to be a major feature in product differentiation. For instance improved utilization of specific integrated circuits can result in easiness of product assembly. Enhancements in designs and diverse techniques of construction will concentrate on performance and quality.
With the product developing into matured stage technology advancement can concentrate more on cost lessening. For instance consider the utilization of specialized integrated circuits as referred previously. They are costly to conceive but in mass production present massive cost benefits over separate components. They can present a magnificent improvement to the business that can take control of this technology.
Technology is one of the fundamental causes for the existence of a product life cycle. When the technology is in novel phase, enhancements are fast and product functioning ascents rapidly. As the technology becomes established, the speed of transformation of functioning becomes reach stability since the technological threshold is attained. At certain point, another new technology is developed and integrated in the product. The cycle will start again.
Your email address will not be published. Required fields are marked *
