Strategic marketing-key to success in changing business scenario in India

Abstract

Globalization, liberalization and privatization, together with rapid strides made by information technology, have brought intense competition in every field of activity. Indian industry at present is dazed, confused and apprehensive. The marketing complexities have increased, product life cycles have shortened and the market is more turbulent than ever before. Indian industry is desperately looking for strategy and action plans that would ensure its survival and growth. In the fast changing socio-economic environment the consumer is truly a moving target today. Sharp product segmentation based on consumer insights is highly desirable. The challenge for the marketers is to use the tools of branding and pricing at their disposal to ensure that the most valuable package in the customer's perception is represented by his brand. The cooperative and collaborative relationships with customers are the most prudent way to keep track of changing expectations. The classification of services, customization in order to regain lost customers, differentiation strategies to command premium price and gastronomy strategies to provide a great deal of interaction and personalization to consumers, are amongst the prominent strategies, which could be used in customer relationship management. The market research should be visualized as a series of building blocks of information necessary for strategy development. The Indian marketers must give emphasis upon strategic marketing of their products/services in the changing business scenario.