A paradigm is the way of looking at anything; it incorporates standard, perspective or set of notions bound together to make a pattern or model. Facing business competition a firm must have both internal and external paradigms. Read for more:
No business can compete in the market without stipulating two sides of a paradigm. One is the internal side where the central theme of making revenue and profit hinges on approach to business competition. The bottom line always remain as the sustainability in the short and long terms.
Internal paradigm
All issues related to internal paradigm could be summed up in few words: maintaining the edge. This pervades in all departments of a firm. Chiefly Research & Development, production, marketing, human resource and financials. Even thigh every company is focussed on making more sales along with higher margins, it cannot be ignored that the right approach to customers is a sine-qua-non. R&D takes the initiative by fashioning a new product or the existing one with additional features.
Production department must be able to manufacture it with least cost with optimum use of human and other inputs. Concurrently, finance boss should be able to marshal momentary resources for this purpose optimally. In doing so marketing side continuously updates both production and R&D regarding fashions and fads prevailing in the market currently and in the foreseeable future. It behoves on marketing to illustrate the probable reception of the new or improved product and the likely market share it could bring about.
External paradigm
All issues regarding the external paradigm could be summed up in few words: maintaining the competitiveness. Unlike in the case of internal paradigm this one does not pervade throughout the length and breadth of a company but solely sits on the marketing department where the proverbial “buck ends here” maxim hanging like Damoclean Sword over the heads of the marketing professionals. They are mostly treated ad a useful idiots if the new product is not scaling the heights envisaged initially. Where the innovation fails to take off they are simply guillotined.
Simply put, it is the marketing that gets into the crosshairs of management for anything bad that could happen. Hence, it is doubly important that marketing does its homework thoroughly before pitching itself upon sale and distribution of an untested product. Plainly speaking, marketing is forever in tight situation in keeping competitiveness glowing. If at any time anything contrary is seen in the radar it must appraise management that it would be better to keep product innovation in cold storage until the right moment appears in the horizon!
Cheers!
Muthu Ashraff Rajulu
Business Strategist
Mobile: + 94 777 265677
E-mail: cosmicgems@gmail.com
Blog: Business Strategist
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