A business strategy is formulated by selecting the target audience of the product and assembling the marketing mix. Looking inward: strategic analysis of the characteristic of your company to identify your distinctive capabilities and surround them with a collection of reproducible capabilities, or complementary assets, which enable your company to sell its distinctive capabilities in the market it operates.
In spite of short attention spans, smaller screens and limited time, Lane says, What’s exciting and challenging in today’s world is, there are more ways to have that interaction with the customer.” Plus, the digital world enables businesses to track results and see customers’ behavior and how they are reacting.
The concepts begat attempts to recast selling and marketing into a long term endeavor that created a sustained relationship (called relationship selling, relationship marketing , and customer relationship management ). Customer relationship management (CRM) software became integral to many firms.
The pipeline business model enables the company to control content production in a straightforward approach, while the business growth potential via the platform business model supports Netflix’s intensive growth strategies and generic strategy for competitive advantage.
You don’t have to be the market leader to successfully compete, but you do need to focus on your company’s strengths to differentiate your business from the competition and help customers understand the value you offer, including features and benefits.