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Customer Loyalty – What Is It, Really?
There are almost as many definitions of customer loyalty as there are companies which try to build and sustain the concept. Some of the components are common, however. Let’s take a look at some of them. The first component is dependability. What do many companies mean when they strive to be recognized as dependable? In […]Continue reading
This is How to Develop an Innovative Strategy
An assumption I sometimes encounter is that strategic planning only yields predictable, middle of the road actions for a company. Nothing could be farther from the truth. Strategic planning sets an appropriate course for your business that maximizes growth-ability, profit-ability and survive-ability. Sometimes that course stays in familiar territory, and sometimes the course can go […]Continue reading
How to Succeed When Market Trends Change
How do food companies position themselves for growth as demographic growth slows? Tyson Foods, for example, faced this dilemma. Clearly, consumer preferences changed with a desire for prepared foods. Ultimately, Tyson knew that consumers were turning away from their traditional meat products and moving towards ready-to-eat foods. They realized they had the basic ingredients, but […]Continue reading
When is Gaining Market Share a Bad Idea?
GE Learns Its Lesson the Hard Way Jack Welch transformed GE’s portfolio of businesses by concentrating on businesses that were number one or two in their markets. Businesses that were positioned to get to number one or two also qualified. He did this because statistics show that those with significant market share are usually more […]Continue reading
How to Differentiate Your Business Successfully
We all know that successful differentiation is the key to higher profits. Unless you offer something that a competitor doesn’t offer, you will almost always get sucked into a game of “who can charge the lowest price”. Unfortunately a lot of competitors know this, and are trying to differentiate in exactly the same way […]Continue reading