Leading Service Firms Essay Example | Topics and Well Written Essays - 1500 words

Leading Service Firms - Essay Example They rarely allow themselves the time to try to gain an understanding of the entire marketplace context in which they compete, this means sometimes while marketing a new service to gain competitive advantage, they often overlook the research part and just introduces the service, which sometimes gives loss (Suzzane, 2004:4). Today every service firm tries to get a commanding position so that it can by having range of services, competitive distinctions, and innovations that can dictate the particular service industry in which it is competing. And it should become the future trendsetter (Suzzane, 2004:8). Each of these looking out techniques serves to give a professional service firm a reliable sounding board on which to evaluate new opportunities or threats. Collectively, they help a professional service firm to develop concrete grounding for future business decisions and new strategies (Suzzane, 2004:15). The professional service sector, whose very foundation is based on intellectual capital, has yet to apply its collective brainpower to truly dig into its marketplace. Put simply, digging deeper means doing the targeted organizational and analytical work it takes to compete more effectively. But today, despite the availability (and increasing affordability) of powerful software applications, few firms conduct formal data mining to discover the unmet needs of clients and prospects. Digging deeper means capturing, organizing, and mining valuable client data to the point that one can discern past and potential client and marketplace patterns. Research shows that most professional service firms take the easy way out on efforts to differentiate themselves, avoiding the more successful but harder initiatives. Digging deeper means going beyond image-based positioning and branding campaigns to become truly different from competitors (Suzanne, 2004:11). Embedding innovation It involves deliberately incorporating support of innovation into a firm's practices and policies. As a whole, the professional service sector relies too heavily on technology-based "knowledge management" and promotion-based "thought leadership" as platforms on which to develop new services (Suzanne, 2004:12). For every service in order to cater prospect clients and in order to retain existing ones, is always been a priority in their day-to-day business processes. Because they know it's the clients who are responsible for their cash flows and their existence. All the leading service firms market themselves by using advertisement and for that they use different media so that their message could reach to their target market. Usually an advertisement made by a service firm before it's going to be online through any media, has two objectives: To create a brand image in the clients' mind. To publicize features of services they are offering, for the prospect clients and also to provide a recall for their existing ones. Nowadays the basic purpose of advertisement is not to have a one-way communication with the