Smart Home Technology Case Study

Decent Essays
In today’s tech-savvy world, expect more than what you think. Because of that, all you need to know about the Smart Home Technology shaping the future of your customers, and what that means for your business.
2.3.1 What is a strategy and its importance?
Several management gurus have defined the strategy in different ways. According to the Johnson and Scholes (2008), Strategy as the direction and scope of an organization over the long-term: which achieves advantage for the organization through its resources within a challenging and emerging environment, to meet needs of markets and to fulfill the stakeholder expectations.
In the present context, the construction industry adapted to the cost leadership strategy which an organization tries
…show more content…
As a result of that traditional work methods and employees’ thinking styles should be changed. Therefore, different combination of skills, attitudes and behaviors will be needed for markers in the construction industry.
In adapting to differentiation focus through product development strategy, marketing professionals should have sufficient skills, attitudes and behaviors to be successful in the future.
According to the recent report published by KPMG and the London Chamber of commerce and industry (LCCI), approximately 20% more construction managers, surveyors, electricians, etc. required futuristic knowledge and thinking style to face the drastic change in the construction industry.
With this amazing change in technological environment, marketing professionals need to become strategic planners and challenge for them when adopting to the Smart Home Technology is tremendous. Basically marketers must shift their focus from pushing messages at customers to engaging them in very strong relationship. Because the recommended strategy is focus differentiation through product development.
Following figure is summary on the skills, attitudes and behavior of a futuristic marketing
…show more content…
When considering the skills, Technical skill is essential for marketing professionals because without understanding the basics of how the smart home technology will work in the construction industry it will too dangerous (Appendix 02). They should always be looking to improve the technical skills.
According to Kotler, a good understanding of the customers by listening and fulfilling their needs is essential. If having interpersonal skills marketers are able to work in team, building strong relationships and communicate very effectively. This skill is must to have because smart home technology is targeted the niche segment and it will be looking for more engagement. And also important to adapt to the analytical and financial skills to support to achieving the organizational ultimate goals.
Apart from skills, positive attitudes will lead towards the success of the organization. Cognitive attitudes represent the thoughts, beliefs and ideas of marketing professionals. Marketers should have futuristic and modern thoughts which might be very creative as well. Within the organization, there should be a rewarding system for successful, innovative ideas and it leads towards creating an innovative culture within the organization. To have such innovative ideas, marketers always update their selves and gain knowledge by doing research and

Related Documents

  • Improved Essays

    This will likely take a long time, as the team will be required to test the feasibility and marketability of their new product. Without this information, it will be difficult for executives to buy-in to the new sector. The vision must simply and effectively demonstrate that the new sector will add value to the company. Consistency is also key; all members of the team need to be on the same page while promoting their vision. Communicating the idea properly by outlining the benefits of the product will get others ready to…

    • 1047 Words
    • 4 Pages
    Improved Essays
  • Decent Essays

    One of the trends entails creation of strategic plans that recognize innovation as the one of the major strategic components. This has enabled organizations get their prevailing environment right hence making the operations easier. The other innovation trend is creation of culture for consistent innovations in a bid to eliminate ad hoc innovations. Organizations are now reshaping their cultures around innovation to focus more on meeting the customer needs. Further, organizations are now focusing on long-term strategies that are necessary to support the culture of innovation.…

    • 980 Words
    • 4 Pages
    Decent Essays
  • Improved Essays

    Both the short term and the long-term goals should be SMART i.e. Specific, Measurable, Action-Oriented and Realistic with Timelines. To achieve my goal, it is necessary for me to have the appropriate knowledge about a particular field where I want to make my career. Impacts of Technological Developments on Career Goals There is no doubt to say that the technological developments have impacts on the career goals of a person. With the advancement of the technologies it has become important for everyone to be aware about the technical requirements of the business enterprises where he or she wants to start his or her career.…

    • 892 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    Analyzing it is important because it allows a firm to make better decisions regarding productivity and creating value towards their products and services. It is the foundation of competition, which leads companies to exceed their competitors. They influence on data driven strategies to help them compete and make innovation possible. An example of Big Data can be gathering data from sensors installed in products to conclude how consumers use them. This creates the incentive to create new services and product designs in the future.…

    • 977 Words
    • 4 Pages
    Improved Essays
  • Great Essays

    Akintoye et al (2012) noted that in order to promote and retain competitiveness in construction industry, industries needs to focus on innovation and improvement of their construction management processes. Since today, construction companies are facing many challenges due to change in technology, economy and social conditions in construction industry sector, If this challenges are regarded as a change to gain advantage in competition, the require changes in the service offered as well as in the construction methods and the organization within the companies. As Panuwatwanich et al. (2008) stated that innovation is necessary as a source of competitive advantage for firms operating in construction industry, and consequently, that many firms are…

    • 1803 Words
    • 8 Pages
    Great Essays
  • Great Essays

    Components of management skills in a construction industry A successful project is to meet the project’s objectives and goals within time, cost and budget. In order to meet these requirements, the behaviours of a PM in respect to management skills are significantly important as well. Steyn (2008) identified that PM is the important connection to hold the project together. The success or failure of a project is relevant and affected by the PMs' behaviours. Hence, there are two concepts which are closely linked between leadership and management and the realization of the project aims, visions and objectives are responsibility and accountability.…

    • 1448 Words
    • 6 Pages
    Great Essays
  • Great Essays

    The first prong is organizational structure; potential areas for this prong would be in the dimension of improving departments, adding staff in their research and development divisions. As a result of adding new staff members, there could be friction amongst team members, especially if new members lack contextual knowledge of the industry they would be working in, but are experts in coding or application development. The second prong of the strategy is to evaluate strategic control systems; RNL is a data and goal oriented company, with goals in nearly every metric the company can measure. Continuing with this element of the company's culture the new products and services should have SMARTER goals that allow the company to evaluate whether they are reaching their goals and the client's goals, and after doing so, revising the plan if they are not. RNL has built-in opportunities to revisit plans, as programs have the flexibility to change scripting, target demographics and initiatives within a fiscal year.…

    • 1826 Words
    • 8 Pages
    Great Essays
  • Improved Essays

    Home Based Business Essay

    • 999 Words
    • 4 Pages

    Can your home based business ideas work? A home based business must suit your personal circumstances and situations. Do not get too excited about a business idea without doing this 'reality check '. Your home based business will require you to invest a lot of time and effort as well as money, so it is very important that you assess if your ideas are realistic, practical and…

    • 999 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    the first leadership imperative is agility which is defined as the ability to nimbly operates current business while simultaneously preparing for changing or new conditions. Agile leaders recognize the value of collaboration with employees who are willing to contribute energy and new ideas. Agile leader will formulate a new vision of their organization’s future and with teamwork make the transformation possible. (Kaufman, Grube, & York, 2013, p. 1) The second leadership imperative relates to the increasingly extreme contexts in which leaders and their stakeholders will have to operate as a result of the explosive nonlinear growth of future challenges. Leaders across the sector and industries around the globe face increasingly adaptive technical challenges.…

    • 1191 Words
    • 5 Pages
    Improved Essays
  • Superior Essays

    Companies need to develop leaders capable of generating growth and effectively managing a multicultural workforce. A great understanding of the macro world and realities of the social structure will be of paramount importance. 7) HR will share roles with other departments-Strategic marketing is one sphere where HR will work together with marketing. The target for HR professionals will be the specific area where they can get the desired work force, People who fall within the draft of eligible employees for the company. For this they will start taking up roles of Brand or Image building through the social media and campaigns.HR and Marketing will go hand in hand as the era now belongs to the social media more than anything…

    • 1371 Words
    • 6 Pages
    Superior Essays