Smart Home Technology Case Study
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