Create a new account

It's simple, and free.

Professional service firms

Professional service firms must use strategies if they are to be successful, and they need to use two types of strategies: corporate strategy in deciding what practices to engage in and how they should be related, and practice strategy in determining what position to choose on the practice spectrum (Nanda 13). There are three basic concepts that are fundamental in buying and selling professional or advisory services: to bring about a degree of increased certainty for the client in an area where an uncertainty exists; to be able to address themselves directly to the substantive problem; and the management of the company buying the services must address themselves directly to individuals who are truly competent at resolving their problem (Weitreich 135-136).

Customer relationships need to be developed by having a rigorous marketing model and spending time and money on marketing activities (Blattberg, Getz and Pelofsky 3-4). The company must be flexible, and ale to change over time, linking customers and product strategies, and making the proper investments and acquisitions at the appropriate time. Cirque du Soleil became a huge success by building a business in an area with an uncontested market place, making the marketplace irrelevant, and creating a new demand (Kim and Mauborgne 1-11). Similarly, Egon Zehnder broke into a new field (Nanda and Morrell 1-23). The Shouldice hospital is a similar type of business, specializing in a particular type of short surgery, and is reluctant to expand or add to their practice (Heskett and Lowell 1-8). Knowing your business is important if you don't want to be overtaken by the big competitors (Nanda, Delong and Mullick 1-16). The whole course was about creating a new business and the factors which need to be considered to make it a success (Nanda 1-13).

Blattberg, Robert, getz, Gary and Pelofsky, Mark. "Want to build your business? Grow your customer equity." Harvard Busi

...

Page 1 of 2 Next >

More on Professional service firms...

Loading...
APA     MLA     Chicago
Professional service firms. (1969, December 31). In LotsofEssays.com. Retrieved 09:58, March 29, 2024, from https://www.lotsofessays.com/viewpaper/1705647.html