Posts tagged ·

way

·...

Next Generation Skills for Conducting Global E-Business

Today’s economy is characterized by increased connectivity of global markets, resource mobility, shifts in global production, unfettered global competition and turbo charging of emerging economies like China, India and Brazil. To thrive in this volatile and dynamic global economy people need high-end knowledge skills which can prepare them to respond to these changes in a global economy. One way to envision and then acquire skills for the future marketplace is to understand the emerging global megatrends.

Global megatrends are overarching global forces that were mainly nascent in the past, are being shaped as we speak and will transform our probable future. These forces will impact our geo-political, social, cultural, economic and technological years to come. Megatrends have the power to influence consumers’ lives across countries, industries, social classes and age groups (Florin et al., 2007). They are used by progressive corporations to systematically analyze future market scenarios and then develop effective strategies to anticipate and leverage future opportunities in the global marketplace. Some global megatrends proposed by Singh et al. (2009), include: the expanding role of the web in globalization process, innovation driven by inter-disciplinary collaboration, hyperconnectivity redefining how individuals and systems communicate, acceleration in the pace of globalization leading to cultural flows unimaginable a decade ago, convergence of like minded individuals via web technologies for co-creating and innovating products and services, and massive economic expansion of BRIC economies (Brazil, Russia, China and India).

The ability to forecast such future megatrends can make all the difference between taking advantage of global business opportunities as they arise, and just chasing the competition for the next best idea.  Dynamic corporations continually engender capabilities that help them respond to future trends. Institutions of higher education also need to proactively take this approach so as to prepare knowledgeable, nimble and globally competitive workforce.  However, according to Kellerman (2008), “American higher education has yet to fully confront the impact of globalization, rapidly evolving technologies, and an evolving marketplace characterized by new needs and new paradigms.”

To thrive in this volatile and dynamic global economy individuals’ need high end knowledge skill that are valuable, rare and hard to imitate. Higher education can fill this gap by calibrating and constantly evolving its curriculum to prepare the workforce that can harness the potential of emerging global megatrends. The Executive Certificate in Web Globalization Management offered by John Cook School of Business at Saint Louis University is one such innovative academic program that equips students with high end knowledge skills required to harness global megatrends such as:

  • Megatrend-1: Web will be critical to achieving global expansion. This program prepares student to effectively understand the dynamics of conducting global e- business. Students learn how web allows the birth of “Instant Multinationals” or Born Global firms and how these firms can leverage the web to tap global markets.
  • Megatrend-2: Innovation in the new economy will be driven by blurring of disciplinary boundaries. This program combines knowledge and skills from international business, language technology, IT, marketing, management, e-business and intercultural communications. Students learn concepts ranging from web technologies, machine translation, and global online ethical challenges to geo-cultural dimensions of content development.
  • Megatrend-3: Hyperconnectivity will redefine how people and organizations communicate. This program provides skills to harness the power of hyperconnectivity to thrive in the networked economy. Students learn how to use cutting edge technologies for effective management of global content and how organizational systems can be effectively connected in a virtual value chain.
  • Megatrend-4:  Value systems will compete globally. This program equips participants with knowledge to “Thinking Global but Acting Local”. Students learn how best to target the emerging global consumers using a blend of standardization and localization strategies. Emphasis on both global and national culture will prepare students to handle intercultural communications effectively.
  • Megatrend-5: Smart organizations will harness the power of “Collective Intelligence.” This program provides strategies to leverage collective intelligence for global efficiency gains. Students will learn how collective intelligence can be harnessed for innovation, tapping global workforce, enhancing productivity and increasing economic activity.
  • Megatrend-6: Economies of China, India and Brazil will be future engines of growth. This program shows how web can be effectively used to enter and successfully expand in lucrative global markets. Students will be presented cases, strategies, e-business analysis, and examples to successfully tap the emerging markets.
Comments Off

Small Business Marketing Strategies

Many entrepreneurs think that in developing their small business marketing strategies, they are best off selling to the widest possible market. They are afraid to pursue a niche because they fear they’ll lose business by turning away customers. The truth is that if you are not marketing to a distinct group of customers and offering them a unique solution, you will not be heard or found online.

Benefits of Niche Marketing When you market to a specific niche, you can focus your marketing resources. You understand the needs and language of your niche, so you can communicate better with them and speak directly to their situation.

By focusing on a niche, you become an expert at providing your service or product. And as an expert, you command higher fees and leverage your efforts to create multiple streams of income.

Above all, when you target a niche, you can differentiate yourself. You significantly reduce your competition and create a distinctive personal brand.

Niche Definition There are many definitions of niche and target market, and the two are often used interchangeably. But there is an important distinction.

A target market is the group of people most likely to buy your product or service. They are the people to whom your product is being marketed

A niche adds another dimension. A niche combines your target market (WHO) with the solution you are providing (WHAT). When you combine your “what” with your “who”, you have your niche.

Niche = target market (who) + the problem you are solving/need you are fulfilling (what)

The key to understanding niche marketing is realizing that people don’t buy a service or product, they buy a solution. That solution can help them solve a problem or achieve a goal. Being a solution provider is critical for good relationship marketing. When you become the solution provider for your target market, you are a winner.

How to Find Your Niche To identify your niche, is it best to start with your “who” or your “what”?

You can go either way, but in many cases, it is best to start with YOU.

You can’t be great at everything, but there is an area in which you have something special to offer — a unique skill or perspective or approach. What is unique about you and what you have to offer? What are your passions, skills, interests and expertise?

Once you have identified that, think about who wants what you have to offer. There has to be synchronicity between what you have to offer and what your target market wants. When you find that connection, you can identify your niche.

Remember, there is only one YOU, and you will ultimately attract those who find you compelling. Be true to yourself and you have the ability to help other people in ways that nobody else can.

Comments Off
« Newer Posts
Older Posts »