By Mike Schultz, Publisher and John Doerr, Contributing Editor
To maximize profit, managers have pursued the Holy Grail of becoming number one or two in their industries. Recently, however, new measures of service industries like software and banking suggest that customer loyalty is a more important determinant of profit.
- James Heskett, et. al., Putting the Service-Profit Chain to Work, Harvard Business Review
Professional service businesses and product companies have, at their roots, business plans and marketing strategies that exist on two ends of a very long, far-reaching spectrum. It is critical to understand the implications of these differences when launching your own practice... which are not always explored enough in business school.
Understanding The Roots Of A Successful Product Company
Product companies seek to become market-share leaders. To do this, they look to launch and manage a portfolio of differentiated products that have specific features most appealing to a specific target audience for a reasonable (but as high as possible) price.
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