Ghulam Mustafa Qazi, FCMA Vice President ICMA

Transcript:Ghulam Mustafa Qazi, FCMA Vice President ICMA:
Ghulam Mustafa Qazi, FCMA Vice President ICMA Pakistan Managing Partner, TQMC, Financial and Management Consultants Emerging Trends in Business Development of Professional Services Today’s Business Scenario World has turned into Global Village Technology has changed everything Traditional methods of doing business have changed Communication is fast Internet has become a need of everyone Target Markets have shifted Only 20 years ago, a business owner used to promote his/ her products in his/ her city or country. Touching global market was difficult But now he/ she can approach customers across the globe while sitting in office anywhere… Customer is one click away Services Defined Intangible products such as accounting, banking, cleaning, consultancy, education, insurance, expertise, medical treatment, or transportation. Sometimes services are difficult to identify because they are closely associated with a good; such as the combination of a diagnosis with the administration of a medicine. Business Services Business service is a general term that describes work that supports a business but does not produce a tangible commodity. Examples include information technology, insurance, accounting and consulting. Core Marketing Concepts Branding Services Brands Use of Smart Phones 53% of Americans are now owning smartphones The amount of time people spend on a mobile device is growing at 14 times the rate of desktop usage. Mobile is becoming a more prominent channel for commercial transactions Tangible Dominant Intangible Dominant Salt Soft Drinks Detergents Automobiles Cosmetics Advertising Agencies Airlines Investment Management Consulting Teaching Fast-food Outlets Fast-food Outlets             Tangibility Spectrum Some Characteristics of Services No transfer of possession or ownership takes place when services are sold Intangible -Cannot be stored or transported Heterogeneous – Cannot be replicated Are instantly perishable Come into existence at the time they are bought and consumed. Pricing of Services is a difficult subject Quality is subjective and their perception varies by recipient Service delivery is different from products delivery Mass production of services is difficult Unlike products, services cannot be returned or resold Challenges for Services Business Defining and improving QUALITY Communicating and testing new services Communicating and maintaining a consistent image Motivating and sustaining employee commitment Coordinating marketing, operations and human resource efforts Setting prices Standardization versus personalization Services- Key Challenges Service Management: Delivering the expectations Difficulty in relating services to financial benefits Customer Satisfaction Quality: Maintenance, proving quality Customer retention Investment in research Key Challenges SME