Role of business strategies in a VUCA world
Business strategies play a key role in the tough economic condition. Shrijeet Mishra, chief operating officer, Bennett Coleman and Co revealed the mantra of success behind The Times of India (TOI) and the strategies behind it.
05 Sep 2015 | 2720 Views | By Priya Raju
Assessing the market potential and to allocate and deploy resources plays an important role in the business. Mishra said, “There should be a defined long-term goal in any business. Also, there should be a balancing act between the short term and the long term goal.”
To achieve a goal, Mishra said that, three factors i.e. innovation, being pro-active and having an intelligent cost management is essential.
The print is the only medium which affects all the five senses in the human body. TOI has successfully used its print medium effectively with add-ons such as bookmark, pop-ups, scented inks to keep its readers engaged. “There has to be a continuous and smart product innovation plus process innovation,” said Mishra.
He added that, one should maximise advertising revenue and editorial reach by using both conventional and digital printing. Also, there should be different models of process for tier 1 and 2 cities.
Talking about being proactive, Mishra said, “One should always stay close to its customers. Also, there should be appropriate investments towards growth.” He stressed the need to be more focused towards employees since they play a critical role in an organisation.
Being lean, responsive and increase in consumer value plus agile costing is necessary for being competitive in the business. The key trends impacting print industry was by Mishra. He said, “Changing news reading habit, availability of various platforms and the need for quality journalism is essential.”
Mishra concluded that, “To stay relevant in today’s business, it is all about making an impact on people’s life.”