In today’s competitive world, what it takes for a business to survive is a lot of advance planning and a clear strategy. There is a strong need for bounded rationality, spontaneity and out-of-the-box thinking to tackle every scenario that could be imaginable or unthinkable. Now that’s something which cannot be found in a textbook. Videocon’s resourceful strategies are flexible enough to change with changing ground realities, and even change the rules of the game when needed.
An enterprise with odds stacked against it makes a great business sense. This is because higher the obstacles lower the number of players likely to be active in that field; thus paving the way for extraordinary returns. What is required is a bold approach, a confidence and a willingness to brave the odds. Videocon’s foray into oil and gas is one such brave endeavor that arises from immense faith in the competence of the company’s in-house managerial talent.
With the rapidly changing industrial scenario, technology is no longer a premium value-add. Rather, in recent years, a constant update of technology has become a bare necessity. As a forward looking company, Videocon is extremely vigilant in terms of staying updated with the latest technology and replacing outdated technology with the best-in-class offers of the times.
Product development, innovation and customization are the tools Videocon uses to stay ahead of the competition. After all, we do realize that continuous stream of innovative products excites the market and enhances brand recall. This is a strategy that Videocon highly banks on, especially on the domestic front.
The market share battle scene has long shifted from technology and processes to the psyche of the customer. This means that those with deeper insights into the elusive mind of the buyer are likely to dominate. Videocon is reinforcing marketing strengths to read the pulse of the market more broadly and clearly; to create products that fit perfectly into the customer’s preferences.
The future is unpredictable, but if we don’t do anything about it, the road ahead will be fraught with grave risk. And so, Videocon extrapolates future trends on the basis of current changes in technology and preferences, as well as sheer gut feel. Business instincts are worth their weight in gold. Driven by these instincts, the company has made some bold forays into fields of oil and gas, which has proved to be absolute money-spinners.