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Feb 09
Market Engagement

How Much Does The Market Engagement Process Matter In Business? 

Almost as much as rules of any game matter to the champions of that game. If you are a competitive sailor, or a golfer you know how vital it is to know the rules of the game and play by the rules.

Otherwise, you risk being disqualified, or getting penalties. 

Just consider Tiger Wood’s two shot penalty at the US Masters in 2013 for a wrongful drop. If even the best player in the world, who has been totally immersed in the game since he was 2 years old can make mistakes about the rules, what chance do we lesser mortals have?

Fortunately, in business the things are different

While there are general set of rules as per the legal principals in the country, the rules of engagement are left to the parties.

For this reason it is vital to take complete control of the game by designing the rules of the game in such a way that you meet your objectives for the game.

Now, does that mean your vendors have to lose along the way?

 Not really, because if they do then we would not be able to call it The 5-STAR Business Network. But, that is not how most companies play the game.

Most companies structure and run the market engagement process in a rather formulaic and archaic manner. Perhaps this is a legacy of procurement protocols or legislation enforced by governments or anti-corruption departments.

In my book Outsouring 3.0 you can read the key questions to ask during Market Engagement preparation.  


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About the Author

Over the past 25 years, Vivek Sood (Mr. Supply Chain) has been privileged to work alongside the CEOs & executives who care about their businesses as much as he does about delivering exceptional results in business transformations for them. Combining operational experience with over 400 strategic projects covering more than 85 countries taught him a lot - a legacy he continues to share. Want to know more? Go to viveksood.com to read the story of his professional and personal adventures, including the time when he had to fight real-life pirates.

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