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Oberoi group redefined luxury benchmark with its hotels by offering unique experience that creatively combines unique locations, luxurious environs and the best of modern amenities with personalised warm service.
In 1996, PVR opened the first multiplex in the country thereby bringing about a major change in the cinema viewing experience for the Indian public with the provision of comfortable seating, state-of-the-art screens, projection systems and audio visual systems. It was able to command a price five times that of single screens, which was believed to be too heavy for the pockets of the customers. Today multiplex account for 60-70% of box office collections. Not only have they redefined movie experience, a spurt in the number of multiplexes in the country has changed the entire complexion of Indian films – their budgets, the way they are made and the audience they are made for.
The service sector in India is poised for high growth in the years to come. There are several untapped latent consumer needs, which present a big opportunity to expand the market by creating awareness among the consumers. We foresee that the above mentioned trends will continue into the future and we will witness new customers segments being targeted by new services, more evolved and efficient delivery, redefinition of benchmarks and experience and in some cases complete paradigm shifts too. Also low penetration of organised services, specially in the smaller cities in India, implies that there will be significant focus on them for reaching out to more customers.
The imperative for service sector companies is therefore to continuously look for ways to evolve, improve and raise the bar for others to follow. There are plenty of cross-learnings available across sectors for these companies to make use of. For instance, besides global retail leaders like Wal-mart who are expected to define industry benchmarks, the Indian retail sector has a lot to learn from the Quick Service Restaurant’s process driven operations. Education sector is also entering the stage of more professional management where it needs to enhance it and railways has a lot to learn in upgrading its customer experience from across other sectors.
Overall, different service sector players will learn from players within the industry as well as outside. This will further evolve the industry and help in redefining benchmarks.
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Source : IIPM Editorial, 2009
An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).
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