Marketing - Synthesis
Video 1: how to be mkt orientated ch 1 3
The Success of a firm is not only determined by the mkt plan but also by growth and profits and mainly depends by two basic pillars: the 1st one is the business core competences i.e the technical skills, indusrty knowledge and manifacturing experience which allow to develop excellent products or services. The other pillar is the drive and commitment to organization. Successful firms are driven by leaders which can inspire the firm with the vision of being the best, being the number one in the industry of the mkt. Without core competences and the drive and commitment for managers and employees sustain success in competitive mkts is impossible. But mkt planning is crucial because it put together this competences and commitments and focus on what really counts: satisfy the needs of customers. When companies put together core competences, drive and commitment and mkt planning are what we call marketing orienteted companies.
Let's define what Marketing orientation means. a business achieves success by organising itself to meet the needs of target consumers more effectively than its competitors. So important keys are success, organisation, customer's need and competition.
Looking to success: the essential goal of the firm growth and profits wants to be both mkt objective and financial objective and they should make everybody happy (shareholders, workforce, suppliers..). Unfortunately meeting this 2 objective is not easy and usually mkt planning has to choose between this 2 key measures of the success, for instance if prices are cutted, growth goes up but profits margins goes down, so in taking mkt decisions managers have to balance growth and profitability. Every mkt decisions have a positive and a negative effect and usually the positive effect comes slow and the negative effect comes fast, moreover if the company does not make investments it will be exit the markets.
To summarize in making mkt decisions managers have
The Success of a firm is not only determined by the mkt plan but also by growth and profits and mainly depends by two basic pillars: the 1st one is the business core competences i.e the technical skills, indusrty knowledge and manifacturing experience which allow to develop excellent products or services. The other pillar is the drive and commitment to organization. Successful firms are driven by leaders which can inspire the firm with the vision of being the best, being the number one in the industry of the mkt. Without core competences and the drive and commitment for managers and employees sustain success in competitive mkts is impossible. But mkt planning is crucial because it put together this competences and commitments and focus on what really counts: satisfy the needs of customers. When companies put together core competences, drive and commitment and mkt planning are what we call marketing orienteted companies.
Let's define what Marketing orientation means. a business achieves success by organising itself to meet the needs of target consumers more effectively than its competitors. So important keys are success, organisation, customer's need and competition.
Looking to success: the essential goal of the firm growth and profits wants to be both mkt objective and financial objective and they should make everybody happy (shareholders, workforce, suppliers..). Unfortunately meeting this 2 objective is not easy and usually mkt planning has to choose between this 2 key measures of the success, for instance if prices are cutted, growth goes up but profits margins goes down, so in taking mkt decisions managers have to balance growth and profitability. Every mkt decisions have a positive and a negative effect and usually the positive effect comes slow and the negative effect comes fast, moreover if the company does not make investments it will be exit the markets.
To summarize in making mkt decisions managers have