Market-Driven Company’s Mission and Competition

NB: We do not resell your papers. Upon ordering, we do an original paper exclusively for you.

NB: All your data is kept safe from the public.

Table of Contents

Mission and Vision Statement
Competition Issues
Satisfying Customers and Getting Demand
Investing in People
Implementing Proper Ethics in Marketing
Reference List

Mission and Vision Statement

In order to create a market driven company it is important for such an organization to have high market responsiveness, fast developments, low cost, and finally high levels of creativity, innovation and efficiency. These are qualities that are necessary to respond to a wide variety of possible situations that can occur within the complex and constantly shifting business environment that many companies find themselves in at the present.

It is based on this that the mission of the company would be to focus on market responsiveness, fast developments as well as the utilization of proper customer care strategies so as to create a sales environment that would be conducive towards future product patronage. The vision associated with such an organization would focus on implementing proper innovative and efficient practices in all levels of operations so as to not only increase the profits of the company through the creation of good products and effective services but also to lower the overall cost of operations.

It can be expected that through the implementation of such a mission and vision, a company would be able to become sufficiently driven to be able to compete with its various rivals within the market that it currently operates in.

Competition Issues

Aside from the points that were mentioned earlier, a company also needs to take into account their competitors and develop a plan for the company based on their presence. For instance, a company could focus on being reactive wherein it orients its operations based on the actions of its competitors (Cravens, Piercy & Baldauf, 2009). This strategy entails responding to competitor developments in the form of lower prices, the release of new products, or other similar developments. Basically, this market driven strategy follows a “quid pro quo” method of operations wherein a company reacts based on the actions of its competitors (Cravens, Piercy & Baldauf, 2009).

Another method that could be utilized would be a consumer oriented strategy wherein instead of reacting to the actions of its competitors, companies focus more on satisfying their customers. This strategy focuses more on developing better consumer experiences, creating environments that make consumers more amenable towards purchasing products within a particular location and is basically a “customer comes first” strategy.

While either method can be applied in order to create a market driven company, it is important to determine what strategy would be most effective given the type of industry a company is in and what factors would influence its continued growth an expansion.

Satisfying Customers and Getting Demand

When it comes to satisfying customers and increasing the demand for the products or services of a company, Cravens (1998) advocates that companies should focus on the experience that customers have. This particular aspect entails that from the start till the finish of the purchasing process, customers are able to derive a certain amount of enjoyment or even convenience from the act of purchasing a product or utilizing a service (Cravens, 1998).

This can range from an assortment of possible methods such as improving the ambiance of a restaurant, ensuring that the quality of the food remains consistent as well as making the act of purchasing more convenient. Aside from this, it is also important to focus on aspects related to good customer service when it comes to interactions between company employees and customers.

It is not enough that an employee provides a needed product or service, in order to stay ahead of the competition and gain the much sought after patronage of customer, it is important to focus once more on the concept of making their consumption of your product or service an “experience”. This entails treating them respectfully, smiling, and generally relating with the customer in any way that an employee can. It is the little things that an employee does to make the purchasing experience a pleasant one that creates a more satisfied consumer and one that is more likely to patronize your products or services in the future (Cravens, 1998).

One strategy that can be utilized when it comes to generating demand for a product or service is to take into account business cycles and market slumps and adjust prices accordingly. Pricing is a critical element of successful marketing, in good times and in bad and many companies do not focus enough on getting their pricing right with the end result being plummeting consumer demand (Cravens, 1998).

It is based on this and the cyclical cycle of business that companies should consider proper pricing strategies when selling particular hard to move products or during periods where consumer spending is at an all time low (ex: the 2007 financial crisis). This takes the form of taking into account the physical value of the product being sold as well as various non-tangible elements that consumers take into consideration before they will be willing to pay for a product.

Investing in People

One strategy that any market driven company should take into consideration should be to invest into their employees. This comes in the form of training and other forms of employee development. The basis behind this assertion is the fact that adequately trained and knowledgeable employees are better able to serve the interests of the company as compared to employees that have little in the way of sufficient training and expertise.

Implementing Proper Ethics in Marketing

The primary role of a marketer is to present a product in such a way that it appeals to its tended market segment resulting in higher volumes of sales. The inherent problem though with this particular process is that during the stage of conceptualizing the product presentation strategy, the temptation to make its qualities more appealing to buyers results in a greater degree of temptation to make its qualities more “exaggerated” than they actually are so as to make people think that what they are getting is better than what it actually is (Kingsley, Vanden Bergh & Bonardi, 2012).

Despite the ethical dubiousness of such actions, marketers are often under the assumption that what they are doing is correct since for them its all about creating appeal to create higher sales rather than espouse the absolute truth which may not result in any sales at all.

Reference List

Cravens, D. W., Piercy, N. F., & Baldauf, A. (2009). Management framework guiding strategic thinking in rapidly changing markets. Journal Of Marketing Management, 25(1/2), 31-49.

Cravens, D. W. (1998). Implementation Strategies in the Market-Driven Strategy Era. Journal Of The Academy Of Marketing Science, 26(3), 237-241.

Kingsley, A. F., Vanden Bergh, R. G., & Bonardi, J. (2012). Political Markets and Regulatory Uncertainty: Insights and Implications for Integrated Strategy. Academy Of Management Perspectives, 26(3), 52-67.

Click Here To Order Now!