The competition between businesses will ensure better quality of their goods and service they provide. Competition is well known for providing great productivity which leaders to a growth in the economy. Not only can competition improve the quality of work, it can also improve innovation. Innovation is an important quality to have in a company because it aids in keeping products and services fresh. “Economic Influence on Marketing” claims, “To keep current, your business has to adapt to changes in the industry and must always keep its eye out for innovative, cutting-edge technology and product improvements” (Bradley).
There is a concession to this argument that a more customer centric employee will be able to better serve the customer in a shorter time frame and actually offset the cost of the training by being able to serve more customers in a shorter time period. If this is the case for EMC, then the customer centric business model will generate a good ROI over the long run despite their complex product offering. 3. How is the way customers buy in the age of social media changing? Do you think that “high tech” can replace “high touch”?
AT&T has adapted to this successfully by innovating their services and adding more value to customers. This early mover advantage would give sustainable benefits to the company and this is important to have in a turbulent industry. Weaknesses Being large has its fair share of weaknesses as well. AT&T has to reward its employees with more attractive remuneration packages compared to other services in order to retain them. This policy has resulted in increasing operational costs which would apparently have a detrimental impact on profit and EPS.
Cost advantages stem from the fact that a company can quickly reap higher profit margins despite selling products or services at competitors price due to lower production costs. Higher profit margins lead to more price reductions, more investments in products developments, R&D and innovation; and ultimately greater value for
Customers would need new better quality items at sensible prices. Therefore, when operating ethically it’s the company’s obligation to work hard to increase efficiency and effectiveness in order to create loyal customers and attract new ones. Suppliers and Distributors: When operating Ethically it’s the company’s obligation to pay suppliers fairly and promptly for their inputs. Distributors on the other hand would want to receive quality products at agreed-upon
The Importance of a Company’s Culture The culture of a company is one of the most important and sometimes overlooked factors in an organization. The culture can increase employee engagement and increase productivity which will allow a company to reach its goals, “From productivity and engagement in the organization’s day-to-day, to an employer brand that naturally fuels recruiting efforts, to creating a lasting brand that customers immediately recognize, there’s no escaping it – culture radiates outward into the marketplace” (Straz 2015). The culture can have a great impact on the employees. Employees thrive in a positive working environment and the ability to engage with their managers without fear of retaliation. When a company creates a
CEO says, keeping the good talent in the company which matches company’s culture, understands the business , go extra mile for the company is important. His thoughts clarify how serious efforts he invests in talent and man power. According to Godrej, top management tries to speak to every individual who is taken on board. Company’s right image is by its people and if you don’t get the right people, possibilities of you won’t get anything right is higher. To sustain organizational growth in today’s market it is important to keep investing in your employees and understand the job market intensively.
It means that the business as a whole is better able to relate to a larger people. So it is vital companies retain the best talents at all levels. This will create a better working correlation, and help avoid misinterpretations based on cultural differences and ignorance about other groups. It saves time and money and having
However, some people would think the price which charge by Nike product is high. In order to resist the critics of people, Nike argues that these prices reflect the quality of the product. In general, premium pricing strategy looks more effective to the customers who focus on product utility and
In addition companies need to deliver their products while keeping cost effectiveness in consideration. If they understand the perceived benefits of their target audience and are able to engage with them on a personal level, they can attain customer satisfaction and ultimately can have increased sales. In conclusion, conveying Unique Value proposition clearly to the customers could be a complete win/win for any business. Brand equity Formal Definition: The commercial value that derives from consumer perception of the brand name of a particular product or service, rather than from the product or service itself. Alternative Definition: Brand equity refers to a value premium that a company generates from a product with a recognizable name, when compared to a generic equivalent.