The team’s overall objective is to enhance the company’s performance goals while keeping cost low. First, the team will focus on ways to increase market shares. Increasing market shares will aid in the company in obtaining new and keeping current customers. This will mean branding Allround with stronger and more effective advertising messages. Advertising is the number one factor when communicating to customers informing them about the brands available and the variety of products offered to them (MSG.com).
Boosting the economy, not only benefits a person, but it benefits the whole society. Advertising provides valuable information about products or events in an efficient and cost-effective manner. Not only does it provide valuable information in a cost-effective manner it also creates competition between companies. The article “Pros & Cons of Market” states, “Consumers promotes their interests by looking for the lowest prices and best quality” (Metcalf). The competition between businesses will ensure better quality of their goods and service they provide.
In this analysis, include any best practices they possess and how the other company might benefit from them. We might go as far as calling this a cultural due diligence exercise. A company’s culture, in the end, proves to be even more important than their results, especially for some key aspects of mergers. Do not underestimate the importance and repercussion of not communicating changes clearly and efficiently to all the affected personnel. This will ease the integration process and generate less pushback from employees at both sides of the deal.
Everyone in general should always be honest. If people around you know you are honest, they will trust you much more. If you are honest you are letting people know you are people know that you open to listen to what they have to say. According to Ronald E. Riggio “Bring a positive role model also being an ethical and responsible leader- doing the right thing and having a good character” (Riggio). For example if company of workers know their boss is a honest person, it will help the employees grow into better people.
It’s important because this industry is very stable so they have to really focus on growing the company, even though it will be a small numbers, that is still better than nothing. The shareholders will not be happy to hear stable in the report, they would be happy to hear growth. Just like what we learned in class, the things to focus on are profitability and growth. Since they are already in the markets, the growth is really have to be deliberate, as mentioned earlier that they have to cut the fat part that hey don’t need and focus more on what will benefit the company the most. Add up to that the company need a strategic plan, this is when all the corporate culture, branding, and customer focus came into the board in an order to help keep the company growing.
Hence, customers would feel more confident in their investment, knowing that their money would not be put to waste, especially as brand image is determined from the perception of existing, as well as, potential customers. Apart from the product aspect, Caterpillar also hold a strong brand image regarding its corporate social responsibility. That it strives to have zero accidents as well as creates products that benefit the environment. Additionally, Caterpillar holds a large portfolio of products. This supports the firm in catering for a wider range of customers and their needs accordingly.
The ability of managers to reward or withhold tangible and intangible rewards allows for the development of a meritocracy. This provides a valuable tool for molding the kind of success-orientated culture at Chipotle. Instead of wasting time and resources while recruiting new members, they save time, capital, and resources by rewarding and promoting from within. This leads to maximization of profit, reduction of turnover, and improved employee satisfaction and performance through retained knowledge, skills, and experience of long-term employees. The net effect of these communication and management methodologies is to ensure that services offered to customers are of the highest possible quality.
These tools mostly used for spreading the awarenes of the new products, enhancing the recall of the brand but mostly for increasing the number of sales as the company needs profits to survive in the long term. The report have deeply looked at the communication tools in practice when the creative strategy for the new Cadbury product was set. The paper analysed in what situation it is better to use advertising, PR or direct marketing for the Cadbury brand, therefore the advantages and disadvantages of the tools were found. For example, it has been identified that advertising is one of the useful tool for brand promotion because it is able to reach a wider audience within the shortest possible time frame (Egan, 2007. P 194).
Introduction Brand Equity: The premium value realized from a particular product which has a well-established name as compared to any other generic product available in market is known as brand equity. Brand equity has many aspects such as loyalty, awareness, preferences, familiarity, associations and image in minds of customers. Brand equity is always considered to be an intangible asset because the brand value is not a physical asset and is ultimately depends on perception of the brand by consumer. A brand's equity contributes to the overall valuation of the company's assets as a whole. Positive brand equity: This is achieved when customers are eager to pay more for a good with a distinguishable brand name than they would pay for a common version of the product.
The actual genuine value of conducting business that inspires creativity, further cooperation and facilitates efficiency. Balancing people needs and long-term economic development as well as sustainable marketing these aspects lead to strength and faith in companies while they make use of less resources and funds. On an operational basis, sustainable marketing aims at making use of social evolution and customer behavior. This results to the achievements of long-established profit options. Finally, it is meant to provide services and goods through the management that is done in a responsible way.
“A company’s strategy explains why the company matters in the marketplace by specifying an approach to creating superior value for customers and determining how capabilities and resources will be utilized to deliver the desired value to customers” (chapter1, pg2). We started off with our mission statement, just like any company we wanted to be the best in everything. Every area was assigned to someone else for them to manage it. In the marketing portion we agreed on advertising our products and finding the right customers by offering great deals. For production our goal was to provide production flexibility and cost reduction for our customers and have it run very smoothly.