Meaning of Corporate Objective
HomeAssignment Answers Meaning of Corporate Objective
Understanding organisation's marketing strategy & corporate objective
Corporate objectives are essential to performance improving strategic planning. These are defined as objectives that associated with the business as a whole. Corporate objectives are defined by top business management, and they provide emphasize for demonstrating detailed objectives for the major functional procedures of the business. These objectives attempt to concentrate on the desired result and performance of the business. It is essential that a corporate objective entails a range of crucial areas where business tends to accomplish results instead of concentrating on an individual objective. Involving a comprehensive group of corporate objectives develop guidelines which become the foundation for a business plan.
Marketing orientation concepts
Marketing orientation concept is known to be the strategy which is implemented by the organisation to satisfy the requirements of the customer, improve sales, increase profit and beat competition. Some of the marketing concepts which can be adopted and executed by an enterprise are defined as follows:
Production concept
It describes that customers will favour services and products which are available and highly affordable. It is one of the traditional marketing management orientation sold by a guide.
Product concept
Product concepts hold that customer will favour products which provide most rich quality, performance as well as innovative characteristics. Under this concept, marketing strategies focus on building continual product improvements.
Selling concept
Selling concepts is grounded in the idea that customers will not purchase enough of organisation’s services until it performs large scale selling as well as promotion efforts. In this concept, management is emphasized on generating sales transactions instead of creating long-term relationships with the customers.
Marketing concept:
Marketing concepts specify “accomplishing organisational objectives depend on identifying the requirements and desired of target markets to deliver required satisfaction higher than competitors.
Social marketing concept:
Social marketing concepts define that marketing strategy must offer values to consumers in a manner that improves or maintain the well being of both society and customers.
Core marketing strategy of organisation
Corporate leaders have decided to develop executable strategies to initiate, grow and maintain profitable relationships with customers. Some of these strategies are elaborated as follows:
Segmentation strategy
Segmentation is based on the core of marketing procedures, supporting targeting as well as positioning efforts to feed the value proposition development process. This helps in increasing efficiency and effectiveness of corporate.
Key account management
This is a strategic decision made by a company with a game-changing shift in performing business by migration from transactional sales to create sustainable value.
Customer experience
This is a concept translated into a complete organisation that strived to provide and exceed the expectations of the customer.
Marketing effectiveness
Marketing and sales involve a clear command to perform more with less; it is imperative that brand engage target audiences in the most effective ways.
Business benefits of setting marketing goals
Provided these marketing objectives are achievable and relevant, there are essential business benefits from setting them and governing progress against them. Prominent marketing objectives:
- Assure functional procedures consistent with corporate targets
- Provide an emphasize for making marketing decisions
- Create priorities for marketing efforts and resources
- Offer incentives for marketing team
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