Concept Of Basic Marketing Ideas Essay

Question:

Discuss about the Concept Of Basic Marketing Ideas.

Answer:

Concept of Corporate Objectives:

Corporate objectives are considered to be fundamental to enhance the performance of the strategic business planning. The concept of corporate objectives refers to a set of realistic goals determined by the company to implement the business strategies (Blount & Nunley, 2015). The internal and the external strategies of the company are often influenced by these corporate objectives (Grant, 2016). The corporate objectives is the basic and fundamental stage of the business, which leads the company to decide its strategic plan to meets the business goals. The effective success in the business in partially dependent on the business objective set initially by the company. The anticipated period for the success of the company is specified by the corporate objectives of a business.

Every business determines its corporate objectives to achieve the long-term success. The company Wesfarmers is one of the largest Australian conglomerate companies, having its head quarter in Perth. The primary objectives of this company are to provide satisfactory return to the stakeholders of the company (Klettner, Clarke & Boersma, 2014). The other corporate objectives that the company follows to achieve the success is by ensuring the sustainability of the company, renewing the financial assets, securing the opportunities and the growth of the company and strengthening the potential business (The Wesfarmers Way., 2017). The company believes that these objectives will help the company to achieve profitable success in the business, and broaden the corporate performance in the industries.

Marketing Orientation Concepts:

The concept of marketing orientation entails the factors that determine the marketing strategy for business (Hollensen, 2015). The factors can be oriented on product, market, production and sales other than only customers. A company, which is product oriented, focuses on the high quality as well as the functional features of the product (Yannopoulos, Auh & Menguc, 2012). Only focusing on the product does not give a profitable result. Hence, this kind of marketing approaches might not be effective for the company. A production-oriented company believes in mass production, which cause the degradation of the quality and the design of the product. Such companies only on the mass production, since they believe that this can result to a marginal profit increment for their business. however, this concept affects the product itself. The sales orientation in the marketing concept is based on target market. The company simply follows the basic rule of sales by producing and selling product to the fixed market, irrespective of effective strategic result. A company believing in this concept does not follow and develop relevant research regarding the customer needs. The market-oriented company believes and focuses on the customer needs and demands (Cheng & Krumwiede, 2012). Accordingly, the company plans and implements the marketing strategies, which leads the company to effective result. The company Wesfarmers follows the market orientation by developing a thorough research on the market based on consumer need and demand (Deshmukh, & Mohan, 2014). Performing the market orientation has not only made the company one of the largest organizations in Australia but also enhanced its market value (Liu et al., 2013).

Marketing Strategies of Wesfarmers:

Being one of the largest business organizations in Australia, Wesfarmers sets business goals and follows several strategies to achieve the same. Some of these strategies are the strength of the company and some are not. For attaining the primary objective of satisfactory return to the stakeholders, the company focuses on the value added transaction. The enhancement to the products before delivering them to the consumers is provided by the organization. This value added transactions help the company to renew the financial assets for the shareholders (Kenny, 2013). Wesfarmers keeps an eye on the management system, which responsible for ensuring the sustainability of the business (Cheng, Green & Ko, 2014). Another strategy of the organization that has helped it to strengthen its potential business is listening to the customer needs and the satisfaction (Biddle, 2016). Apart from these strategies, which are considered to be the strengths of the company, there are weaknesses too. The continuous effort for securing opportunities in the global market defocuses the company in the existing market, which can cause the company to lose potential customers and percentage of profits. The most strategies, however, has enabled the company towards the profit margin and attain the targeted business goals.

Reference:

Biddle, I. (2016). The Wesfarmers/Woolworths duopoly war: The Bunnings vs. Masters battle. Busidate, 24(3), 3.

Blount, J., & Nunley, P. (2015). Social Enterprise, Corporate Objectives, and the Corporate Governance Narrative. Am. Bus. LJ, 52, 201-789.

Cheng, C. C., & Krumwiede, D. (2012). The role of service innovation in the market orientation—new service performance linkage. Technovation, 32(7), 487-497.

Cheng, M. M., Green, W. J., & Ko, J. C. W. (2014). The impact of strategic relevance and assurance of sustainability indicators on investors' decisions. Auditing: A Journal of Practice & Theory, 34(1), 131-162.

Deshmukh, A. K., & Mohan, A. (2014, December).an interpretive structural modeling approach to demand chain management practices in retailing. in past conferences.

Grant, R. M. (2016). Contemporary strategy analysis: Text and cases edition. John Wiley & Sons.

Hollensen, S. (2015). Marketing management: A relationship approach. Pearson Education.

Kenny, G. (2013). The stakeholder or the firm? Balancing the strategic framework. Journal of Business Strategy, 34(3), 33-40.

Klettner, A., Clarke, T., & Boersma, M. (2014). The governance of corporate sustainability: Empirical insights into the development, leadership and implementation of responsible business strategy. Journal of Business Ethics, 122(1), 145-165.

Liu, H., Ke, W., Kee Wei, K., & Hua, Z. (2013). Effects of supply chain integration and market orientation on firm performance: Evidence from China. International Journal of Operations & Production Management, 33(3), 322-346.

The Wesfarmers Way. (2017). Wesfarmers.com.au. Retrieved 10 August 2017, from

Yannopoulos, P., Auh, S., & Menguc, B. (2012). Achieving fit between learning and market orientation: Implications for new product performance. Journal of Product Innovation Management, 29(4), 531-545.

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