Ultimately, they are eligible for return on investment on their share. By doing so, they attain ownership in the company. Shareholders: Shareholders are those who invest their money in a company and also own shares of it.In case of incorporating new technology in an organization to increase the efficiency of staff training on how to use that technology is required to be given to employees so that they can use the new technology in a better and productive way. can be more productive if these have competent staff having adequate skills and knowledge in their respective domains. By hiring the right employees and providing adequate training and development opportunities to them, organizations can ensure success.įor example, Different departments of an organization like finance, production, purchase, HR, etc. Employees: Organizations can achieve objectives through skilled employees who are also experts in their areas.Also, a business can remain in a competitive position by offering products or services better than competitors.įor example, Wow! Momos brand’s USP lies in its diverse range of momos of different flavors that give it a competitive advantage over its competitors. So, it is very much required to conduct a competitive analysis of competitors to a competitive advantage that includes the knowledge of their USP (Unique selling point) of product and service offered. Competitors: Competitors or rivals of businesses can directly affect business strategies.So satisfied and happy customer always increases the brand value of a business and contributes to increasing customer base and more loyal customers of the organization. This influences the buying decision of other customers as well because a lot of people are using social media for different purposes. After-sales service and more value-added services also play a key role in increasing the customer base.įor example, In today’s digital era most of the customers share their positive or negative reviews about the product or services of a brand on different social media channels. So the marketing strategy of an organization is required to be focused on existing customer retention and attracting potential customers by satisfying their needs and preferences. They are central to any organization as they contribute to generating revenue by attracting more customers. Customers: Customers being the king of any business are the final receivers of products or services.So it is very much required to maintain a healthy liaison with suppliers to gain a competitive advantage over competitors. It will further increase the final product prices. In the absence of timely and adequate services, the production process may delay that result in more production time and fewer sales.įor example, the marketing strategy of business gets affected in case of increased raw material prices by suppliers. Their actions can create an impact on the organization’s strategy as they provide necessary inputs for production.
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