In any form of business its inner force is to deliver value to customers with the intentions to make a profit. They will strive in an economy as today, only if they decide to tighten all the areas of the value delivery process. This process of marketing is viewed from a traditional and a modern standpoint. The traditional view sees the business making a product and then selling it, here the marketing process does not start until the second phase. This, however, is a disadvantage for the business as profitability will not be forthcoming because of the choices available.
The value delivery process is the modern concept sees it using three stages. Firstly the value stage, this is when all research is done, specifications are made. The next phase provides value to the product, the price factor is determined and specific features and distribution methods are established. A business operates on five core process they include:
1. Procurement and distribution: This is the gathering and storing as well transportation.
2. Operations: Turning input to output.
3. Product or service development: Establish new products, redesign to reintroduce into the market.
4. Market sales and customer accounting: This is the advertising process, getting the consumers in the know.
5. After sales and customers service: This process provides warranties and all other services with the purchase of a product.
In the marketing process, the business will have to establish a marketing plan which is the actual outline of the next business year intentions. The strategic marketing planning is where research is done and promotions are implemented. The tactical marketing plan ensures that activities are implemented to boost sales and competition. These marketing plans are all working together to make the product a success.
“This concept was introduced by Hamel & Prahalad in a 1990 Harvard Business Review article. They wrote that it is an area of specialized expertise that is the result of harmonizing complex streams of technology and work activity.” (Roger Edgell, 2014 p.1), expresses what is core competency. The characteristics involve are accessing the vast amount of information about a variety of products. It multiplies the thought concept of the end product. It also makes the product difficult to replicate. A good mission statement must be one with the following criteria such as; making a short and straight to the point, make it memorable, make it unique and realistic also make the statement current.
Rodger Edgell (2014). Core Competencies. Retrieved from Managers-Net