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Concept of Corporate Objectives

   

Added on  2020-03-04

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Running head: CONCEPT OF BASIC MARKETING IDEASCONCEPT OF BASIC MARKETING IDEAS Name of the UniversityName of the StudentAuthor Note
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1CONCEPT OF BASIC MARKETING IDEAS1.Concept of Corporate Objectives:Corporate objectives are considered to be fundamental to enhance the performance of thestrategic business planning. The concept of corporate objectives refers to a set of realistic goalsdetermined by the company to implement the business strategies (Blount & Nunley, 2015). Theinternal and the external strategies of the company are often influenced by these corporateobjectives (Grant, 2016). The corporate objectives is the basic and fundamental stage of thebusiness, which leads the company to decide its strategic plan to meets the business goals. Theeffective success in the business in partially dependent on the business objective set initially bythe company. The anticipated period for the success of the company is specified by the corporateobjectives of a business. Every business determines its corporate objectives to achieve the long-term success. Thecompany Wesfarmers is one of the largest Australian conglomerate companies, having its headquarter in Perth. The primary objectives of this company are to provide satisfactory return to thestakeholders of the company (Klettner, Clarke & Boersma, 2014). The other corporate objectivesthat 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 andstrengthening the potential business (The Wesfarmers Way., 2017). The company believes thatthese objectives will help the company to achieve profitable success in the business, and broadenthe corporate performance in the industries.
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2CONCEPT OF BASIC MARKETING IDEAS2.Marketing Orientation Concepts:The concept of marketing orientation entails the factors that determine the marketing strategyfor business (Hollensen, 2015). The factors can be oriented on product, market, production andsales other than only customers. A company, which is product oriented, focuses on the highquality 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 marketingapproaches might not be effective for the company. A production-oriented company believes inmass production, which cause the degradation of the quality and the design of the product. Suchcompanies only on the mass production, since they believe that this can result to a marginalprofit increment for their business. however, this concept affects the product itself. The salesorientation in the marketing concept is based on target market. The company simply follows thebasic rule of sales by producing and selling product to the fixed market, irrespective of effectivestrategic result. A company believing in this concept does not follow and develop relevantresearch regarding the customer needs. The market-oriented company believes and focuses onthe customer needs and demands (Cheng & Krumwiede, 2012). Accordingly, the company plansand implements the marketing strategies, which leads the company to effective result. Thecompany Wesfarmers follows the market orientation by developing a thorough research on themarket based on consumer need and demand (Deshmukh, & Mohan, 2014). Performing themarket orientation has not only made the company one of the largest organizations in Australiabut also enhanced its market value (Liu et al., 2013).3.Marketing Strategies of Wesfarmers:Being one of the largest business organizations in Australia, Wesfarmers sets business goalsand follows several strategies to achieve the same. Some of these strategies are the strength of
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