Market-oriented mission statement
|Topics:||Marketing, Advertising, 🧮 SWOT analysis|
Table of Contents
Traditionally many businesses utilize product-oriented mission statements. There is far much less utilization of market-oriented mission statements. Market-oriented mission statements focus on the needs of customers with concentration on values of competitors. The paper provides an analysis of the development and implementation of a market-oriented mission statement in practice. Market-oriented mission statements are important in guiding firms due to an increased necessity to satisfy the needs of customers.
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Mission statements are developed to assist an organization in focusing on a certain goal. By analyzing mission statements of organizations, one is able to understand the direction the organization needs to take to reach its purpose. The main purpose of mission statements is to pinpoint the important tasks organizations should undertake to reach their goals. Market-oriented mission statements refer to those statements that focus on consumers rather than products on offer (David, 2016). In order to create a strong market-oriented mission statement, it becomes important to analyze the market as well as customers. Mission statements should be able to state to the community and the external environment its intention in the market.
Market-oriented mission statements concentrate on the purpose of the organization. Strong statements should be concurrent with relevant environments and data. It is therefore imperative that an organizations focus on current market data in developing their missions. Analysis of market data may be carried out using surveys to realize the needs of consumers (David, 2016). Reports from certain market-reporting firms may also provide sufficient data for promotion of a mission. Research information on customers is important in analyzing their taste and preferences, which a firm can capitalize on.
A strong mission statement should focus on satisfying the needs of customers. The statements should be able to state who the customers are, what needs to satisfy, and how the company will satisfy the needs. It should also be compliant with the current business environment (David, 2016). Mission statements should also be realistic and able to motivate employees. A market-oriented mission for Lee’s business is “Our company will serve its customers’ needs of timely delivery of Pizza to their homes.”
In order for Lee to analyze the internal strengths and weaknesses of her firm, she might utilize the SWOT (strengths, weaknesses, opportunities, and threats) analysis technique. This technique can be important in analyzing the resources of the firm, the external environment, as well as the business. This method of analysis assists an organization to understand the business environment sufficiently to provide investors with investment approaches (Fulgoni, 2018). By utilizing this method, businesses are able to understand the various technological advancements in the market.
In order to conduct a SWOT analysis, one needs to develop a blank table with four columns. In one of the columns she can write her firm’s strengths while in another its weaknesses. The next step considers taking time to analyze the possible strengths of the firm. This might include the staff, technology, market share, or location of the business. Evaluating one’s strengths should also ensure comparison of services delivery with competitors. In order to analyze one’s strengths, every effort should be realistic and honest (Singh, 2010). Recognizing one’s weaknesses includes understanding whether the services could be improved. It could also include analysis of staff needs and the location of the business.
The opportunities present for Lee’s business are the availability of the growing number of customers who wish to receive pizza deliveries at their doorsteps. Another source of opportunity for the business is the growing number of customers in the middle-class bracket who wish quick delivery of the product. The advancement of technology ensures that people order products faster in the market at the touch of a button. In terms of threats, Lee’s business, which focuses on delivery of pizza to its customers, faces a stiff challenge from competing firms marketing the same products. On the other hand, the cost of doing business is prohibitive making operations expensive.
Lee’s business is a market leader in its area of operation because of the history of the business. The firm has been in operation longer than most of the competitors, making the business a leader. On the other hand, the firm utilizes latest technologies in marketing, communicating, and transportation of products. Further, the firm has stores at strategic locations in the market. Lee should open a website where people can order directly using internet applications.
The marketing objectives for Lee’s business are to increase its sales by a margin of over 30%. This will also include an increase in profits by a margin of 21%. On the other hand, the other marketing objective of the firm is to decrease its costs of transaction by a margin of 20%.
The marketing strategy for Lee’s enterprise includes aspects related to penetration into the market. In order to meet the needs of customers in the market, the firm open stores in every strategic location. Further, the firm develops its market through development of an online platform to market its products to a wider audience (Singh, 2010). This will provide a platform to customers to purchase products at the comfort of their homes using the internet and receive prompt deliveries.
With respect to product development, the firm wishes to provide Pizza products with additional flavors. The firm also wishes to diversify its product base to include cereals and dairy products. Further, the firm offers competitive pricing of its products with customers enjoying huge discounts in pricing than competitors. The firm also utilizes social media to market its products to a huge audience.
The implementation phase of Lee’s marketing strategy will begin after five months. This operation will take place after the firm launches an online advertising utilizing various social media platforms and using vans. During the first months of implementation, the firm will open new stores at strategic locations. The online platform for customer ordering will commence its operations. On the other hand, specialized vans will move to certain locations at specific times to market company’s products.
During the process of implementing the strategy, there is a need for provision of adequate evaluations (Singh, 2010). The evaluation criteria in the case of the marketing strategy will focus on the costs of marketing. If the cost of marketing lies below the stipulated cost then the strategy will be effective. The level of profit will also be an instrument of evaluation. Higher level of profit will communicate effective marketing strategy.
Market oriented mission statements capture the overall needs of customers concerning products on offer in a market. Market oriented statements therefore considers latest research reports in a market. Firms also need to understand their abilities as well as disadvantages in terms of operation. Other aspects of consideration while creating mission statements is the level of benefits a firm gets from such transactions.
- David, F. (2016). Benefits, characteristics, components, and examples of customer-oriented mission statements. International Journal of Business, Marketing, & Decision Science, 9(1), 19-32.
- Fulgoni, G. M. (2018). Are you targeting too much? effective marketing strategies for brands. Journal of Advertising Research, 58(1), 8-11.
- Singh, S. (2010). Handbook of business practices and growth in emerging markets. Hackensack, NJ: World Scientific.
Offered for reference purposes only.