Principle of marketing management
Most business leaders use a mission statement to guide company strategy. Critically evaluate the difference between a good and a poor mission statement.
A mission statement is a statement that brings out the main objective of the company or organization. Good mission statements should be in a position to bring out a point that the whole company acquire, while a bad mission statement is one that does not communicate properly and leads to confusion to the staff of the company. This makes the company to be consistent in its marketing message while the bad mission statement will bring the company to its fall.
The mode that is applied in a good mission statement should be obviously clear in passing the company’s goals and plan. However, several companies do not apply this technique and use some ambiguous statement like “our goal is to lead in satisfying our clients as we make money and offer employment to staff who believes in satisfaction to our clients” this type of mission statement has no meaning.
Several companies lack focus in that they constantly change their mission statement on a yearly basis. While it is known by everyone what the mission statement of BMW as; The Ultimate Driving Machine, very few people know what Ford’s mission statement is. The mission statement of a company should also be consistent for the staff and clients to stick by it while a bad mission statement is one that is constantly changing.
A mission statement should be very clear and simple for everyone to understand and to internalize. The staff and customers would be able to be familiar with it. The staff on the other hand will work towards achieving it as they know what they are working towards (Dao, Nov 1 2006). A mission statement that is hard to comprehend would be like driving blindly- working with no main aim. The mission statement by Wal-Mart is one that is simple and easy to remember “Always Low Prices”
Another aspect of a good mission statement is one that keeps to what they state. Take for instance Wal-Mart whose mission statement is “Always Low Prices!” The value plan that is integrated in this statement is that it is simple, shop with us as we are quite affordable. Wal-Mart on the other hand has done several steps to try and streamline their operations and limit their prices from what were initially not reachable levels. Wal-Mart’s mission statement has turned from a result to an outcome; their emphasis on dropping prices has made it possible for everyone to drop their prices so as to compete with them. A bad mission statement is one that does not keep in touch with its mission statement and loses focus. The mission statement just appears as a brand and not a mission that it is intended to drive the company to success.
A mission statement should be unique, in that no other company or business has. This would make it possible for one to stand out and be recognized. The employees would know what they are working towards is different from another company’s mission statement. Take for instance the mission statement for Coventry University “focus on applied research” while for Texas A&M University is “discovery, development, communication, and application of knowledge in a wide range of academic and professional fields” A bad mission statement is quite confusing and at times goes in line with other company’s mission statements. This presents a bad image to this company and may lead for it to lose customers and become less competitive.
A good mission statement should be able to give an over view of what competition is undertaking, a knowledge of the staff’s ability and flaws, knowledge of what has to be acquired and the hindrances and take to mind the severe aspects that the company’s operations. This is handled in the Southwest Airlines mission statement “Southwest Airlines is dedicated to the highest quality of Customer Service delivered with a sense of warmth, friendliness, individual pride, and Company Spirit”. Bad mission statement simply lacks focus.
Critically evaluate the key influences on consumer buyer behavior. How do they influence global brands?
Customers constantly make decisions and behave differently in varied circumstances. The consumer buying behavior is the outcome of how consumers act or make decisions while purchasing goods or services. This is an important component of marketing. The customer buying behavior has a great impact on the global brands.
Customers undergo difficult buying habits when they are engaged in buying and note major variation in the global brands (Zainbooks, 2008). The customers would be highly engaged if the product is quite expensive, bought less often. Basically the customer has more to know about the product. The marketers need to help their clients know their products and what the brand offers on the significant features. Contrast has to be differentiated through describing in the brand the benefits acquired.
When a client is more engaged in an expensive product, less often or risky but notes a small contrast in the brand, they are bound to attribute the brands of the product to be similar. In such an instance, observed brand differences is not big, they may look around for what is being offered but purchase it comparatively fast. They are bound to act to a good price better.
At times the habit of the client is quite limited, due to low engagement and of less importance and of lesser brand contrast. A good example is salt; customers have little involvement in this item. They just go to the store and grab the product form any brand. This is more to the habit of the customer rather than loyalty to the brand. Customers do not usually undergo the order of belief-attitude-behavior. They are not engaged in broad search for information concerning the brands analyzes them and make a choice of what brand to purchase. They just passively acquire information as they go through magazines and gazettes and watching televisions. They are hence propelled by brand familiarity rather than brand conviction.
Consumers undergo a diversity seeking behavior in circumstances that are attributed to limited customer engagement but by apparent brand contrast in this instance the consumers undergo through intense brand switching. For instance, when buying chocolates, customers may be of a particular thought, select the chocolate brand with no major analysis then analysis that brand while eating it. But in another instance they will not select the same brand bit goes for another one. Brand switching happens due to the diversity they are accorded as opposed to the lack of satisfaction.
When customers go to purchase a product they normally do so with intention of satisfying a need using a brand that they have trusted for a long period of time. When a brand is introduced in the market, the customers will find it very hard to purchase the product. The customers may doubt the quality of the product as they think it would impact them negatively. Customers only go for a product that they have trusted or to some extent they have heard it from another person. For instance, a product like Aquafresh, which is a type of toothpaste, would only attract its usual customers and may be opposing to customers who have not heard of it or even more so, not used it. Customers however may be attracted by a certain product brand even if they have not heard of it. It is the beauty rather than the information about it which has propelled them to purchase the product. A good example is the footwear which has great impact on ladies and get them buying just from the look of it rather than the company or brand it is associated to.
Bibliography
Dao, F. (Nov 1 2006). Marketing Your Mission Statement. Inc.
Zainbooks. (2008). Consumer Buying Behavior. Principles of Marketing, lesson 15.
