Question

In: Operations Management

reflect on US fortune 500 companies that follow these commandments and work very hard to avoid...

reflect on US fortune 500 companies that follow these commandments and work very hard to avoid marketing myopia as well.

The Ten Commandments of Marketing:

1.       Treat your customers with love and your competitors with respect.

2.       Be ready for transformation and change.

3.       Make your values clear and support them.

4.       Focus on the segment that can give you the greatest benefits.

5.       Price fairly to convey your quality.

6.       Help potential customers to connect with your company and its products.

7.       Look upon your customers as customers for life.

8.       View each business as a service. Because each product is tied to a service.

9.       Improve your business process every day.

10.    Consider various aspects and information—not just finance related—before making a decision.

Solutions

Expert Solution

  1.    Treat your customers with love and your competitors with respect.
    • Customers are the most important factor that drives a business & a company. The company should understand the customers & go the extra mile to serve & help them and value to their lives. Fortune 500 companies know how to keep their customers happy & love them. While working in the same market, we often have to come across other market players, that is our competitors. It is important to treat them with respect to maintain a healthy working environment and win-win for all.
  2. Be ready for transformation and change.
    • There's no growth without change. It's important for the companies to keep innovating, improving & updating their processes, people & products. It's important to bring continuous change & transform to evolve. And the fortune 500 companies ensure that they are always ready to welcome the change for better.
  3. Make your values clear and support them.
    • Values determine the character of an organization & are very fundamental to it. For every company big or small, the business has to start with having a set of core values & communicating and living them each day in and out. And the companies who do it right, are bound to have clarity in thoughts & work and become as big as fortune 500.
  4. Focus on the segment that can give you the greatest benefits.
    • A fortune 500 company understands that a product or a service cannot cater to everyone. It is imperative to find a segment of the audience for which that product makes a difference to & adds value to their life. It's important to identify the lowest hanging segments who want your product/ service and make them your frequent & loyal set of customers for continuous growth.
  5. Price fairly to convey your quality.
    • Pricing is a very important exercise for any product or service. A super price could make it unaffordable and a lower one could portray it as cheap. So, it is important to understand the customer segment, the value the product/ service is adding to the customers and price it right so that it seems fair to convey the right quality & value.
  6. Help potential customers to connect with your company and its products.
    • It's a crowded market out there and the attention span of the customers is decreasing each day. If the customers don't connect with a company or a brand, they end up making a decision based on availability or price which is not favorable for any brand to grow. The primary objective of the brand is to have a loyal set of customers who connect with the brand, value, quality and are happy to pay the right price for it
  7. Look upon your customers as customers for life.
    • Fortune 500 companies understand that customer is king & is the one who sustains & drives the business. A company can't become big if it keeps churning its customers. It keeps on growing when it adds loyal customers and keeps adding them continuously. So, a customer acquired should be loved and serviced well to keep him for life.
  8. View each business as a service. Because each product is tied to a service.
    • No product can reach the customer without the service. The way the product is built, distributed to sold and after-sales support, it's all service and if the service at each level is performed well, the customer likes the product. And if the service at any of this level fails, it results in the failure of the product. Fortune 500 companies have robust processes and people to service right to support winning products
  9. Improve your business process every day.
    • The world is changing every day. The products, processes and the people in our business have to match this changing pace to be competitive in the market, therefore it's important to keep upgrading our people, improve our processes and innovate our products to make a competitive position in the market.
  10. Consider various aspects and information—not just finance-related—before making a decision.
    • Decision making is a very important process and each decision makes a huge impact at multiple points. It is important to identify the right data points, collect them continuously, evaluate & analyze them to make informed decisions. For eg. the increase in price is not just a financial decision, it should be based on the cost of raw material, labor, market sensitivity, competitors and so much more and all data should be crunched well to make the right decision.

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