Since the definition of ethics is always in the eye of the beholder, it is essential that the business frame the issue of ethics in a proprietary manner. Each firm will choose a slightly different version of ethics to which it will adhere, but that choice must reflect the ethical standards of potential investors and potential customers so as to continue to attract both groups. A business with a clearly thought-out, well-defined code of ethics is more likely to have those ethics permeate throughout the organization. If nothing else, the ethical principles will be consistent throughout the organization, such that management and other stakeholders know what to expect from their employees. That, at least, will provide insurance against the likelihood of an Enron-type situation where nobody knew what the ethical standards where and therefore ended up acting in an entirely unethical manner.
4. Sustainable competitive advantage comes from firm-specific characteristics that provide a competitive advantage that other firms in the industry cannot replicate, best or match. In the resource-based view of strategy, there are a handful of ways in which a firm can generate sustainable competitive advantage -- patents and trademarks, proprietary know-how, installed customer base, reputation of the firm and brand equity (Quick MBA, 2007). Of these, the latter two can be developed through marketing strategy.
Marketing strategy can be built around promoting the reputation of the firm. The firm's reputation can be trumpeted in order to gain broader acceptance in the marketplace. Alternatively, the firm's reputation can be detailed with a marketing strategy that emphasizes awards and customer satisfaction surveys. In either case, the marketing strategy would need to be consistent in its message, and would need to reach potential customers not reachable through the conventional channels.
Marketing strategy can also be built around building brand equity. Brand equity comes from recognition, reputation and recall. The more people are aware of a brand, can recall slogans, understand the products associated with that brand and recognize the reputation that the brand managers have sought to build.
By building a strong reputation and brand equity, a firm can establish...
Business Plan: Bridal Salon Business Products and services Keys to Success Company description Vision Statement Mission Statement Company background Products and Industry Product Description Industry Description The Market Market and Target Customer Market Segmentation Target Market Strategy Competition and Competitive Advantage Curbing Local Competition Curbing Regional Competition Marketing Strategy Overall Strategy Sales Plan Competitive Plan Research and Development (Growth Plan) The Organization Legal and Organization Structure Key Personnel Related Service Providers Location The Financials Critical Risks Income Statement Cash Flow Projection Balance Sheet Assumptions References Executive Summary Introduction Pace-setter is a bridal salon that rides on the theme of 'experience'. It creates an environment in which
As part of the research triangle, Raleigh has a significant portion of its population that fits the target market. For the Farmery to succeed, it only needs to capture a small portion of the market share. This is especially true because the store has a small footprint, and has the flexibility to set up on vacant lots without the costs of either renting or developing fixed real estate. The
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Business Plan for a Financial Divorce Software Business Plan Divorce Software Business Plan relating to the Sales of a new Financial Divorce Software. Business Plan relating to the Sales of a new Financial Divorce Software F F1 F2 F3 G1 G1(a) G1(b) G1(c) Business Identification Keys to Success Company Summary Industry History Legal Form of Ownership Location and Facilities Management Structure Products and Service Market Analysis Target Market Industry Analysis Competitive Analysis Market Strategy Ps of Marketing Price List Selling Strategy Sales Forecast Implementation Strategy Overall Strategy Implementation Control Plan Financial Statements and Projections Revenue and Cost Estimate Forecasted Profit and Loss Statement Forecasted Balance Sheet Financial
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