Papers by Dr. IYIOLA OLUWOLE
Poor strategy is expensive, bad strategy can be lethal, while the stakes include survival; very b... more Poor strategy is expensive, bad strategy can be lethal, while the stakes include survival; very bad strategy is almost always fatal. A company would not need a strategy if it did not have to compete -- it could make do simply with a plan. But strategy implies competing and outwitting competitors. It follows that strategic thinking is the process of finding alternative ways of competing and providing customer value. Strategy is about being different from the competitors - finding the race to run and winning it. So long as it is relatively easy for others to imitate or catch up a company, it does not have a sustainable competitive advantage, so it has not crafted a good strategy. Strategists, organizational leaders, and marketing professionals should learn to look at the world with entrepreneurial eyes. Whether a company has one person, a group, or everyone doing strategic thinking, the important things are that it is being done continuously and that the opportunities, alternative strategies, or different business models are periodically shared with other key people in the company. Strategy is about being different from your competitors - finding your race to run and winning it (Abraham, 2005).
Competition is the act of striving against another force for the purpose of achieving dominance... more Competition is the act of striving against another force for the purpose of achieving dominance or attaining a reward or goal, or out of a biological imperative such as survival. Competition is a term widely used in several fields, including biochemistry, ecology, economics, business, politics, and sports. “Competition may be between two or more forces, life forms agents, systems, individuals, or groups, depending on the context in which the term is used” (Encyclopedia -Wikipedia). For example, in marketing terms, “competition is the process by which independent sellers vie with each other for customers in a market” (Weitz, 1985, p. 229).
According to McCathy and Perreault (1984), a market is a group of potential customers with similar needs and sellers offering goods and services to satisfy those needs. Because substitutes exist for most products and services, firms typically encounter competitors when marketing their offerings (Weitz, 1985). In view of this, for a firm to be effective, will depend on how such firm’s program will react to both customers and competitors. Since it is the ultimate desire of businesses to satisfy customer needs, it must consider customers responses in formulating and developing its programs.
Sustainable marketing is a subset of the sustainable development field recently formed in 1992. ... more Sustainable marketing is a subset of the sustainable development field recently formed in 1992. Both fields are complex and development elusive, but diverse bodies of knowledge are involved including, philosophy, economics, social sciences, business strategy, marketing, and environmental. The concern is about our ravenous, consumer demands or metabolism, with the world population increasing by 50% in the next forty-five years. This necessitates change in our economic structures, consumer pricing and goods, social responsibility and long-term business viability. In short, sustainable marketing stands to become an imperative for businesses seeking to have or maintain their competitive advantage.
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Papers by Dr. IYIOLA OLUWOLE
According to McCathy and Perreault (1984), a market is a group of potential customers with similar needs and sellers offering goods and services to satisfy those needs. Because substitutes exist for most products and services, firms typically encounter competitors when marketing their offerings (Weitz, 1985). In view of this, for a firm to be effective, will depend on how such firm’s program will react to both customers and competitors. Since it is the ultimate desire of businesses to satisfy customer needs, it must consider customers responses in formulating and developing its programs.
According to McCathy and Perreault (1984), a market is a group of potential customers with similar needs and sellers offering goods and services to satisfy those needs. Because substitutes exist for most products and services, firms typically encounter competitors when marketing their offerings (Weitz, 1985). In view of this, for a firm to be effective, will depend on how such firm’s program will react to both customers and competitors. Since it is the ultimate desire of businesses to satisfy customer needs, it must consider customers responses in formulating and developing its programs.