A principle is more or less like a guideline for a business look at in order to achieve its goals. Many developing businesses look at how to have a market leadership in their field and most importantly to satisfy the needs of customers. Businesses that haven’t got a principle would find it very hard to progress because you would need guideline (principle) to know what the businesses aims and objectives are for the business to work on.
For e.g. a well known and a developed business such as Kodak would look at these principles (aims and objectives) because it would help them focus (know what to do) on what they have to do, to give their customers the right service and as a result if they follow those principles they would be a very successful business. How Kodak followed the core principles of marketing Kodak main rival and competitor as well Fuji recently entered the market and it offered a better service and high quality films at lower prices to generate more customers buying Fuji films and to have an increase in the market share. The reason is because they want to take all Kodak’s customers. So as a result Kodak fought back fiercely to protect its share of the U.S film market. Kodak also matched all the things that Fuji did, as a result in them being market leader in the US market.
Focusing more on Kodak their principle would be to be better than their competition which happens to be Fuji by offering better services to their customers at lower prices and better quality products. By becoming now better than Fuji as being the leading business in the U.S market, it took more thought (research) on the type of service which could outshine Fuji as film maker which they have achieved. The managing and control aspect of any business is very important because they key steps for a business’s success.
The Share holders and the managing directors `are the ones that are always on top of the hierarchy in any businesses because they are the ones that put money into the business for them to compete with rivals and also for them to succeed. They would also have to research their market which they are going to enter because they need to know what their competing against, whether there business plan suit the market that their in, whether they can win and the end. They look at the different aspects in which to make their business as a market leader. This would be their: Competition, Production, Economic growth, Price of the product and also the quality of the product which would persuade more customers to buy that particular product that they are selling which would make Kodak a lot of profit, which is essential to any business.
To enable Kodak to be of its highest quality it would be advisable for them to employ staff that would make that product of its high quality. It’s important to identify and satisfy customer’s needs because they need to know what products or goods they would prefer. Also many businesses would loose a lot of money if they do not make their products to satisfy the needs of their customers. Kodak would need to conduct a research strategy on their customers because they need to see what products their customers would prefer and how it should be done. The best way I think using questionnaire for customers that are the way to know what the customers want.
Staff training is also important because in terms of representing the business it’s important to train staff to enhance the promotion of a product. The moment of truth should be well taking care of because the costumer’s buying or not buying depends on the staff and how he/she will treat the customer Proof of success would then be shown after all the criteria are met. This is shown by the business having an increase in; sales, customers globally and producing better quality products than their rivals.
Managing their operation is an important principle because it’s important for businesses to be looked after by someone who knows a lot about the business. There are the ones that look after the business as a whole which is to offer good services to their customers. Many businesses look at their rivals to see what their doing, how their going about expanding their business by offering better services and products to their customers.
Also for many businesses in the same market field they would look at the key aspects which would make their business as being the market leader. By that they would look at what their main rival is doing and from that will try to get a competitive advantage over their rivals. For e.g. Fuji monitored what Kodak was doing which was offering high quality films at lower prices. As a result Fuji then entered the market and for them to attract customers especially from their main rival Kodak, by offering better a better service, a high quality film at lower prices for them to be acknowledged as being the market leader in their market.