Businesses fail for many different reasons. While this is a scary thought, failure should never be because of stagnate behavior. Getting to the top is a difficult feat while most companies never get there the ones that do typically don't stay there for long. Striving for success drives the business world and all to often compliance accompanies success. The key is innovation, changing with the times and your customer. Over time we have seen business go under for no other reason than failing to seize the opportunity to change with the customers needs. Simple words of advice: make the most of the journey and learn from others mistakes.
"Don't paint yourself into a corner":
Blockbuster for example was very successful in movie rentals. Even though, they transitioned from VHS to DVD to accommodate new technology, they lost their edge when netflicts started mailing movies to peoples home. They failed to change with their customers needs and wants. Customers found it more convenient to have movies sent to their home and keep them for an extended period on time.
Blockbuster now is trying its hand with online movie rentals but I firmly believe they lost their footing with their customers. As discussed in class and in the article "Marketing Myopia" top management and marketing developers should never strictly define themselves in terms of a product. Meaning that a company should be able to easily transition in to other markets and products to fit their customers needs. An example in the myopia reading that describes this point is the railroad failure. The railroad business identified itself with being in the railway industry instead of the transportation industry. Being focused on the product instead of the customer is a fast way to failure. Blockbuster could have learned a lesson from the railroad business failure and modified their view from DVD rental industry to the home entertainment industry. This would have allowed them to seamlessly enter into the world of mailing movies to home and online movies.
A strict marketing plan is key to marketing a product and ultimately its success. Likewise a marketing plan for the entire business might be just as successful. Properly identify a business in an industry and marketing it in that industry will allow it to introduce products and become more creative in its ventures.
The wonderful world of Pharmasim:
The Channel Sales Report and how that may help in our endeavor to concur the marketing world of Pharamsim.
Channel sales looks at the percentage of sales a company is doing in a particular channel of retail sales. These channels consist of: Independent drug stores, Chain drug stores, Grocery stores, Convenient stores and Mass Merchants. This report is beneficial to our pharmasim success as it allows us to view in what channels we are excelling and or failing and how we compare to out competitors. Keeping an eye on the competitors and their percentage of sales could lead to insights about our own company's product pricing.
Blockbuster now is trying its hand with online movie rentals but I firmly believe they lost their footing with their customers. As discussed in class and in the article "Marketing Myopia" top management and marketing developers should never strictly define themselves in terms of a product. Meaning that a company should be able to easily transition in to other markets and products to fit their customers needs. An example in the myopia reading that describes this point is the railroad failure. The railroad business identified itself with being in the railway industry instead of the transportation industry. Being focused on the product instead of the customer is a fast way to failure. Blockbuster could have learned a lesson from the railroad business failure and modified their view from DVD rental industry to the home entertainment industry. This would have allowed them to seamlessly enter into the world of mailing movies to home and online movies.
A strict marketing plan is key to marketing a product and ultimately its success. Likewise a marketing plan for the entire business might be just as successful. Properly identify a business in an industry and marketing it in that industry will allow it to introduce products and become more creative in its ventures.
The wonderful world of Pharmasim:
The Channel Sales Report and how that may help in our endeavor to concur the marketing world of Pharamsim.
Channel sales looks at the percentage of sales a company is doing in a particular channel of retail sales. These channels consist of: Independent drug stores, Chain drug stores, Grocery stores, Convenient stores and Mass Merchants. This report is beneficial to our pharmasim success as it allows us to view in what channels we are excelling and or failing and how we compare to out competitors. Keeping an eye on the competitors and their percentage of sales could lead to insights about our own company's product pricing.
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