Core business
Encyclopedia
The core business of an organization is an idealized construct intended to express that organization's "main" or "essential" activity.
The corporate
trend in the mid-20th Century of acquiring new enterprises and forming conglomerate
s enabled corporation
s to reduce costs funds and similar investment vehicles, and sometimes the following of a popular trend among corporate management seeking to appear current and impress investors.
Core business process means that a firm's success depends not only on how well each department performs its work, but also on how well the company manage to coordinate departmental activities to conduct the core business process, which is;
1. The market-sensing process
Meaning all activities in gathering marketing intelligence and acting on the information.
2. The new-offering realization process
Covering all activities in research, development and launching new quality offerings quickly and within budget.
3. The customer acquisition process
all the activities defining the target market and prospecting for new customers
4. The customer relationship management process
all the activities covering building deeper understanding, relationships and offerings to individual customers.
5. The fulfillment management process
all the activities in receiving and approving orders, shipping out on time and collecting payment.
To be successful, a firm needs to look for competitive advantages beyond its own operations.
The firm needs to look at the competitiveness value chain of suppliers, distributors and customers.
Many companies today have partnered with specific suppliers and distributors to create a superior value delivery network.
The corporate
Corporation
A corporation is created under the laws of a state as a separate legal entity that has privileges and liabilities that are distinct from those of its members. There are many different forms of corporations, most of which are used to conduct business. Early corporations were established by charter...
trend in the mid-20th Century of acquiring new enterprises and forming conglomerate
Conglomerate (company)
A conglomerate is a combination of two or more corporations engaged in entirely different businesses that fall under one corporate structure , usually involving a parent company and several subsidiaries. Often, a conglomerate is a multi-industry company...
s enabled corporation
Corporation
A corporation is created under the laws of a state as a separate legal entity that has privileges and liabilities that are distinct from those of its members. There are many different forms of corporations, most of which are used to conduct business. Early corporations were established by charter...
s to reduce costs funds and similar investment vehicles, and sometimes the following of a popular trend among corporate management seeking to appear current and impress investors.
Core business process means that a firm's success depends not only on how well each department performs its work, but also on how well the company manage to coordinate departmental activities to conduct the core business process, which is;
1. The market-sensing process
Meaning all activities in gathering marketing intelligence and acting on the information.
2. The new-offering realization process
Covering all activities in research, development and launching new quality offerings quickly and within budget.
3. The customer acquisition process
all the activities defining the target market and prospecting for new customers
4. The customer relationship management process
all the activities covering building deeper understanding, relationships and offerings to individual customers.
5. The fulfillment management process
all the activities in receiving and approving orders, shipping out on time and collecting payment.
To be successful, a firm needs to look for competitive advantages beyond its own operations.
The firm needs to look at the competitiveness value chain of suppliers, distributors and customers.
Many companies today have partnered with specific suppliers and distributors to create a superior value delivery network.