I first learned that corporate strategy development must consider the external market, internal stakeholders and the conditions of the marketplace in order to be successful. Hence, there is a need to harmonize resources and people effectively in order to maintain a competent competitive position in the market and ensure operational efficiency. This means being able to develop a team environment in which workers are motivated, considering the quality of outputs, determining an effective marketing strategy and further maximizing the efficiency of operations.
I was highly intrigued to understand the inter-dependency of marketing to the achievement of strategic goals. According to theory, companies that are the first-to-market with a new innovation actually become the pioneers that define the product category and maintain strong advantages (Agarwal and Gort 2001). First-to-market innovators become a model through which consumers judge late entrants into a marketplace and are often viewed more favorably by the consumer market (Kalyanaram and Gurumurthy 2008). For a business that desires to be a first-to-market innovator as a competitive tool, it is critical that a company maintains a well-developed marketing strategy, part of brand management. According to marketing theory, building a strong brand provides economic and competitive benefits for a business, provides less vulnerability to the marketing activities of competition and provides more extensive word-of-mouth from consumer markets (Gounaris and Stathakopoulos 2004). One example of how a first-to-market innovator managed to gain consumer preference is the Sony Corporation with the release of the pioneering Sony Walkman in the early 1980s which revolutionized mobile consumer recreation. .By having an effective promotional strategy, this company built loyalty with many consumer segments that were sustained for well over a decade, making Sony the consumers’ first name in consumer electronics.