Synergy
DESCRIPTION
A harmonious combination of parts that achieves coordination and which results in enhanced joint outcomes.
A harmonious combination of parts that achieves coordination and which results in enhanced joint outcomes.
KEY INSIGHTS
Within many firms with marketing functions, improving cooperation between the firm’s marketing department and other functions is viewed as important in achieving combined goals. An example is how many leading firms recognize that marketing and R&D functions need to work together in harmony in order for the firm to continue to be successful (Rein 2004).
Within many firms with marketing functions, improving cooperation between the firm’s marketing department and other functions is viewed as important in achieving combined goals. An example is how many leading firms recognize that marketing and R&D functions need to work together in harmony in order for the firm to continue to be successful (Rein 2004).
KEY WORDS Enhanced performance
IMPLICATIONS
Synergy leads to increased customer value, lower operating costs, and reduced investment. A lack of synergy within a firm can result in tensions and struggles within functional areas of the firm. As marketing involves identifying and serving customers, the requirements of marketing often have implications for many other business functions, such as R&D, production, and finance. Harmoniously integrating the work of business functions operating at the front and the back ends of the firm’s business processes through improved organizational interactions can therefore provide a basis for greater marketing success.
Synergy leads to increased customer value, lower operating costs, and reduced investment. A lack of synergy within a firm can result in tensions and struggles within functional areas of the firm. As marketing involves identifying and serving customers, the requirements of marketing often have implications for many other business functions, such as R&D, production, and finance. Harmoniously integrating the work of business functions operating at the front and the back ends of the firm’s business processes through improved organizational interactions can therefore provide a basis for greater marketing success.
APPLICATION AREAS AND FURTHER READINGS
Marketing Strategy
Wind, Yoram, and Robertson, Thomas S. (1983). ‘Marketing Strategy: New Directions for Theory and Research,’ Journal of Marketing, 47(2), Spring, 12–25.
Wind, Yoram, and Robertson, Thomas S. (1983). ‘Marketing Strategy: New Directions for Theory and Research,’ Journal of Marketing, 47(2), Spring, 12–25.
Shani, David, and Chalasani, Sujana (1993). ‘Exploiting Niches Using Relationship Marketing,’ Journal of Business & Industrial Marketing, 8(4), December.
New Product Development
Griffin, Abbie, and Hauser, John R. (1996). ‘Integrating R&D and Marketing: A Review and Analysis of the Literature,’ Journal of Product Innovation Management, 13(3), May, 191.
Griffin, Abbie, and Hauser, John R. (1996). ‘Integrating R&D and Marketing: A Review and Analysis of the Literature,’ Journal of Product Innovation Management, 13(3), May, 191.
Cooper, R. G., and Kleinschmidt, E. J. (1987). ‘New Products: What Separates Winners from Losers?’ Journal of Product Innovation Management, 4(3), September, 169.
Song, X. Michael, and Parry, Mark E. (1997). ‘The Determinants of Japanese New Product Successes,’ Journal of Marketing Research, 34(1), Special Issue on Innovation and New Products, February, 64–76.
BIBLIOGRAPHY
Rein, G. L. (2004). ‘From Experience: Creating Synergy between Marketing and Research and Development,’ Journal of Product Innovation Management, 21(1), 33–43.
Rein, G. L. (2004). ‘From Experience: Creating Synergy between Marketing and Research and Development,’ Journal of Product Innovation Management, 21(1), 33–43.