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Betapharm Company’s Eco-Friendly Strategy Term Paper

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Updated: May 16th, 2022

Betapharm follows environmentally friendly strategy based on strict norms of corporate social responsibility and social marketing. In order to meet diverse needs and expectations of stakeholders, the company creates corporate social and environmental agenda aimed to support employees and society. Since products are basically means of solving problems for buyers and sellers, physical environment, biological, technological, and cultural forces change them.

The very perceptions and interpretations of environmental developments by consumers create product opportunities. Consider the life-style factors influencing product development. Urbanization, leisure, competition, discretionary income, travel, styles, tastes, automobiles, informality, and convenience have led to the emphasis on product form, readiness, packaging, combination, and selection convenience (Drejer, 2002).

Betapharm creates its strategy taking into account social / environmental dimension to value the proposition. As a successful company Betapharm perceives its activities through the eyes of consumers. Value in the economy is consumer value, and utility is consumer utility. This power is not an initiating force. Instead, it is a force that reacts to situations originated and developed by business decision makers — manufacturers, wholesalers, and retailers. Consumers, reacting as a group, eventually approve or reject business decisions, placing management in the uncertain position of predicting consumer reactions (Simchi-Levi et al 2008).

For Betapharm, the major responsibility of marketing is to deliver and maintain the highest possible standard of living, to see that products and services offered for sale are those desired by consumers, and to distribute them in the most effective manner possible from the point of view of both consumers and companies. Therefore, the delineation of profitable market segments becomes critical for individual companies.

The normal competitive cycle of a business becomes one of programmed innovation and counterinnovation. The stimulus for innovation at any time, however, may be curtailed because of either external or internal resistance. Internal resistance may stem from inertia, lack of capital, fear of countercompetitive consequences, or a host of real or imagined obstacles perceived by company personnel.

External resistance, which raises the most substantial barriers, includes consumers’ resistance in the marketplace (Porter, 1985). Betapharm benefits from social agenda which allows it to create a strong brand image and achieve social recognition. Ability indicates market potential, but does not alone automatically mean that a market exists. Willingness, a significant market factor (particularly in an economy of abundance) is cultivated by such components of the marketing mix as advertising, personal selling, product development, brand, image, package, and price. Marketing components thus are significant dimensions of markets.

Community is the main stakeholder of the company. Society desires the preservation of small business, yet craves the benefits of efficient mass producers and distributors. It limits competition but seeks the low prices of vigorous competitive effort. it wants the lowest prices for consumers but high wages for labor. The customs, institutions, and motives of men influence achievement in economic areas. In explaining variations in economic development and in analyzing an abundant society, economic theories often neglect these psychological and sociological factors that are associated with and capable of stimulating economic forces, and thereby underestimate the importance of marketing as a force in economic development. These factors play a useful role in the economic development of a country.

Marketing acknowledges that human motivation has an impact on economic and corporate growth and on development. It concentrates on achievement as a significant stimulus for economic advance. Society covets optimum economic values for individuals and companies (such as low prices and high profits) as well as conflicting social and ecological standards.

References

Drejer, A. (2002). Strategic Management and Core Competencies: Theory and Application. Quorum Books.

Porter, M. (1985). Competitive Advantage: Creating and Sustaining Superior Performance. Free Press; 1 edition.

Simchi-Levi, D., Kaminsky, Ph., Simchi-Levi, E. (2008). Designing and Managing the Supply Chain. McGraw-Hill/Irwin; Bk&CD-Rom edition.

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IvyPanda. 2022. "Betapharm Company's Eco-Friendly Strategy." May 16, 2022. https://ivypanda.com/essays/betapharm-company-case/.

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IvyPanda. (2022) 'Betapharm Company's Eco-Friendly Strategy'. 16 May.

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