As an inspiring entrepreneur whom plans to open a family business, it is crucial to do prior research and gain as much knowledge in this growing field as possible. Family businesses are apart of the business discourse community and it is currently booming. For this genre analysis, I will be examining two strong articles that describes the different roles in family businesses and how families can have an impact on the business success or failure. This essay will also address second generation family business and the necessary nurturing required to sustain current customer relationships and existing brand equity. Business relationships, customer marketing, personnel management helps increased achievements for both the business and the family.
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This article contains 10 sections based off a case based approach to determine if family qualities in a firm (or business) give them a competitive edge over other business. These sections also include analysis from interviews by eight family business owners and managers to determine if they have an advantage because their apart of a family business compared to other business. One major convention of this article is how business culture and family’s qualities does have a positive effect on business. Market orientation is largely the result of company culture. According to the “Resource Based View and Familiness” section, its crucial to share values and norms among employees pertaining to the culture-based dimension of market orientation include a focus on customers through understanding their interests and needs. Employees share a culture where providing superior value to customers is recognized as the key for maximizing long-term profit and sustainable competitive …show more content…
Building and maintaining long term customers is very crucial to gaining loyal customers and staying in business. Furthermore, established relationships with customers, suppliers, and employees increase the stability of the business which leads to economic growth. Levels of customer relationship management was another key section of this article because it describes social bonding. Its imperative to have long term relations and trust between businesses, customers, and suppliers. For example, one reasons why existing relationships might be at risk because the next successor may not always continue to use the same financial arrangements negotiated by the founder of the business for established customers. In addition, many special access these customers may have will be limited in the next generation which will risk the trust between the founder and his customers and ruin the establish relationship. Relationship marketing is about building a business one customer at a time over time. This slow and steady build-up of loyal customers creates a phenomenon known as customer based brand equity (CBBE). The overall message of this section is that both customers and companies benefit from customer based brand equity (also known as fierce loyalty). The primary motivation for businesses to engage customers in long term relationships in
This article contains 10 sections based off a case based approach to determine if family qualities in a firm (or business) give them a competitive edge over other business. These sections also include analysis from interviews by eight family business owners and managers to determine if they have an advantage because their apart of a family business compared to other business. One major convention of this article is how business culture and family’s qualities does have a positive effect on business. Market orientation is largely the result of company culture. According to the “Resource Based View and Familiness” section, its crucial to share values and norms among employees pertaining to the culture-based dimension of market orientation include a focus on customers through understanding their interests and needs. Employees share a culture where providing superior value to customers is recognized as the key for maximizing long-term profit and sustainable competitive …show more content…
Building and maintaining long term customers is very crucial to gaining loyal customers and staying in business. Furthermore, established relationships with customers, suppliers, and employees increase the stability of the business which leads to economic growth. Levels of customer relationship management was another key section of this article because it describes social bonding. Its imperative to have long term relations and trust between businesses, customers, and suppliers. For example, one reasons why existing relationships might be at risk because the next successor may not always continue to use the same financial arrangements negotiated by the founder of the business for established customers. In addition, many special access these customers may have will be limited in the next generation which will risk the trust between the founder and his customers and ruin the establish relationship. Relationship marketing is about building a business one customer at a time over time. This slow and steady build-up of loyal customers creates a phenomenon known as customer based brand equity (CBBE). The overall message of this section is that both customers and companies benefit from customer based brand equity (also known as fierce loyalty). The primary motivation for businesses to engage customers in long term relationships in