The Marketing Concept and Corporate Strategy:A Will‐o'‐the‐Wisp Relationship?

A business firm is an economically motivated social organisation that pursues its objectives through the conversion of resources into marketable products and services. Survival, profitability and growth are generally regarded to be among the major objectives sought. The overall problem which has to be resolved is how the firm can best shape and direct the esource‐conversion process in order to attain its objectives. The set of broad ideas which emerges in response to this problem is normally referred to as corporate strategy. Thus corporate strategy seeks to reconcile objectives, resources, organisational structures, market opportunities and other environmental influences as they are seen to exist and as they are expected to develop in the future. Given the complexities of modern business organisation the task of reconciling these diverse elements is an exceptionally difficult one to accomplish, especially when viewed in the context of the rates of external change and uncertainties prevailing.