Question

How have Fortune 500 companies successfully marketed their products and services?

Answer 1

Fortune 500 companies have successfully marketed their products and services because they have resource-based competitive advantage which helps these firms to make the global marketing strategy. The resource-based model is based on the concept that how a firm’s unique pool of internal resources and skills are used in its value creation and marketing of its product and services. The internal resources of the firm could be its capital, its infrastructure, skill of its employees, patents and copy rights, its finances and its brand image etc.

The Fortune 500 firms generally use diversification strategy as its competitive strengths as they are more resourceful and they are in position to acquire or develop unique products and services. These companies are well aware of the consumer’s sentiment and used that in their marketing strategy also. For example in developed countries the consumers are generally well educated, aware, forward thinking, affluent class and always demands the quality products therefore these companies will focus and promote themselves as superior quality producers of product and services. The consumers are also ready to pay premium price for the quality products and services with a difference so the companies pre-dominantly focus on their product differentiation strategy.