business capability

(noun)

a collection or container of people, process and technology that is addressable for a specific purpose.

Related Terms

Examples of business capability in the following topics:

  • Company Capabilities

    • A business capability is what a company needs to be able to do to execute its business strategy.
    • Much of the reengineering revolution, or business process reengineering, focused on how to redesign business processes.
    • At the intersection of the organizational and the technical are business capabilities.
    • Firms should assess the capabilities necessary to operate the business by examining the financial impact as well as the customer impact (see ).
    • They may not be visible to the customer, but contribute to company's business focus and have a big impact on the bottom line.

  • Conducting a Situational Analysis

    • Managers can use various methods of analysis to understand the firm's own capabilities, customers, and business environment.
    • Managers use it to analyze the internal and external environment of an organization and the firm's own capabilities, customers, and business environment.
    • Analysis of the company allows for evaluation of the company's objectives, strategies, and capabilities which indicate the strength of the business model, if there are areas needing improvement, and how an organization will fit with the external environment.
    • The main purpose of the competitor analysis is for businesses to analyze both the current and potential nature and capabilities of a competitor to be prepared to compete against them.
    • Businesses must be able to identify whether the collaborator has the capabilities needed to help run the business as well as an analysis on the level of commitment needed for a collaborator-business relationship.

  • Business Marketing

    • Business markets have a derived demand.
    • Also known as industrial marketing, business marketing is also called business-to-business marketing, or B2B marketing, for short.
    • Business-to-business (B2B) markets differ from business-to-consumer (B2C) markets in many ways.
    • Business products can be very complex.
    • Having different people involved makes business marketing much more complicated, and because of the quantities each business customer is capable of buying, the stakes are high.

  • Customer Feedback

    • Successful businesses work proactively to obtain information from their customers to ensure they are meeting their needs.
    • A business with a high level of service quality is likely capable of meeting customer needs while also remaining economically competitive in their respective industry.
    • Successful businesses who remain competitive and relevant in the marketplace work proactively to obtain information from their current or potential customer base so they can ensure they are meeting their needs.
    • Focus groups: This involves gathering a number of customers, sitting them down, and discussing a range of issues relevant to a company's business.

  • Organizational Requirements for Product Development and Management

    • In some companies, the product management function is the hub of many other business activities around the development and launch of a product.
    • They often translate business objectives set for a product by marketing or sales into engineering requirements for product development.
    • Conversely, the product management team may work to explain the finished product's capabilities and limitations to marketing and sales professionals.
    • This constant exchange between technical and business teams ensures that product benefits and features are accurately communicated to target audiences.

  • Buying Situations

    • B2B buying situations vary from B2C buying situations, so B2B marketers must develop different capabilities.
    • Companies seek long-term relationships as any experiment with a different brand will have an impact on the entire business.
    • Like B2C businesses there are similar buying types in B2B sales activities that include new buys, straight re-buys and modified re-buys.

  • Selling Orientation

    • The 1950s and 1960s are known as the sales era, as the guiding philosophy of business at the time was the sales orientation.
    • A marketing orientation centered around sales represented a major milestone in modern business.
    • In today's realm of marketing, selling has developed into a holistic business system required to effectively develop, manage, enable, and execute a mutually beneficial, interpersonal exchange of goods and services for equitable value.
    • In other words, the importance of selling makes it indispensable to modern business, and it has subsequently evolved into a complex system.
    • Effective selling requires a systems approach, at minimum involving roles that sell, enable selling, and develop sales capabilities.

  • Main Social Networks

    • LinkedIn allows members to create professional profiles for themselves as well as their business providing its members the opportunity to generate sales leads and business partnerships throughout the world.
    • Businesses are allowed to create, share, and edit business profiles; posting information such as the business location, contact information, pictures, and service information.
    • There are different sites and features to suit the needs of individuals and businesses, niche markets, specialty businesses and demographic based target audiences.
    • The ultimate goal is for a product to "go viral" and social networking is capable of delivering it when it is used as a marketing tool.
    • Many social networks are beginning to incorporate e-commerce capability to their sites.

  • Use of New Technologies in Marketing and Research

    • A key marketing capability is the ability to track and measure multichannel campaigns, including email, search, social media, telephone, and direct mail.
    • Foursquare allows businesses to create a page or create a new venue or claim an existing one.
    • LinkedIn, being a professional business-related networking site, allows companies to create professional profiles for themselves as well as allowing their business to network and meet others.
    • LinkedIn provides its members the opportunity to generate sales leads and business partners.
    • This graphic lists possible uses for social media sites when putting on a business marketing event.

  • Measuring the Market

    • A single consumer market demand can give rise to hundreds of businesses creating products.
    • Before a commitment to a product or supply chain is made, businesses must test and measure its viability.
    • Thus, customer benefits are quantified in a CVM - product features and capabilities are translated into dollars.
    • The real value this type of results measurement is in tying the marketing campaign into the business results.
    • Organizations are not in the business of developing marketing campaigns for marketing sake.