Needs of a company

economic-dictionary

The needs of a company are all the gaps that it must cover in order to achieve its objectives and maintain its position in the market.

In principle, the objective of any company is to make a profit. A company makes a profit when it efficiently produces the goods and services it offers to the market. Additionally it generates sources of employment. All this together allows you to maintain your competitive position within the market.

However, if a company does not meet its needs, it could stagnate, regress and, in the worst case scenario, disappear. The adequate coverage of these needs helps the company to improve its productivity. Also to deliver products to the market of better quality and price, making their customers satisfied. Generating enough income to continue operating. Achieving success and projecting its benefits to society.

Company's needs
Based on Maslow's pyramid

Main needs of the company

Importantly, Maslow's pyramid was designed by Abraham Maslow to rank human needs.

However, Maslow's pyramid can be a useful tool to determine and prioritize the needs of a company. Based on Maslow's pyramid, the needs of the company are ordered as follows:

1. Basic business needs

Just as basic needs are essential for human survival. For a company its basic needs are related to structural functions without which the company cannot exist.

Indeed, they can be structural elements such as buildings, machines, technology, and the necessary raw materials. That is, the minimum structure to be able to function.

Of course, by having the minimum infrastructure, the company can have suppliers and customers. Suppliers you pay and customers you charge. In other words, the actions of paying and collecting give the company the necessary solvency to be able to operate.

2. Business security needs

Likewise, if it is important for a person to have a certain level of income and resources insured, for a company it is necessary that it be profitable, because this ensures that it continues to operate. This requirement helps the company achieve its medium-term objectives.

Naturally, this allows the agility of the production processes to be maintained by the work team. It involves the necessary logistics to be able to fulfill the commitments achieving efficiency in its production processes. Making it possible to obtain sufficient profitability.

3. Need for affiliation or business social

Indeed, everyone needs to integrate and belong to a group or a social environment. Similarly, a company needs to be integrated into a market. Since you have to direct your products towards your customers.

Also, you need to develop convenient and sustainable business relationships to be successful. For this purpose, the company establishes communication processes. Outward communication processes help you connect your offer with your demand. Meanwhile, inward communication processes manage to keep human resources integrated.

4. Business recognition needs

Of course, it is important for people to achieve a certain level of success, prestige and feel appreciated. The need for recognition for companies is satisfied by the recognition or positioning that their products have in the market.

Of course, the commercial recognition of the products, the degree of customer loyalty and the word of mouth recommendations provoke feelings of self-worth. Company workers will also be able to obtain recognition for the work they do and the results obtained in the market.

Undoubtedly, the companies that meet this need have products of high prestige, well-positioned brands and a strong business identity.

5. Business Self-Realization Needs

On the other hand, human self-realization has to do with the personal satisfaction that self-improvement produces, the achievement of success and happiness. At the business level, this need is met when the company applies concrete actions to grow and diversify.

In addition, self-actualization is achieved when companies invest in research and development to offer new and innovative products. In the same way when they apply expansion and internationalization strategies. But, especially when they assume the commitment to take actions that benefit the community and the environment.

Generally, a company that manages to meet its need for self-realization is because it has been able to put its mission into practice and achieve success. In addition, the success achieved is projected to society.

Company's needs

Finally, it can be concluded by saying that every company that operates within the market must satisfy certain needs. These needs have different degrees of importance. The essential thing is to recognize which ones should be covered as a priority. Then those that appear in order of importance until they are able to attend and satisfy the higher needs.

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