Synergy
(noun)
Benefits resulting from combining two different groups, people, objects, or processes.
Examples of Synergy in the following topics:
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Methods for Evaluating Marketing Performance
- Using different measurements to evaluate different communications activities, competitors, and markets does not allow direct comparison and results in lost synergies.
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New Service Development
- To chart the factors that are involved and create synergy between them, new service development draws heavily upon the fields of technology and business networks.
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Setting Goals
- This synergy between different marketing elements maximizes their cost effectiveness .
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Relationship Marketing and Management
- When an implementation is effective, then people, processes, and technology work in synergy to increase profitability and reduce operational costs.
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Influence on the Entire Supply Chain
- By coordinating with product developers, plant managers (manufacturing), and logistics partners (distribution), companies can use this synergy between its departments to compete effectively in the marketplace and help drive firm revenue.
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Channel Partnering
- Co-branding, also called brand partnership, is when two companies form an alliance to work together, creating marketing synergy.
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Global Marketing in the U.S.
- Example: The primary objective of the company is to achieve a synergy in the overall operation, so that by taking advantage of different exchange rates, tax rates, labor rates, skill levels, and market opportunities, the organization as a whole will be greater than the sum of its parts.