Synergy

(noun)

Benefits resulting from combining two different groups, people, objects, or processes.

Examples of Synergy in the following topics:

  • 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.

  • 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.

  • Setting Goals

    • This synergy between different marketing elements maximizes their cost effectiveness .

  • Relationship Marketing and Management

    • When an implementation is effective, then people, processes, and technology work in synergy to increase profitability and reduce operational costs.

  • 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.

  • Channel Partnering

    • Co-branding, also called brand partnership, is when two companies form an alliance to work together, creating marketing synergy.

  • 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.