Marketing also involves analyzing customer needs, securing information needed to design and produce goods or services that match buyer expectations, and creating and maintaining relationships with customers and suppliers. Marketing is essential to the success of any business. Its primary aim is to enable businesses to meet the needs of their customers and potential customers, whether then it’s for profit or not. To make my strategy successful for business it must: Ø Understand customer needs Ø Understand and keep ahead of competition Ø Communicate effectively with its customers to satisfy customer expectations. Ø Coordinate its functions to achieve marketing aims Ø Be aware of constraints on marketing activities I will also be considering the importance of developing and maintaining a relationship with its customers, potential customers and other stakeholders.
Market need is uncertainly, to meet customer expectation, company have to learn what their want and provide it on time. Marketing research therefore can be called that is one of the factor that force company’s ability to supply expected goods or service to market by mean of learning about consumers and respond their need. (Trim et al 2006, pp205-206) Good research should be objective and provide precise information for companies because that influences to manager whose make decision and develops business plan or strategy from that data. Moreover, Trim et al(2006, p209) argue that ‘marketing strategists need to be able to use the findings of qualitative marketing research in order to influence board level thinking and actions.’ that necessary for manager to ta... ... middle of paper ... ...y want company to improve quality of similar product that company already got. This comment might come on extra comment in questionnaire that researchers give to respondents.
The first step is to identify your product; you can do this by creating a customer profile of your target market. If your target audience is a consumer you should determine your customers age, gender and income level of your audience. If your target audience is businesses you should determine company size, industry, and number of employees. Conducting a market analysis and being in sync with your customers’ wants and needs is a lot of work but it is worth it in the long run. Knowing where your consumers are coming from gives you the tools to correctly identify how they will react in your market.
Advertiser’s major concern is to attract potential consumers and encourage their buying behavior and enhance awareness. They spend surplus money to sustain individual’s concentration in their products. Their primary goal is to collect sufficient data about customers for assembling profiles to find out same group people for communication. So, these profiles are helpful for the study of consumer behavior, Physical, mental and emotional attitude towards different products used to gratify their wants and needs. (Arens,
A well thought out marketing strategy starts by understanding how to promote a product and brand through a retail marketing mix. Before a company can begin to introduces a new product into the retail market, careful evaluation of its marketing mix is essential to the success of the product. The introduction of a new product starts with careful consideration to offer the right product, to the right selected target market at the right price, mixed with the right location. This promotion strategy gives the product or service some key elements for marketing success. All elements in the retail marketing mix influence each other and when they aline a strategy develops and executed properly success is achieved.
BLDR’s marketing strategy will explain and support marketing mix component decisions, and its positioning strategy will explain and support how pre-cut framing systems stand out from competitors and other options. By offering pre-cut framing systems, our marketing strategy reveals BLDR’s competitive advantage in each section of the marketing mix: Product; Promotion; Place; Price. The product or creating section of the marketing mix represents the collaboration with customers to create offerings with value (Tanner & Raymond, 2014); and BLDR accomplishes this feat by offering pre-cut framing systems, which utilizes its manufacturing capacity strength in order to directly addresses its customers’ job-site labor shortage concerns. The pre-cut
In the case of Target addressing customer satisfaction and consumer confidence it is necessary to use both an internal and an external change agent. Feedback from actual consumers is necessary in order to gain an understanding of the issues impacting, positively and negatively, the shopping experience. The strategy in which to combat the negative aspects is best led from within as it is the leadership and management of the organization that can best assess the strategies in place and mold them to allow for compliance with the feedback provided by shoppers themselves. Target 's consumer feedback strategy is not too unlike many others in the industry. Customers are selected at random and asked to share their experience on a survey.
In retail management, there is a need to understand the complexities and interrelationships of the retailers and the customers in order for the former to acquire more opportunities of gain and profit offered in the market. Retailers must be able to attract new customers and the former must be helpful to the latter's need. Furthermore, a recent managerial evidence and academic research shows that the decision of customers is not only influenced by the prices of individual items but with the retailer’s price image (Hamilton and Chemev, 2013). This is reflected upon a consumer’s impression of the overall price level of retailer. It should be the goal of
Effective marketing involves strategic concepts. Some of which include how companies use marketing to Place, Promote, and Price their Products. More importantly, an understanding of the marketing concept, the marketing strategy, and the marketing plan is required for a company’s marketing efforts to be successful. The purpose of marketing is to identify customers’ needs, and meet those needs so well that the product almost sells itself (Perreault et al., 2014). When the marketing process performs well, the customer will be satisfied and buy again.
Information from client transactions can be used to determine customer preferences, needs, as well as activities or events the client has attended. This information can be used when making decisions on how to best optimize sales with that client in the future. The Architectural Components of a CRM To understand the structure of a CRM solution one must consider the business model it is designed to support. As mentioned previously, marketing and sales departments are increasingly relying on relationship marketing as a means to more effectively acquire and retain clients. In short, in order to say competitive, companies must operate based on a customer-centric business model.