A better understanding of the market information can be useful for the successful marketing plan. The demand would be high from previous customers for this new service and that SMT would also be able to attract business from new customers. Offering short breaks over the Channel Tunnel and short trips based on the core customer segment and their preferences turns business profitable from the increased demand for short breaks and that there were sufficient potential customers available in UK market. This study shows that Sheila and her marketing team’s management their business considering the market research methods which is very influential to the effective marketing plan. By offering unique services and benefits SMT can increase its first brand image to the customers in UK.
Quality products could achieve competitive advantage for an organization (Porter, 1985). As higher prices could be charged this will increase the profitability and achieve high market shares (Kumar et al., 2009). Therefore, TQM possibly will create products with high quality products, when organizations focus on process and quality improvements. This will increase the market share too. According to this information, the hypothesis would be: H1: TQM practices leads to improved market share H2: TQM practices generates better and improved quality products TQM is linked to high stock market performance and increases profit margins and revenues, hence, organizations with TQM in place can achieve competitive advantage (Lemak et al., 1997).
A positive effect would be for everyone to recognize the name and purchase the product. The negative effect would be to have the product recalled. Brand equity is important because it can offer many advantages for a company. Brand equity can create a high demand for your product, reduce marketing cost and the company’s brand name will have high credibility. Advertising and sales promotions pay a major role in establishing brand equity.
Literature Review Several studies have empirically tested the promotional strategies and brand awareness in many location all over the world. First, lee (1963) examine that the factory bonus pack to increase consumer trail of the brand. He found that larger package size and accompanying advertising of the offer tended to make the promotion that improve the brand. Rossiter and Percy (1987) exposed that the brand awareness as being for the communication process to made as it proceeds all other steps in the process. Further they proved the brand awareness occur when the communication effect can occur with the customers.
Its revenue gone up by 29% to £90.7 million where as in year 2005 it was £70.1 million. Earning before interest, tax , depreciation and amortization has increased by 38% to £15.6 million where as it as £11.3million in year 2005. Operating profit (before prior year goodwill write off) improved by 38% to £8.2 million where as in year 2005 it was £6.0 million). Over all Operating profit improved by 74% to £8.2m from £4.7million in 2005. Pre-tax profit has improved by 92% to £7.3m where as in year 2005 it was £3.8 million Earning per share grew by 25% to 6.60p where as in year 2005 it was 5.26p.
Marketing strategies are done in consideration of consumer’s occupations, income, educational level and preference. A good marketing strategy that offers a quality product, good pricing, aftersales services and a good approach to consumers, influences consumers to buy more from one producer over its competitors. Also a good customer service provides the consumers a good experience hence influence them to purchase the product continuously (Maxham, 2001). Increases in consumers’ purchase of a particular product from a given company increase the company’s profit margin and sales thus increase competition to other organizations (Hawkins & Mothersbaugh 2009). Through good sales, other organizations will be interested in forming partners with the successful ones due to promising profit margin.
This helps other consumers to build confidence for shopping. It naturally attracts new customers. Thirdly, brand loyalty can increase sales channels. Franchisers need to sell products to make a profit, They often choose companies which have a high degree of brand loyalty to cooperation. Therefore high brand loyalty in the expansion of sale’s channels more smoothly, and easier access to more favorable terms of trade.
Firms also use brand extension to increase their profitability by extending the power of their brand image to other product lines. While powerful brands use their brand equity and exercise their muscle power to dominate the market they are also having to face with increasing competition from store brands and retailers who promote their own products. Ultimately the focus of all brands is to improve customer equity. From the consumer perspective, the price for value proposition of brands has to be considered. A brief overview of some of the important factors pertaining to brands and how they shape or affect consumer behavior would help us better understand the pros and cons of brands.
According to Ndubisi and Chan (2005), relationship marketing provides an organisation the opportunity to get access to the right information about their customers, meet the customers’ needs effectively, efficiently and gain competitive advantage. In addition, Gronroos (1994:9) suggests that relationship marketing is a new model in marketing and it’s about organisation “establishing, maintain and enhance relationships with customers at a profit so that objectives of the parties involved are met. This is achieved by mutual exchange and the fulfilment of promises.” Promises may be made by the company to their customers; yet, what remains to be seen are if the promises are fulfilled or ultimately broken. Szmigin et al. (2005) argues that due to the vast presence of relationship marketing in several industries, it can be difficult defining relationship marketing that accommodates all the relationships.
This is because a product mix is the total set of brands that are marketed by a business; therefore, it contains several product lines. Consider the following brands and discuss the extendibility of brands Brand extension refers to a marketing strategy in which a a business that is marketing a product with a robust image uses the same brand name in a different brand category. It is also known as brand stretching because organizations use it as a strategy to leverage and increase the organization’s brand equity. This helps in increasing awareness of the brand and at the same time increases the organization’s profitability from offerings in more than one product category. Brand extension is wholly dependent upon how strong consumer’s associations are to the brands goals and even values.