Succe... ... middle of paper ... ...omotion. Both the sales strategy and the sales promotion give a retailer the tools to evaluate their business and provide a well thought out plan for a retailer to follow. Consumer needs are fulfilled and a retailers financial goals met as well by applying different strategic plans in place to meet the individual needs of the given market. Works Cited Anderson, H., (n.d.). Marketing strategy for westgate mall.
Global Communications had to establish an appropriate benchmark of performance; therefore, the company will know when goals are not met. A significant increase in the efforts to develop the proposed globalization campaign perspective will provide alternative solutions to current organizational predicaments. A successful marketing campaign will increase company visibility and make more establishments aware of the services that (GC) provides. Introducing new marketing strategies will focus and promote the additional services offered by Global Communications. The new marketing strategy must focus on the targeted market of a revised company strategy, such as discounts for consumers using multiple services and business consumer's discounts for multiple lines and services.
This is one of the key reasons we made the decision to disclose our supply base; we believe this could encourage other companies to do the same. Our belief is that in disclosing, the industry will find ways to better share knowledge and learnings. This, in turn, will facilitate the building of further partnership approaches that are built on best practice and gradually lead us to standard codes, standard approaches to monitoring, standard reporting and standard parameters for transparency. It’s our belief that for market forces to enable responsible competitiveness, consumers must be able to reward brands and suppliers using fact-based information. Compliance efforts need to be optimized, made affordable and demonstrate real return if better working conditions are to become widespread.
Especially, new businesses starting in a market. Which is why Goldsport will need to follow specific marketing strategies in oreder to market their product successfully in the market. These strategies will help guide them in the right track as they will know what to produce, whom to produce for and how to produce the product so that the needs of the customers are met and satisfied. The Target customer Market segmentation: “A segment is a set of buyers who share common needs or characteristics”(Marketing by Tony Gray (2000)) This approach would be more preferable for Goldsport because, “it will help target customers” (Marketing by Tony Gray (2000)) unlike mass marketing, which promotes the same product to the whole market and treat every consumer the same in terms of needs and wants. Segmenting the market will allow the company to focus more clearly on targeting the right customers with the right product that better satisfy their needs.
The research on consumer behavior assists the organization recognize and forecast the purchase behavior of the consumers while they are purchasing a product. Thus, the study of consumer behavior helps the marketers not only to understand what consumer's purchase, but helps to understand why they purchase it (Kumar, 2004). There are a lot of elements which can influence the purchase decision of consumers such as social influences, cultural influences, psychological factors and personal factors (Super Professeur, 2011). Understanding these factors helps the company to market the product on right time to the right consumers in order to generate more profits. On the other hand, if the marketers fail to understand these components that might influence consumers, they will fail to convince the consumers to purchase that product or will fail to meet the demands of consumers.
For example, the person to initiate contact is called the sender, and the sender's message is encoded and sent to the receiver, who is able to decode and process the message. The receiver can then encode a message to send right back to the original source. Making sure that you are using the right methods of communication with your customers is absolutely essential. In order to better reach consumers, many marketing researchers have begun to study the field of semiotics, which is studying how people convey certain messages. These studies will help businesses in the future to be able to form better relationships with their customers.
Some of researchers try to investigate all possible elements of package and their impact on consumer’s purchase decision, while others concentrates on separate elements of package and their impact on consumer buying behavior. Moreover some researchers investigate impact of package and its elements on consumer’s overall purchase decision, while others – on every stage of consumer’s decision making process. According to Rita package attracts consumer’s attention to particular brand, enhances its image, and influences consumer’s perceptions about product. Also package imparts unique value to products, works as a tool for differentiation, i.e. helps consumers to choose the product from wide range of similar products, stimulates customers buying behavior.
However, it would benefit the firm more if it had a better understanding of the different entry modes into foreign market in order to ensure its success and in order to ensure its smooth adjustment in the new market (Hutt, 2010). There are a number of factors to be taken into consideration when deciding on the mode of entry into a foreign market. According to research, it would be most probable that a firm will opt for the entry mode that offers the highest risk return on investment. The decision on the entry mode will be highly dependent on the tradeoffs between risks, control and returns. The choice of entry mode into any new foreign market is determined by three main factors; ownership rewards of a business, internalization benefits of integrating transactions within a firm and location advantages of a given market.
The use of demographics and psychographics, layered with critical data will help marketeer and retailers achieve market success in a global marketplace. Understanding Demographic and Psychographics “The success of a retail strategy depends on how well a firm identifies and understands its customers and how well it forms a strategy mix that appeals to consumers” (Bergman & Evans 2013 pg.173). The strategy mix starts by understanding the demographics and psychographics of it’s consumer base and the use of information collected (data) to ap... ... middle of paper ... ...ly reach each target market for long term success. Works Cited Berman, B., & Evans, J.R. (2013). Retail management: A strategic approach (12th ed.).
Brand image has traditionally been thought of as method for acquiring customers, but it also influences current customers in the way that, “The package standing out on the shelf affects the consumer decision process, and package design must insure that consumer response is favorable” (Silayoi and Speece). The consumer will be more satisfied with a product which has an image of overall quality and will result in the rebuy of the product or