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Strategic management question
Strategic management process
Strategic management question
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Du Plessis and Roberts Lombard argues that thorough understanding of the customer is one of the prerequisites for the long-term success of an organization (Du Plessis & Roberts-Lombard, 2012). A market or customer led strategy means offering value to the customer, which can only be achieved if an organization understands its customer needs and expectations and responds to them in its marketing strategy.
Current customers for THS
THS boasts a large number of customers such as SABMiller, Nestle, SAPPI, Mondi Papers, AFGRI, Colgate-Palmolive, and Glaxo Smith Kline just to mention a few. What do the customers do with the products?
The customers are producers of a wide variety of products, the products are segmented into four categories,
Figure out the typical customers is the first marketing strategy. Business should find the right customers who would by your product and tailor and focus its marketing effort toward them. Thus, this target market represents the group of customer offering greatest opportunity.
Delivering the requested number of products successfully matching different market segments, consumers, and their expectations in terms of price, age, reliability and ideal positioning on market perceptual map (graph above).
The best strategy for the company now is focusing on customer wants and needs. Realize customer background, keep close contact with customers, and collect feedback and follow-up, customer orientations are the good implementations for this strategy.
A characteristic of the marketing concept is customer orientation. Business activities are mostly engaged to produce a satisfied customer. They are there to Stress on the desires and wishes of a customer this keeps businesses on track with their target market. The best marketing decisions are completed on the foundation of making a massive impact in the market and towards customers. The consumers/people
There are a range of segmentations that allows a company to target potential customers effectively.
...e based on the needs and wants of customers (Kha, 2000). The second area is to incorporate what the company has learnt about its customers into closed-loop marketing where it can customize marketing offers to all its customers.
Market Based Management is premised upon a free market system, as described by Jones and George (2014). The principle is based around pleasing the customer by meeting supply with demand. It is imperative to be able to understand the market, and then to react accordingly to the market. These customer-centric values are essential to organizational success in the short-term and long-term (Wenstein, 2012). The values in MBM are integrated into Value Driven Management values because the common denominator between the two is ultimately to add value over time. Any variable that increases customer satisfaction, in turn adds value over time to an organization.
It has been observed since the inception of Marketing that marketers target to only specific market and how they identify such market. There are certain criteria or base they use to identify the consumers who they would be serving to. Customers do have unique requirements satisfaction levels and aspirations. Some customers however are similar with respect to their requirements of goods and services. In such case if their needs are identified and they can be grouped in quantities of a specific size then it can be segmented. Now each customer group have specific expectations and businesses must cater to the needs of the segmented that has been targeted.
Marketing is very important to the success of a business. Before people can buy a product or service they have to know about it. However, marketing entails more than just letting people know what your company has to offer. Throughout this paper, I will define marketing, offering my personal definition as well as more formal definitions from other sources. Furthermore, I will explain to the reader the importance of marketing to organizational success giving real world examples in support of this explanation. The field of marketing can include many things. I believe, however, the most important thing which it should include is communication with customers as to the value and benefits of using that particular company's products and services. It should help to establish the business's niche in the industry and distinguish it from other such businesses.
The purpose of this section of this report is to define the marketing concept; to explain what it means to be a market-orientated organisation; and to show that Tesco’s appear to be a successful, market-orientated company. Furthermore, that Tesco’s employ strategic relationship marketing to offer value to customers’; and achieve higher revenues and brand loyalty in return. Finally, to explain that being market oriented may also have some disadvantages if not carried out effectively.
“Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.” (AMA, 2007)
Every “true” entrepreneur knows that there will be never enough time or money to make things right when starting a new business. So it’s vital to focus on the most important thing, which is the customer. To understand the importance of knowing customers, imagine an entrepreneur with a flawless and innovative product but doesn’t have enough customers to sustain the business and the opposite is true. For entrepreneurs to be customer-focused they need to understand customers needs rather than focusing on great products or wonderful services. This is what I did on my final project; the idea behind my business is to offer customers who live in a very hot area of the world cold treats but in a different and new way. This point is should be clarified in the “customers” slide in the pitch to show that the owner knows who are the customers and the show why they might be interested in the product or the service the owner is planning to
According to this, it is obvious that the objective of marketing is to satisfy demand of customers by those ‘individual and organizational activities’ like promotion or pricing of goods, which are all just means to achieve that. Additionally, organizations could stand out from their competitors once they meet the needs of customers better than others. Thus, it can be said that the successful marketing is to provide competitive advantages for organizations by doing better in satisfying customers’ desires through products and other marketing activities.
In other words, their purchasing power is more focused on their need, health, and efficiency and cost effective. It is with this in mind, this writer would say that there lies a possibility for a company to cater to both its best interest and that of the consumer conjointly. Without customers, there would not be any company; therefore, a secure partnership between the company and customers would be more beneficial for both parties, in that the customers would be loyal to the company based on if they feel valued and if their needs are being met by the company. The company can foster this partnership by building a strong customer relationship management – where they have a customer-centric model in which they learn ways to enhance their product and service through feedback received from the customers. Here, both interests of the company and the customer will be
As Peter Duckers has put it, "The ultimate aim of all business organisation is - to create a customer". These days, for most products and services, the market belongs to the buyer. The customers e...