Marketing is about value creation of the product or service, the more you add value, the more you will get competitive advantage in the competitions in the market. The purpose of marketing is to build and develop strong relationship with the customer in a specific customer segment. In today’s world of business marketing’s role is to provide differentiations of the products and services and capture a strong customers’ focus and build loyalty for long term business commitments. Understanding the core marketplace, identification of needs, want and demand of the customers and coordination of these tasks is the aim of marketing to satisfy the customers. Marketing can easily figure out the satisfaction criteria of the customers, market offerings and value of which customers are keen on.
The marketing helps the operation manager in planning, organizing, budgeting, to make the project successful. By the marketing activities the company learns the customer behavior such as what’s trend is going on, competitors behavior etc. it is very helpful for the operation managers to identify the unmet needs in their production for the targeted customers. It’s necessary to know the customer’s needs because if the product meets all the requirements of the customers, then they make demand which is necessary for the company to maximize as a profit. The sales department is a key ingredient in company to make a long term relationship with customers.
Therefore, the company should ensure that all the staff members are highly qualified so as to boost the confidence of the customers. In conclusion, the customer- based brand equity model is an important platform that may help in building a strong brand. It could assist a company in assessing its progress as well as providing a blueprint for marketing research activities. If properly planned and implemented, it could help the company in achieving its marketing strategies and in the realization of an increased profit margin (Grover & Vriens 2006, p. 147). .
Total company effort includes a company offering superior customer value to attract customers, satisfy those customers, and retaining those customers. This will increase sales and build a profitable relationship with customers. Much like the marketing concept, the marketing strategy is vital to the marketing plan. The marketing strategy involves finding attractive opportunities and developing profitable marketing strategies (Perreault et al., 2014). A marketing strategy entail... ... middle of paper ... ...ct, place, promotion, price, customers, and target markets.
The role functional areas play in supporting marketing activity. Marketing Marketing determines what products or services are needed or maybe of interest to customers and how to make them available. Marketing responds to customer’s needs. Marketing make sure that the company builds good customer and clientele relationships. Some of the roles of the marketing department include; making sure the product has a target customer and the product fits in well with this, creating and promoting the product, making sure it has a strong brand and a well-built reputation and looking into new markets seeing if there is a niche that they could develop.
Market Research - Concept: Market research is the process of gathering, analyzing and interpreting information about a market. Managers from different firms can use consumer behaviour data to further develop and improve existing products to make it more attractive to the consumers or redevelop the products to increase revenue. - Reflection: As a firm, it is always important to gather information about what the market needs or want. The feedback loop is important for firms because a positive word of mouth can further promote the awareness of the firm with credibility. A marketing research was done in class.
It is in the best interest of the company that they gage and leverage customers feedback via in-store personal experiences, random surveys from direct customer communication, online feedback, and manager escalations in order to find out how they can use these tools as continuous improvement methods. We also concluded that The Target Company will cushion and position the business better if they use both external and internal change agents either from within or outside the company to strategize a new prospective and think outside the box with ideas to increase customer satisfaction. By also soliciting the voice of the target customers, they will understand what the customers like and dislike about their overall experience. Change Management is vital and critical to this organization and will thus prove to be a
Human resources is the most crucial aspect of an organizations success. By managing their human resources and motivating, training, improving and rewarding their employees companies can create a benchmark in the field of recruitment. Companies who are able to meet their corporate objectives are those who believe in innovation, launching new products on regular basis, believe in hiring and invest on talented and creative people. Their people are kept motivated by incentives and promotion based on meritocracy and they also keep their suppliers and labors happy. This essentially means the employees must be literally driven to feel motivated and become active performers that would result in a positive work environment and enhanced productively levels.
Managers much realize the importance of creating a highly satisfied customer. “Marketing occurs when people decide to satisfy needs and wants through exchange. Exchange is the act of obtaining a desired object form someone by offering something in return. Marketing consists of actions taken to build and maintain desirable exchange relationships with target markets. Beyond simply attracting new customers and creating transactions, the goal is to retain customers and grow their business with the company.
It’s very important for a company has ability to attract and retain customers successfully. Customer loyalty relies on the strong desire of product or services by customers, and availability of supplier selection based on their reference (Dick and Basu, 1994; Otim and Grover, 2006). Therefore, for a business to retain its customers, it is important that focus should be laid on satisfaction of customers’ need. According to Berry (2006), customers evaluate the level of services due to its performance instead of objects, so in order to m...