"The marketing environment... consists of the actors and forces outside marketing that affect marketing management's ability to develop and maintain successful transactions with its target customers’ (Kotler et al 1998). Due to perpetual changes in the nature of the current global environment and the development of technology encouraging competition and demanding innovation of businesses, the basic principles of marketing have expanded beyond just advertising and selling a product. The strategies involved in the process of marketing have become complex and dependent on multiple aspects in the business arena. One of the most important concepts of marketing is customer orientated marketing. An evolution in the field of marketing has seen customer oriented marketing become the primary method used by large companies looking to expand and increase their brand equity and shareholder value. One example whereby a company has implemented customer orientated marketing in their business plan is the recent decision by Yum Brands Inc. develop new products to put on the menu of their KFC chains in China. This paper will discuss the various aspects of customer orientated marketing strategies in context of KFC’s new menu makeover scheme and further discuss the supplementary concepts of competitor oriented marketing and market segmentation and targeting.
Business owners have two basic choices when marketing their products. First, they can create products and then find ways to generate demand among consumers. The second option is to identify customer needs and then create products that meet those needs. This second approach is called the “market-pull” or customer orientated model of marketing, because it relies on consumer demand to “pull” the p...
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From a profit perspective, organisations enjoy greater profits when they have a loyal customer base that makes frequent repeat purchases as well as an increasing number of new customers. Under Yum Inc., KFC China is a commercial business chain and is in constant competition with other fast food giants hence, profit maximization is central to management’s strategic decision making as they must generate a good return for shareholders and increase customer satisfaction. The concept of customer orientated marketing is fundamental in ensuring the success of any company seeking to maximise their brand equity and increase cash flow. As increasing competition in the global market grows, the fast food industry will continue to see advancements and pressure companies to innovate and develop new ideas and strategies outside of the mainstream marketing approaches.
Recently I watched a T.V. show called The Profit and recognized some similarities from the current Marketing chapter discussed in class. The current episode was about a company called Bentley’s Corner Barkery, which is committed in providing all-natural pet food and treats for their customers. The episode highlighted how Bentley’s Corner Barkery was struggling and not reaching all of their potential customer base because of its marketing structure among other poor managing and financial elements. Before Marcus Lemonis (he is the investor) the company marketing strategy was the quality of product will attract customers. Marcus Lemonis immediately ask for the company’s mission statement and help the owners identify their target customers by segmentation.
Cravens, D. W., & Piercy, N. F. (2009). Strategic marketing (9th ed.). New York, NY: McGraw-Hill Company.
In conclusion to this, I think that marketers do not have the ability to control the consumers need through the process of efficient marketing methods. However, the marketers can successfully market products by taking the process of demographics and psychographics into consideration, while this will profitably market their products to the intended consumers hence increase in the demand or need.
Burger King adds value through the good quality products served. What the customers perceives is what the customer gets and sometimes more than what the custome...
Marketing is a core pillar of an organization and contribute significantly in its prosperity through attaining the laid down targets as well as scope of development. The position of an organization is hugely based on its competitiveness and capacity to capture a significant portion of the market in relation to the prevailing needs of consumers. Interaction of the organization with the consumers and the potential consumer in the market arena is attained through the marketing wing of the organization (Ferrell& Hartline, 2012). The preferences of the consumer and avenues of satisfaction are aligned to the established marketing frameworks. However, the success of organization marketing is highly inclined to the marketing strategies formulated and adapted towards coping with competition and eventually enhancing firm competitiveness.
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.
The principal to any successful marketing strategy is to understand the customer and their needs. The ability to satisfy customers' needs better than the competitors, will first be, as PepsiCo builds customer loyalty and increases sales (Business Link, 2007). Marketing research uses many methods to obtain results. PepsiCo will use external census data and marketing survey data collected by outside marketing research firms, as a method of understanding customer wants and needs. Computer-aided methodologies will also be used to collect data on the competitors of PepsiCo, such as Coca Cola, Jones Soda, and Mott’s Company.... ...
Conclusion Companies are better able to market their products to consumers if they have a good Understanding of the consumers and the basic purchase decision process. By understanding the consumer and the type of purchasing behavior associated with different products, marketers are more likely to create a marketing campaign that positively impacts the consumer’s purchasing decision.
Innovation is an important aspect of business today. It is important for companies to be innovative in order to stay competitive with their competitors. Innovation can come in different forms depends on the company’s objective. KFC, one of the most popular fast-food restaurants by the Yum! Brands, chooses to be innovative for their business model. Although, there is a huge amount of fast food chain available in the global market, KFC found the key to stand out from the intense competitive environment. By expanding the business to China, KFC learned unprecedented success by being different, not by being the same. The company’s business model is all about adapting to the local culture and understanding the needs of the Chinese market. Three main innovative strategies of KFC in China are localizing the menu, understanding the Chinese culture, and hiring local management.
Marketing is a process of determining a consumer’s needs, devising a product or service to satisfy those needs, and trying to focus customers on the goods and services you are offering. Marketing is extremely important, and a fundamental building block for business growth. A marketing team is given the task of creating customer awareness through a variety of different marketing techniques. If a business does not pay close attention to their consumer demographic and needs, they will eventually fail over time. Two important aspects of marketing include acquiring new customers, and the preservation and growth of relationships with current customers. Marketing has always been viewed as a creative outlet, which encompassed advertising, distribution, and the selling of goods and services. Marketing staff will also try to anticipate what customers will want in the future, often being accomplished with market research. In summation, a good marketing plan should be able to create a favorable proposition or series of benefits that a customer can value through goods or services. The marketing mix is normally described as the strategic positioning of a product or service in the marketplace, using the specification of the four Ps. During the early 1960’s, Professor E. Jerome McCarthy of Harvard Business School stated that a marketing mix contains four elements. The four key points are product, pricing, promotion, and placement. It is recognized that all these aspects must be present to ensure a successful business model within a given industry. We will now take a thorough look at the four marketing mix points.
At some point in our lives we experience a culture as an outsider by moving from one culture to another.In the world today there are so many different cultures and not one of them is found to be the same.Instead they all have something that makes them unique, whether its language or even the clothes they wear and their behavior as well.The differences they have is what separates them from one another and who ever joins that particular culture must get accustomed to their way of life.In the society today we have many people immigrating to the United States to start a new and better life but what they soon begin to realize is that it’s a whole new world out there and in order to survive they have to get accustomed to the new way of life which is much different from their lives before.
For a marketing orientated business, the findings from any research will be put to use primarily to aid the business in satisfying the needs and wants of its customers; this type of business has become more popular since 1970, where prior to this business’ were production orientated (until the 1950’s) where the business was concerned with improving its distribution methods, and product orientated (until the 1960’s) where the business’ main concern was the product rather than the satisfaction of the customer. The idea of a marketing orientated business has been explored by Fahy and Jobber (2012) who concurred that a market orientated business is one that considers its customers and the external environment to be an intricate part of the business; This type of business will explore the different aspects of the external environment, and take from its observations ways in which it can continue to trade in an effective, profitable way. A marketing orientated business will also use its findings to help it take advantage of any opportunities in a market and to lessen any threats that could be...
McDonalds – one of well-known brands in the world that revolutionize the industry they compete in. McDonalds’ founding fathers could never have imagined the unbelievable growth that their company would have over the many years. Many believe that the success of McDonalds relies in totally on the brand mission that is to “be the customers’ favorite place and way to eat and drink. The mission also emphasizes the importance of a “must” exceptional customer experience”. One of the values that McDonalds tries to reinforce through out the entire company is the value cemented at the base of customer centric concept on a daily operation.
Several facts are changing in today’s marketing communications. More companies adopt the new concept of integrated marketing communications (IMC) to convey a consistent message about their brand and products. Hence, IMC has played a powerful role and developed into a useful strategy for company to reach more customers and build good customer relationships. According to Herstein et al. (2008), IMC is one of a successful strategy that coordinates and integrates all of marketing communication tools to efficiently and economically influence between an organization and its existing and potential customers. Moreover, marketers can combine IMC tools (advertising, sale promotion, personal selling, direct marketing and public relations) rather than separate practices to create values and avoid potential conflicts (Duncan & Everett, 1993). In fast food industry, fast food chains integrate advertising, sale promotion, sponsorship, packaging and Internet to promote their products as well as build brand image (Sperber, 2003; Story & French, 2004; Morrison, 2010). Advertising is most used form of communication and the most frequently utilized medium due to it easily contact the target market, especially on television advertising (Story & French, 2004; Case, 2007). In addition, simple toys and products are typically used by fast food chains in children’s meal to attract children and adolescents.
As a result of the above they were giving less importance to customer satisfaction and customer relationship building. This form of strategy conformed to short term business motives. In a globalised and highly competitive world, modern marketing is about concentrating ...