Marketing builds relation with customers providing superior customer value and attracts them providing value added services as well as increases the number of potential customers in a regular basis. Marketing understands the customer needs, designs a superior strategy based on need, want and demand, builds strong relationship with the customers and capture value from the in return. Marketing creates customer loyalty and retent... ... middle of paper ... ...rvice. In fact, Sheila reckoned the market factors very importantly to her marketing plan. A better understanding of the market information can be useful for the successful marketing plan.
Organisations should increase the number of products and services that add value for the customer and are profitable for the organisation, since it can ensure that the rewarding lifetime value of the relationship is maximised. The impact of existing market information helps to manage the relationship with customers effectively, and the linkage between marketing, communication and CRM must be strong. CRM adds information regarding marketing, sales and service functions through organisation process automation, technology advancements and information resources like market research institutions in order to maximise customer contact. Therefore understanding customers’ needs and purchasing behavior, effectively manage interaction which they have with a customer. These interactions can arise when customers interact with employees in the organisation through customer contact centres, but also through advertising and sales promotion activities.
By correctly managing your sales team you will boost profits and create a more profitable atmosphere. Developing the sales force is a major part of being a good manager. Development includes sales strategy, decisions, and structuring your team to best accomplish the sales objectives you have set. Directing the sales force requires attention to detail and being able to make the best of the situations. Sales is continuously changing and innovating.
The key to success is to create strong and long term relationship with customer. CRM is an important tool to generate benefits for both customer and sellers. They treated every customer specially and try to get the appropriate information about the usage of their purchase which makes firms to increase their sales and also increase customer loyalty. Furthermore CRM also helps in making the sale processes very easy and simple which help sales staff to deal faster. There is great opportunity for the organization to cross selling and up selling to customers which are loyal to firms through CRM.
Businesses can increase their CSR by supporting public expectations, focusing on long-run profits, complying to ethical obligations, boosting their public image, bettering the environment, discouraging further government regulation, balancing responsibility and power, remembering stockholder interests, and building a superiority of prevention over cure. The benefits to developing a positive CSR are an enhanced ‘brand image’ with regard to trust and reputation, new customers and development of a strong relationship with consumers, a better ability to attract and motivate a talented workforce, and the availability of new resources by influencing key stakeholders (investors and policy makers). On the other hand, if a company was to not undertake CSR, there would be negative impacts on that organization. For example, there would be an unfavorable public opinion and increased reputation risk. This might lead to decreased shareholder value and a diminished stock price.
Customer relationship management or CRM for short is a model for managing a company’s interactions with current and future customers. When CRM is utilized correctly it will increase profitability and customer loyalty, which are both very important to an organization. It involves using technology to organize, automate, and synchronize sales, marketing, customer service, and technical support. Customer relationship management is very important in many ways to help a company become and stay successful. CRM can help businesses gain a competitive edge through communication, marketing, gathering customer information, social media and mobile technology.
Cross-selling is when sales representatives improve their sales by offering extra products (O’Brien, A & Ma... ... middle of paper ... ...s long as possible. They are able to customize and personalize customers’ information so they can better attend customers based on their needs and characteristics. This benefit will help sales representative to better attend and satisfy their customers next time they need services t o increased revenue. Other benefit of CRM is that it enables companies to exploit new markets. In order to succeed, it is important for CRM to have employees that accept the change and that customers are one of the most important thing of a company.
A whole new customer relationship technique called SCRM had been developed. SCRM makes it possible to provide a better customer service and also maintain a better customer relationship. Also, there is evidence that the use of social media has a positive effect on the customer satisfaction. Social media generates a lot of big data which brings new opportunities to organisations. By performing data analytics organisations are able to predict the customer buying behaviour and improve the customer experience this results in a more personal relationship between the organisations and the customer.
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.
Job costing will offer a protocol for costs and pricing and make it easier to achieve profits whose numbers will work positively with the ROI. Planned expenditures within the company’s operations will allow the budget control system to increase free cash flow in the company. The new system of budgeting for Ferguson will not only increase profitability for the company but will also increase efficiency for the achievement of the company`s mission.