A better understanding of the market information can be useful for the successful marketing plan. The demand would be high from previous customers for this new service and that SMT would also be able to attract business from new customers. Offering short breaks over the Channel Tunnel and short trips based on the core customer segment and their preferences turns business profitable from the increased demand for short breaks and that there were sufficient potential customers available in UK market. This study shows that Sheila and her marketing team’s management their business considering the market research methods which is very influential to the effective marketing plan. By offering unique services and benefits SMT can increase its first brand image to the customers in UK.
Lower costs to acquire new customers. It is more expensive to acquire new customers than supporting the existing ones. Introducing and educating about your products to new customers is a costly affair. The loyal customers will be a strong influence to get prospective customers to try out your brand, reducing the overall overhead in acquiring new customers. Customer loyalty protects your business from the competition.
Measuring the benefits will help companies identify their best customers and eliminate negative information flow between customers and the company. Customer Relationship Management has impacted the business world and changed the way customers are handled and the way customer satisfaction is valued. Murphy, John A. (2001). The Lifebelt: The Definitive Guide to Managing Customer Retention.
This tendency motivates the customers to shop more straightforwardly, spend more money, and helping consumers to have a positive review about the organization thus increasing the organization competitiveness Loyal customers can act as key ambassadors for a particular brand or organization in the sense that they are more likely to recommend or purchase a product themselves. They often associate themselves to the organization in believing in their products and the superiority of their products. It is usually seen that loyal consumers are often willingly buying any products that their preferred organisations release. This proves that loyal consumers provide a key security for organisations as they know that their loyal consumers will stand by
They are offering another company a product or service that the company should use to their benefit, and in order to sell this product or service, they have to build a strong, working relationship between the two businesses. B2B companies have to maximize the values of the marketing strategy: relationships and trust. In order to be successful, these two businesses must be able to trust each other, work together, and form a working relationship that will benefit both businesses in the end. Business-to-Consumer In contrast, B2C companies are product driven. These products have to be highly in demand to the consumer market, and in order to be successful these companies have to sell the product or service in high volumes to make a profit.
With the intensification of the competition in the business world, retailers have had to come up with programs meant to help them attract, understand, retain, and manage the cost of its customers while also increasing its profitability. Among the major strategies has been Customer Relations Management programs (CRM). Retailers have continued to take advantage of such strategies as membership programs to enable them remain competitive in the market. With such changes, having a close relationship with our favorite retail has a lot of benefit, including increase in company’s share of wallet. Which define as the percentage of the customers’ purchase made from the retailer (Levy and Weitz ).Sometimes we, as customers, don’t mind pay more, or even travel back and forth to their stores, to meet our personal sales and of course get our specific items.
It is worth studying the store loyalty over a period of time because of the dynamics of consumer patronage behaviour. Store loyalty is the only most important factor leading to the retail success and its longevity. It helps in generating profits through increased revenues and reduces the cost incurred to acquire new customers. For decades the primary objective of the retailers has been to retain customers or generate committed repeat purchases because it requires less marketing resources than gaining new customers
Communication during the promoting should be in very good way, so that customers can easily understand about products values. Customer dealing and service is another major part because handling the customers in a good manner improves the image of the company and product as well. TASK-4 Q-4.1 Ans- there are two types of market research’s Primary research- it always takes more time and it is very expensive. It meets the particular needs which is very helpful. Secondary research- it is very cheaper and always takes a less time.
Therefore, customers will build up a specific feeling or opinion that about the organization. The feeling liken to brand equity. So that, if people feel stronger about the brand, the stronger the brand equity. Besides that, brands with strong equity have many benefits of competitive such as the company would have a strong brand loyalty and also will less susceptible to price
Nowadays, most companies tend to compete to gain the customer’s loyalty by providing purchasers diverse programs namely creating brand communities, offering excellent customer service and developing loyalty programs. Customer loyalty means people buy products from the same manufacturer repeatedly rather than from other suppliers. Typically, as marketing managers, are providing excellent facility to obtain the customer’s needs and interest in long-lasting relationship, for instance, loyalty program. It considered one of the value propositions that a marketer can offer a potential customer whichever can come in many forms. In our competitive market, maintaining customer loyalty is obviously a key goal for any marketing managers, customer experience programs are the most effective way to drive customer loyalty when customers are engaged on an emotional, intellectual, or even spiritual level, and when a customer cherishes a product or service before, during and after its use (Bloemer and Kasper, 1995).