Brand inventory provides up to date itinerary of how a company markets and brands its products. On the other hand, a brand exploratory is an examination undertaken so as to comprehend what consumers feel about the brand. It seeks to conduct a consumer insight research in order to acquire consumers’ feelings and perceptions. This paper looks into the brand exploratory aspect of auditing under the customer-based brand equity (CBBE) model. Customer- Based Brand Equity (CBBE) Model Building and enhancing a strong brand has been found to have profitable rewards in business, it has therefore become a prime priority for many firms.
Marketing can easily figure out the satisfaction criteria of the customers, market offerings and value of which customers are keen on. According to Kotler, P. and Armstrong, G. (2000), marketing investigates to attract more customers by adding the best of the value they need, offers advantages of having the product or service and enhances relationship providing value added services regularly. Targeting and capturing customers is one of the most difficult jobs for the companies, marketing strategy ease the way capturing the customers effectively. According to Lancaster, G. and Withey, F. (2007), to being successful, the companies have to be strongly market focused. 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.
As a Business Administration major I have learned there are several different components that make up a successful business, and it is important that everyone work together to achieve a common goal. The ultimate goal of most companies is to create a product or service that will gain a place in the market and stay there. Customer relationships are the most important factor for companies to consider when aiming toward success. What can companies do to improve customer relationships? Improving customer loyalty means the customer keeps coming back even if they are not always completely satisfied with the product.
Successful companies try more than unsuccessful companies to implement a relationship marketing strategy and build a long-term relationship with their customers (Adamson and Chan, 2008). Trust, relationship, shared values, empathy, and mutual effort has been identified as the most important foundations of relationship marketing (Sin and Tse, 2005). Relationship quality (RQ) is a branch of relationship marketing (R M). Due to the importance of relationship marketing in today's business world, the relationship quality is necessary to assess the strength of the relationship and the degree of satisfaction to meet the demands and expectations of the customer (Crosby et al., 1990; Smith, 1998). A good relationship quality can increase customers'
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
When the marketing process performs well, the customer will be satisfied and buy again. In order to ensure the marketing process does well, the marketing manager should have a good understanding of the marketing concept. The marketing concept refers to a company aiming all its efforts to satisfy its customers. Companies must use a total company effort to satisfy customers. Total company effort includes a company offering superior customer value to attract customers, satisfy those customers, and retaining those customers.
Today the retailing sector is one of the fastest growing sectors in the world. Retailers nowadays understand the importance of satisfying customer needs as essentially customers determine how successful an organisation will be. Retailers such as Tesco and Aldi today continually aim to provide Superior quality merchandise to customers whilst enforcing quality control thus this area could be said to be central to a retail company’s success. In addition retail firms are also constantly striving for the best quality customer service possible to gain a completive edge over rivals, customer loyalty and the quality of their customer service is at the forefront of the minds of some of the leading retailers. This is due the understanding that those factors play a large part in the success of retail companies as ultimately it all comes down to whether or not the customer is satisfied.
Therefore, in order to have your new or existing customers buy more from you, you will have to follow techniques that work. Customer satisfaction takes a very important place in Marketing. As much as you think that your marketing strategies should help you generate sales, think about how the same marketing strategies could help you achieve Customer satisfaction. There are a lot of elements involved with Customer satisfaction. Know the problems of your customers and what they are looking for, then offer them the right products and outline the benefits to them.
Building loyalty with key customers has become a core-marketing objective shared by key players in all industries catering to business customers” (Bansal and Gupta, 2001). Thus, it is directly evident that, for longevity of the success of business customer loyalty is now indispensable. Customer loyalty would increase the positive image of the business and in turn the profitability (Al-Rousn, 2010; Singh, 2006). Marketing cost is a major expenditure for the firms. In order to attract new customers the firms need extensive marketing strategies and tool, such as; cost of advertising, the cost of a promotional campaign, the cost of personnel selling to entertain new prospects, and cost of inefficient dealings during the customers’ learning process and so forth (Graham, 1995).
This has reason, the company has retained its custom, and that the customer will be highly benefited. The benefit to the supplier means that there is a strong, loyal consumer base and repeat business. The result is increased market share, which allows them to compete with other similar businesses more effectively and increases their prof... ... middle of paper ... ...ching the market. Below, is some general data on what is the most influential forms of advertising: It was been mentioned that marketing communication has many tools to communicate and notably because most will be familiar with advertising, this will be used here. This is what companies must do - research on how perceptions change and find the most effective channel of communicating an effective advert.