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.
Market need is uncertainly, to meet customer expectation, company have to learn what their want and provide it on time. Marketing research therefore can be called that is one of the factor that force company’s ability to supply expected goods or service to market by mean of learning about consumers and respond their need. (Trim et al 2006, pp205-206) Good research should be objective and provide precise information for companies because that influences to manager whose make decision and develops business plan or strategy from that data. Moreover, Trim et al(2006, p209) argue that ‘marketing strategists need to be able to use the findings of qualitative marketing research in order to influence board level thinking and actions.’ that necessary for manager to ta... ... middle of paper ... ...y want company to improve quality of similar product that company already got. This comment might come on extra comment in questionnaire that researchers give to respondents.
For this essay, I am going to talk about relationship marketing and the developments, processes, theories, and apply them to customer and use Tesco as examples. By the end I want to see why is it highly used and is it necessary. Firstly, I will provide my first definition of relationship marketing to make sure I have a deeper understanding of Relationship Marketing: Relationship Marketing is a strategy used by businesses which aims to build customer loyalty and by doing so, retain existing customers more effectively. Simply put; it is building relationships with the customers by using marketing techniques which appeal to either a specific segment or a broader market. By appealing to these customers, they are more likely to remain loyal to your organisation and continue to purchase your products.
This essay is a critical literature review of Relationship Marketing in relation to customer satisfaction and customer loyalty. In this review, I will provide a brief orientation of relationship marketing; identify the different dimensions of relationship marketing and critically analyse the concept of relationship marketing with regards to customer satisfaction and customer loyalty. Leahy (2011:651) defined relationship marketing as ‘attracting and keeping customers for a long period of time’. Relationship marketing is used by firms to change consumer attitudes and increase the frequency of purchase in a business using marketing techniques such as promotions and advertising. According to Ndubisi and Chan (2005), relationship marketing provides an organisation with the opportunity to think beforehand in order to get access to the right information about their customers, meet the customers’ needs effectively, efficiently and gain competitive advantage.
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 . Works Cited Grover, R & Vriens, M 2006, The handbook of marketing research: Uses, misuses, and future advances, Sage Publisher, California. Rommaniuk, J & Byron, S 2004, ‘Marketing Theory’, Conceptualizing and measuring brand salience, vol.4, no 4, pp.
This assignment is about marketing, where I will produce a marketing strategy for a new or existing product. This unit introduces the major principle and functions of marketing; I will look on customer needs, and creating a suitable strategy or marketing mix, which will satisfy customer needs. In this unit I will experience the marketing process from carrying out initial research about a market, investigating the principles of functions of marketing and the way in which it contributes generating income/profit in a business. Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals. Marketing also involves analyzing customer needs, securing information needed to design and produce goods or services that match buyer expectations, and creating and maintaining relationships with customers and suppliers.
The forces are existing competition between suppliers, threat of new entrants to the market, the bargaining power of buyers, the power of suppliers, and the threat of competitive products or services. This clearly seen as mentioned from the case that their partner Simpatico “run a number of affinity research groups, focusing on the behavior of its consumer.” With the used of this tool this result showed Hellers that the perception force of the buyer is important for the organization as basis for the strategies in marketing. Porter’s Five forces tool will give a total understanding of how their brands are shaping the industry that they are trading with. Another importance is aside from the consumer, suppliers also consider to ensure that they be able to sustain their targets of producing 350 tons of sausages in 80 different varieties a week with bacon, ham and other services. Ansoff matrix This model is essential for strategic marketing planning where it can be applied to look at opportunities to grow revenue for a business through developing new products and services or "tapping into" new markets.
Effective marketing involves strategic concepts. Some of which include how companies use marketing to Place, Promote, and Price their Products. More importantly, an understanding of the marketing concept, the marketing strategy, and the marketing plan is required for a company’s marketing efforts to be successful. The purpose of marketing is to identify customers’ needs, and meet those needs so well that the product almost sells itself (Perreault et al., 2014). When the marketing process performs well, the customer will be satisfied and buy again.
Marketing allows organizations to get their products recognized and desired by consumers. (Oppaper, 2006) In order for businesses to understand the needs of the customer, businesses need to implement a marketing strategy. A marketing strategy identifies customer groups which a particular business can better serve than its target competitors, and tailors products offering prices, distributions, promotional efforts and services toward these market segments. Ideally, the strategy should address unmet customer needs that offer adequate potential profitability; a good strategy helps a business focus on the target market it can serve best. (SBA Marketing Basics, 2007) A company's financial success depends on marketing.
This is to build up their loyalty to the firm’s brand. The relationship between the two impacts both parties and can be affected by individual and several transactions. This style of management emerged from relationship marketing which has focused on the lifetime connection with the customer. This type of marketing became popular in the 90’s because firms began to realize the value of their customers as tangible assets they could control. Customer Relationship Management uses different technology to promote exclusive relationship for loyalty