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.
A perfect strategy will take into account company objectives, customer requirements, the activities of competitors and a well looked into prediction of future market patterns that will affect the company. Another integral part of a marketing strategy is that it must be realistic. There is no point coming up with exaggerated plans that are impossible to meet within the company's current limitations. To assist with the development of a successful marketing strategy many companies will turn to SWOT analysis. This involves a company performing an internal audit to ascertain what are the strengths (S) and the weaknesses (W) of the current system that company is using.
As a result, the analysis can provides an idea about the attractiveness of that industry and the way in which the individual organizations would choose for compete (Johnson et al 2009) as well as profitability of the business which like analyses a company is whether can or can’t make a decent profit and also identify the ultimate profit potential of an industry (Porter 2001) and also helps the firms to decide either to enter or exit from a particular industry (Johnson et al 2009) and also the firms whether can be positioning and its abilities to provide the best defence against the existing array of competitive forces (porter five forces (nd). Also, it give the firms different choices from which they can know that which force is at their favor and which is not and after that they can create a strategy which give them more advantage in having a competitive position in the market (Johnson et al 2009).
In the 4th quarter 2003, eBay reported a net income of 935.8 million dollars; up 44% and their full year net income for 2003 was 3.27 billion dollars, up 51% for the same time last year. Even with their noted economic success this company still finds a need to raise fees for the use of their service. On the positive side of the moral and ethical matter, there are great things that eBay offers as well as provides for its customers. People with many dreams of becoming entrepreneurs and starting successful businesses has found eBay and answer to their prayers. Many people who don’t have the resources to use an outside place to start their businesses; have used eBay to sell their items straight from their homes to save money.
STANDARDISATION VS ADAPTATION The standardisation versus adaptation debate is an old one in international marketing, as the discussion timidly started more than eight decades ago, in the 1920's, was generalized in the 1960's and continues until today (Vrontis, Thrassou & Lamprianou, 2009). Standardisation and adaptation are two diametrically opposite marketing philosophies, which both have strong advocates and the debate wasn't limited to the academic world, but it also expanded to the real, business world. In other words, it is not only a theoretical dispute, but a real strategic choice for every business that operates in an international scale. Everyday companies all over the world need to make the decision to standardise or adapt their products, their price policy or their promotion methods in order to be successful. As we have already mentioned, the historical background of the debate is deep and it may well be the oldest debate in marketing history (Vrontis et al, 2009).
Many do not realise that they are already undertaking basic CRM practices, without the use of expensive systems such as Oracle or Siebel. Gummesson (2004) points out that the behaviour of the classical industrial salesman in many successful companies was the same that is advocated in relationship marketing, CRM and key account management such as working in the long term, not evaluating customers in terms of profit per year, aiming for the ‘share of the customer’ and not market share. IBM were doing this in the 1960’s, long before the term CRM was being used. In the 1980’s successful Japanese firms proved to be leaders in modern management techniques with strong relationships with suppliers, allowing them to produce products of a higher quality and a faster rate than their American and European counterparts. (Ehret, 2004) Their business model focused on economies of scope, as opposed to economies of scale.
What is Strategy: This video tries to explain the difference between strategy and tactics. It also high lights the components of a good strategy. According to this video Strategy is about planning a company’s next move and tactics is the physically carrying out of the plans. It can also be explained as Strategy is doing right things and tactic is doing things right. A strategy act as a backbone of the company on which who firm exist, it is about how to use company’s strengths against competitor’s weaknesses and hiding our weaknesses from competitors.
It will also help to evaluate those consumer needs and determine if the organization can meet or exceed expectations in order to turn the desired profits. There are five main components that make up a marketing plan, the executive summary, business challenge, market, strategy, and budget (Tanner, Jr. & Raymond, 2012). A well thought out and executed marketing plan will make it easier for an organization to decide if the plan will profit. The Components of a Marketing Plan The executive summary is the first component of the marketing plan. The executive summary will provide
Real estate and fixed income became the prominent assets. From the 80's on, the market has enjoyed many years of prosperity, with the 90's being the decade of largest market growth. However, none of it would have been possible if it weren't for the lessons learned in the 1920's (Brown 90-107). Learning from the past is very important, and a great example to learn from is the crash of 1929. We caught the monopolies before they became too out of control, but failed to stop the small investor from driving the market down (Sharp 210).
The model (five forces) will guide you in making strategic decisions and will help you in determining the competitive structure of your industry. Below are Porter’s Five Forces that will influence your profitability, affect prices and costs: • Threats of new entrants: In order for competitors hurting your business you must create a defense barrier, establish customer loyalty, protecting your work (copyright, patent), creating branding (logo), and choosing a great location, up-to-date with technology, and have unique products • Power