Total company effort includes a company offering superior customer value to attract customers, satisfy those customers, and retaining those customers. This will increase sales and build a profitable relationship with customers. Much like the marketing concept, the marketing strategy is vital to the marketing plan. The marketing strategy involves finding attractive opportunities and developing profitable marketing strategies (Perreault et al., 2014). A marketing strategy entail... ... middle of paper ... ...ct, place, promotion, price, customers, and target markets.
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.
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.
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.
An important way to an organisation to get an edge over its competitors is to provide extra service to satisfy and delight their customers, which can retain them and also gain new customers. Therefore the achievement of customer satisfaction must be a major objective in all organisations. To achieve customer satisfaction, an organisation has to provide high quality products and also provide a excellent customer service. When the service and product that the company provided is good, they can obtain customer loyalty. The customers will go again and again and would probably tell their friends.
This enhances customer service and created a larger benefit to firms financially in long run. By collecting the mass data and analysing it through cross-tabulation and looking at problems of one question in relation to the response of another question, it creates a link between factors that correspond to each other. Effective and orderly research helps a firm to act timely and accurate when addressing problems to customers and ultimately enhances the efficiency of the entire firm. Through this marketing research proposal it has shown that by combing equity and exchange theory it enhances the ability for organisations to solve many problems that are brought into place on different levels to ensure that there is fair treatment to all customers concerning Loyalty Programmes.
A societal marketing approach is carried out by making good marketing decisions through considering consumers’ wants, the company’s requirements, consumers’ long-run interests, and society’s long-run interests. This tactic focuses on delivering value to customers to improve the consumer and the society’s well-being. Office Depot appears to be focusing on the building profitable customer relationships process of marketing to build value. They are taking their customer relationship management process into account to build their customer relations by delivering superior customer value and satisfaction. They are also realizing that their customers are very important to the success of their firm and are striving to fix any problems associated with their actions.
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). Therefore, many companies offer loyalty programs which can caused them a reliable revenue stream and a sustained profit due to the customer’s deeply held commitment to re-buy a preferred product or service despite marketing efforts. According this theory, marketing managers should provide special offers namely rewards program, unquestionably return policy and cash back promotion to obtain customers to buy the product more. As a result, satisfaction affects the buyers’ purchase behavior, ideally, they can become repeat customers. The customer loyalty has been thoroughly explored over the years with positive result.