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First time business owners with little background in basic organizational functions may not realize the importance of effective marketing. However, larger companies recognize the substantial growth that can be made from incorporating a marketing team, either by creating their own department, or contracting the team from another firm. Marketing is a balancing act between improving customer satisfaction and accomplishing the organization’s goals. Therefore, actions made within the marketing sector of the company should both promote the entity’s objectives, while focusing on the customers wants and needs. Differentiation, customer influence and awareness of competitors are just a few key strategies that make a considerable impact. We will call …show more content…
Creating a new market is different from the traditional thinking of putting your brand on a product which already has 500 variants (Ries & Trout, 1993) . Labeling a similar product with a brand that is already successful in other product areas no longer suggests it will do well producing other items (1993). Well-developed and innovative ideas flourish when given this advantage of creating a new market, however many fail from lack of understanding needs of consumers. If only someone would have told this to pet beverage producers in the early to mid 1990’s. Pet Drink Co. the original producer of flavored pet drinks created an interesting niche of products (Liesse, 1994). They began production in Florida, making beef and fish flavored pet water. Bandwagon brands like The Hill quickly jumped on the pet drink board by creating vitamin enriched pet water. Hill believed that if people enjoyed flavored water, pets would too (1994). However, they missed the mark on who did the grocery shopping. Even if the cats or dogs enjoyed the water, they couldn’t tell their owners. They certainly couldn’t drive down to the local grocery store and purchase some for themselves either. Thus, market research is important when inventing new products. However, if you are able to create a product or service …show more content…
First we must identify our competitors. Clearly they are the brand which others are choosing over yours, but don’t be too quick to neglect makers of potential replacements (Ries & Trout, 1993). For example, Disney is a direct competitor of Pixar and DreamWorks’s studios. Yet, they are in the entertainment industry, which means they are also competing with video game producers and television shows. Once they have been identified, don’t be so quick to be on the attack. Study what makes them great, and see if the same idea or concept can be applied within your organization (Murray, 2006). Areas that may be observed but are not limited to include customer service skills, fluidity of operations and how they allocate resources. If the company has reviews online, investigate those so you can see exactly what consumers like and dislike about the entity. The focus of the competitive market is specific for each industry. For example, viewing your competitors as platforms for learning instead of demeaning is important within healthcare facilities. Especially since these facilities work together in providing an array of different treatments. Therefore, competition should be driven within customer service, technology and
Pets, Inc. may argue parody under 15 U.S.C §1125(c)(3)(A)(ii), to assert that they have not impaired the distinctiveness of Chapels mark, parody is not a complete defense under Trademark Dilution due to Pets, Inc.’s use of the mark as its designation of source i.e. as its trademark.
As soon as a competitor changes their plans or a new competition comes along customers may not want to change their mind about going to a different location (Belonwu). Having a “rivalry” may help concentrate on what needs to be improved in a business depending on what their weaknesses and strengths are. Having competition may be wonderful for the consumers because they have different choices to select what kind of brand of clothing, shoes, or a variety of tools, food and etc. Being able to choose a certain type of customer, may bring in a flow of customers that they’re are trying to reach out for; such as Walmart, they chose to sell products that are family oriented while having different areas in the store pertaining to men’s, women’s, and children’s necessities. If a customer is loyal and you all of a sudden are raising prices on items where they can get goods at a lower price elsewhere, that is causing a business to be disloyal due to competition.
A characteristic of the marketing concept is customer orientation. Business activities are mostly engaged to produce a satisfied customer. They are there to Stress on the desires and wishes of a customer this keeps businesses on track with their target market. The best marketing decisions are completed on the foundation of making a massive impact in the market and towards customers. The consumers/people
Marketing In this day and age is vital for a company to perform at its possible best. Marketing’s main focus is to give great satisfaction to a customer. There are many aspect of marketing, these aspects give marketer’s the tools to help strive for the best possible success they can achieve. They hope that they can create exposure for their brand, product or service.
Marketing creates a healthy competition with other competitors which enables the company to remain in good relationship with the customers.
Given the changing market environment, the need for more efficient and cost effective marketing strategies has induced changes to the way marketers conduct their marketing activities and led to the adoption of more integrated approaches (Dewhirst & Davis, 2005). The consequence has been the adoption of a more holistic customer oriented approach to conducting marketing communication activities, a process often known as Integrated Marketing Communications (IMC) (Dewhirst & Davis, 2005).
A marketer doesn’t just have a plan. Marketers now open up to a wider strategic plan and it’s based on steps that balance out what the market is offering consumers. These marketers must analyze their production with these steps, then make a portfolio of the growth and even their down falls therefore this keeps these marketers to continuously innovate and create even a greater amount of value for their customers. Marketing management functions are discussed along with the marketing mix and strategy.
Marketing is a core pillar of an organization and contribute significantly in its prosperity through attaining the laid down targets as well as scope of development. The position of an organization is hugely based on its competitiveness and capacity to capture a significant portion of the market in relation to the prevailing needs of consumers. Interaction of the organization with the consumers and the potential consumer in the market arena is attained through the marketing wing of the organization (Ferrell& Hartline, 2012). The preferences of the consumer and avenues of satisfaction are aligned to the established marketing frameworks. However, the success of organization marketing is highly inclined to the marketing strategies formulated and adapted towards coping with competition and eventually enhancing firm competitiveness.
Marketing is very important to the success of a business. Before people can buy a product or service they have to know about it. However, marketing entails more than just letting people know what your company has to offer. Throughout this paper, I will define marketing, offering my personal definition as well as more formal definitions from other sources. Furthermore, I will explain to the reader the importance of marketing to organizational success giving real world examples in support of this explanation. The field of marketing can include many things. I believe, however, the most important thing which it should include is communication with customers as to the value and benefits of using that particular company's products and services. It should help to establish the business's niche in the industry and distinguish it from other such businesses.
By definition, strategic marketing is a firm’s ability to concentrate a limited amount of resource on an opportunity that has deemed to have the highest potential to increase sales, thereby creating a sustainable competitive edge over rivals (Brooksbank & Taylor 2007). Fundamentally, each aspect of marketing has the potential to improve or affect the performance of other marketing facets. Hence, creating a proper coordination of a firm’s activities makes it possible to eliminate unnecessary activities that interfere with efficient profit maximization processes. Strategic marketing explores ways that each of the marketing processes will reinforce each other for the best output. More importantly, strategic marketing makes each department to work
Every company depends on an efficient marketing program to fulfill customers' needs. Marketing is a process of finding out what the customer wants and meeting those requirements. Within the company, the marketing group has to consider customer values and customer satisfaction before considering offering a product. Marketing is part of our everyday world, and can be perceived everywhere and every time. At any time, everyone has been exposed to different kinds of marketing or advertising depending upon personal necessities such as T.V commercials, radio, internet, etc.
It is not secret that marketing plays one of the key roles of a successful business. As Phillip Kotler said: “Marketing is the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures and quantifies the size of the identified market and the profit potential”. Simply stated, marketing is everything you do to place your product or service in the hands of a potential customer.
Marketing should be a long-term investment in your business, and not just something that is switched on and off as required.
According to this, it is obvious that the objective of marketing is to satisfy demand of customers by those ‘individual and organizational activities’ like promotion or pricing of goods, which are all just means to achieve that. Additionally, organizations could stand out from their competitors once they meet the needs of customers better than others. Thus, it can be said that the successful marketing is to provide competitive advantages for organizations by doing better in satisfying customers’ desires through products and other marketing activities.
The main topic for this Extended Essay is to analyze the effectiveness of company’s market strategy. A marketing strategy can be defined as a process that helps a business to optimize the opportunities in order to complete business objectives, which mainly gain profits. It includes all basic and long-term field activities of marketing that deal with the analyzing of initial strategy, evaluation of the strategy, and making of a new strategy if the initial strategy is found to be ineffective or even might cause loss. (Homburg, Kuester and Krohmer 2009) To make sure the effectiveness of marketing strategy, its crucial to establish the right marketing mix which cover all the element needed in marketing a product. (Clark, et al. 2009)