2. The concept of marketing holds that achieving organizational goals depends on determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than competitors do. The marketing and selling concepts are often confused but despite this confusion, there are many organizations that follow the selling concept. The selling concept is the idea that consumers will not buy enough of the organization's products unless the organization undertakes a large-scale selling and promotion effort.
7. One-to-one marketing (sometimes expressed as 1:1 marketing) is a customer relationship management (CRM) strategy emphasizing personalized interactions with customers
8. Needs and motives, perceptions, attitudes, learning and self concept theory
SECTION B
3. For a company to essentially enjoy good overall success and growth, it is important that certain basic business tasks which assist in achieving this are carried out. One of the most important of all these tasks if marketing. Marketing is in fact the key to success, and can lead a business onto greater paths never imagined possible when operation first begins. Being the important asset that it is in achieving business success and growth marketing has been transformed and developed into new fully-functioning forms which in the end achieve the same results in marketing for a company.
The Importance of the Existing Customer in Marketing
Relationship marketing is one of these forms of marketing, and functions by placing emphasis specifically onto the existing client base of a company. Essentially, for a company to be successful it needs to have one focus in mind, as is that with relationship marketing, and that is the consumer. With focus on the consumer so as to attain this success, a company can enjoy a good relationship with their customers who will be encouraged to remain loyal to the company, thus ensuring that an ongoing source of revenue is supplied.
Referring even further to the importance of the customer for a company, through relationship marketing constant client-company communication means that customers are continually reminded of the company and informed about promotions and special offers; hereby maintaining an on-going relationship and the opportunity for a company to increase company loyalty, referrals and repeat purchasing.
4 . a) Identifying A Need Or Problem – At the first stage in consumer buying behavior, a person begins to recognize a problem or desire. If the problem or desire is complex, such as a losing weight, most of the person’s focus will be on understanding their situation. Using weight loss as an example, your marketing materials at this stage would need to focus on answering very general questions, such as “how to determine healthy weight?“
b) Searching For A Solution To The Problem – After a problem or desire has been identified, the consumer begins searching for a solution. At this stage of consumer buying behavior, there may not be a past experience to guide their information gathering. So, again, using personal weight loss as an example, multiple solutions may be identified at this time such as buying the latest diet plan book, purchasing a new treadmill, or joining the local gym. Your goal at this point in the buying process is to get your product or service in front of the consumer. Make them aware of your solution.
c) Evaluating Options – Once the consumer understands his or her situation and has gathered research on possible solutions, the buying process enters an evaluation period. The consumer now starts to take a close look at specifics, such as the company providing the solution, the brand name of the product, and the features and benefits of each solution. Branding and product differentiation are extremely important tools of persuasion during the evaluation stage.
d) Purchase – After a comprehensive review of solutions and specific products and services, the consumer makes a purchase decision. At this point in the buying process, supporting information needs to be provided to reinforce the decision to buy. Depending on your product or service, you may need to provide different payment options or billing terms.
e) Evaluation Of The Purchase – We’re all familiar with buyer’s remorse. It is crucial to building strong relationships with customers and encouraging repeat purchases that you not only provide a positive purchase experience and after sale support, but that you strengthen the buyer’s perception that they made the right purchase decision. After sale customer support and follow-up is vital at this stage in consumer buying behavior as is continuation of your small business marketing for cross-selling and strengthening your brand image and online branding.
There are four alternative positions for any business - the BCG Chart has four quadrants called:
Question Marks§
Stars§
Cash Cows§
Dogs§
1. Question Marks: The business unit has low market share compared to competitors, however it is doing business in high-growth market. Most of the new businesses start in this quadrant. There are well established businesses in this market and new businesses try to grow and capture more market share. This market is growing and there are opportunities for new businesses. At the same time there is risk involved with investing in this business – because of that these businesses are called question marks. Question Marks have to develop and grow by investing and continuously improving their business.
Grow sales by increasing market share. Use cash from Cash Cows to support required investments.
2. Stars: The business has high market share compared to competitors and it is doing business in high-growth market. This business is a market leader. Successful Question Marks will grow their business and capture more market share and will hopefully become Stars (move from the Question Marks quadrant to the Stars quadrant). Successful and competitive organizations have at least one star business unit or product. Stars have to improve their business continuously in order to keep their position in the marketplace. As long as this market is growing new question marks will try to capture new business.
Invest for sales growth and market share. Use cash from Cash Cows to support required investments.
3. Cash Cows: The market is not very attractive – low market growth rate, however the business has high market share compared to competitors. This business generates a lot of cash and helps the organization invest in other businesses. Since the market does not attract new players, this business does not need substantial investments to keep the market share. Cash Cows have to protect and keep the market share and maximize cash flow.
Maintain the strong market position and defend your market share. Take advantage of sales volume and leverage the size of operations. Support other businesses.
4. Dogs: This business has low market share and operates in low-growth market. It is unlikely that this business is very profitable – more likely this business is a loser. Such a business needs consideration and new strategy development. Potential strategies are withdrawal, selling the business, repositioning the current business, and operating cost reduction.
SECTION C
CASE STUDY
Case study was based on perception and attitudes …..
No comments:
Post a Comment