The four alternatives in marketing strategies include market penetration, product development, market development, and diversification. These strategies can be used to ensure that the company employs the right tactics to stay relevant in a competitive industry as well as maximize its profits (Maria, Grandinetti, & Bernardo, 2012, p. 72). Firstly, market penetration involves methods that will enable a company to get its products into a market. It should be noted, that this is the lowest risk strategy. This may involve promotion of the product, creation of an extensive distribution process to reach a wider consumer area, and putting attractive pricing to lure more customers into purchasing the company’s products.
To summarize the case study in my own words are that the use of customer relationship management within the Dow Corning’s sales and marketing group to provide excellent customer service while recording valuable information about their customers to gain an understanding of their customer 's needs, wants and to provide new ways to better serve their customer base. It is important that business and organizations look for technological ways to improve the sales process and to use new technology to input, retrieve, and view critical lead customer information that will increase sales and provide excellent customer service to their customers they serve. Reference: O’Brien, J. A., & Marakas, G. M. (2011). Management
Market penetration strategy The main role of this strategy is to concentrate on the selling of the already existing services and products into the market so that market share can be increased. Because this strategy has low risks involved, so many organizations consider this in their organizations. It involves selling the product and services to the already existing customers and to new customers who are dealing in the same market place. For example, if the current clientele is of the company is majorly aged between 16 and 25, then this strategy is effective and successful when it is selling the product the same age group. One of the key limitation is that the company cannot compromise it current success at the cost of trying to grow in the
Now comes the research used in the study, In this project descriptive research design is used. descriptive research study is based on some previous understanding the topic. This study will ensure the maximization of realibility of data collected. This study help to study about the satisfaction of the customers towards the products of amway. It also tells what more further steps can company take for more satisfaction of the customers, in todays worlds if a company want to survive in the market, then the customers should be satisfied.
product design is a critical factor in organizational success because it sets the characteristics, features, and performance of the goods that consumers demand. The objective of product design is to create a product with excellent functional utility and sales appeal at an acceptable cost and within a reasonable time.” The resulting product should be competitive with or better than similar products on the market in terms of quality, appearance, service life, and price. Lastly, the main task of a product-oriented business is to continue improving quality and reducing costs as key factors to maintain and attract customers. As mentioned in an online article by Sun (2004) businesses are established to make money as quickly as possible that is why it is hard to emphasize quality over quantity. A high quality product tends to be expensive and time consuming while a low quality product tends to be quickly outsourced with a minimal time commitment.
This not only proves to be fruitful for the business but also for the customers also. Through these effective customer relationships, businesses may have a better idea regarding the customer’s needs, requirements and feedback. This may also serve as a source of marketing intelligence, which shall guide the businesses in terms of effective marketing strategy. Relationship marketing stands in contrast to the more traditional transactional marketing approach which focuses on increasing the number of individual sales. In the transactional model, the return on customer acquisition cost may be insufficient.
With the continual pressure of competition, success and innovation, it is important for companies to focus on concepts that will allow them to be prosperous. These concepts include knowing about the consumer, motivation, problem recognition, psychographics and marketing ethics. Focusing on these five strategies may help a company create a better business plan and overcome challenges. Consumer behavior is the study of how a consumer buys products, the consumption, and disposition of goods, services, time and ideas by human decision-making units. Consumers should be a primary focus for companies therefore it is important to understand the attitude of people when they buy, consume and dispose of products or services.
This in turn would assist the organisations to comprehend the requirements of the customers’ expectations from the organisations. Therefore, it can also be stated that mass media helps in developing an excellent communication with the customers. According to La Rocca et al. (2015:170) stated that by communicating well with the customers assist the organisations to understand the expectation of their customers. The proper means of communication enable the companies to enhance their sales level thereby increasing the profit margin as well.
CRM is viewed as the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. The aim of CRM is to build long-term, mutually satisfying relations with customers in order to earn and retain business by delivering high quality products and services at reasonable prices over the time. In other words, instead of trying to maximize profits from each and every transaction, CRM focuses on maximizing profits over the lifetime value of the customer by creating and maintaining relationships. Benefits of
It also allow marketers to make new insights in own brand as compare to competitors. Therefore it needs to be accessed by implementing brand as well as investing in brand besides product development. The basic reason of practicing Brand Awareness is not only limited to maximizing sales alone but it involves organization to uphold company’s mission and vision statement. Therefore it also focuses on in the improvement in quality of products or services. Advertising offer a news function to consumers.