1.2 Explain different methods of segmenting and characterising customers The key to a successful business is to find out who our customer base is, what the customer wants, the age, gender, spending patterns etc. This is the reason we have marketing research because it can identify different customers and recognise what we need to do as a company to meet the demands of the market and keep us competitive.
At the same time, it is also essential for Marks and Spencer to determine the marketing and management capabilities needed to maintain the achieved market and competitive position. For the assessment of business strategic feasibility company before new product development should en sure whether they have enough technological and human resources to manage business functions effectively or not. However, Marks and Spence assessed all of these aspects at the planning phase of new product line which ensured that organisation have feasibility to manage specific strategic changes effectively with respect to timing. In consideration to qualitative and quantitative aspects of strategic proposal it is evaluated that with new product and market Development Company can
With the information the strategic report provides, it gives guidance to users on how to make credible decisions (Hawsons, 2015). To customers, it gives them an insight of how the company has treated their customers during the year, what they aim on giving to customers, and what their plans for the future is. Tesco PLC Annual Report and Financial Statements 2015, p. 10 states “our aim is to make sure everything in the business is set up in the most efficient way to create value for customers”, this information will be very useful to customers particularly because it gives them an understanding of what the company is planning to achieve regarding them. Page 9 of Tesco’s annual report and financial statement likewise gives a vital information that “Tesco exist to serve customers and our business model has customer as our number one priority” this information is vital because on its own will surely captivate the minds of customers that come across it and however has the ability to increase sales and repeat purchases particularly since it stated in the key performance indicator section that sales have declined by 1.4% and customer loyalty by 2.5%. “For the first time, we have bought food and fashion together under one brand identity” (M&S annual report and financial statement p.7) this information is aimed to make customers
Chipotle also strives to serve a product to customers that satisfies their needs even when that may not be best for profit-margins. These qualities demonstrate how Chipotle views customers and defines employee expectations. “How the company views customers and clients will influence how its people (employees) treat customers and clients,” argued Flamholtz and Randle (2011, pg. 30). Based on that argument, Chipotle has made a successful attempt at this dimension by building this into the foundation of the culture and values at the
They can also formulate or develop different options such as new strategic direction and product differentiation that would improve their competitive position. These forces also allows the organization to systematically analyze the market structure and competitive situation. This helps them understand the strength and weaknesses of their company. The Porter’s five forces also influences the concepts of management which are planning, control, leadership, and organization. Planning is thinking of actions or strategies in advance in order to achieve the desired goal.
Waitrose’s can create items in view of either product situated approach or a marketing focused approach. The marketing focused approach means Waitrose’s responds to what clients need. Marketing introduction is the best introduction Waitrose’s can receive on the grounds that market introduction has the advantages of centering and meeting the expressed or concealed needs or needs of clients; or it express an advertising discernment which put the client's needs in the center of every one of company's exercises. Along these lines, Waitrose’s advantages from choices in view of clients' needs and needs as opposed to what Waitrose’s believes is a good fit for the clients. When all is said in done, organizations take after market approach since market situated approach brings a few advantages and expenses to Waitrose’s.
They are responsible for retail store tracking, bringing in new inventory based on consumer demand, creating sound financial plans that reduce company spending, and increase overall profit (Bordelon). Since the main goal of a Merchandise Planner is customer satisfaction their job can be best described as “being a liaison between the customer and the marketing and buying department, ensuring what the customer wants is available” (Bordelon). They review forecasts, use past performance to make projections, make recommendations for promotional markdowns, and manage inventory to maximize profitability. Additionally, merchandise planners research market trends to increase create more attractive
You may need to do a lot of probing and gain understanding; therefore, qualitative discussions might be necessary. • I would assess the reliability of sampling method and size: Your business will use the results of research to make important decisions regarding the future. It is thus important that the proposed sampling technique ensures that the right target market is approached and that the sample size is strong enough to support the decision-making process. • I would make sure that I am receiving great value for money and not just a low price. As I am the customer in this situation, it is my responsibility to make sure I get the most out of
It will not only increase the shares of the directors but will also help the company achieve its goals. 6. Monitor and Control To be able to determine if the recommendation and implementation plan are working, Cheap Pharma can hire a product specialist for the proposed product line using both Cheap Pharma and Green Med’s patent. The product specialist must submit a timely report to see the effectiveness of the plan. Also, to avoid conflict of interest, every employees should be transparent to their sources of income to trace whether it is possible for a person to be involved in a conflict of interest
According to the ‘’Four types of market segmentation’’, which are presented by the British Library, when companies want to sell their products to their B2C customers, they always follow the behavioral, psychographic and profile segmentation. As for the behavioral segmentation, companies are really interested in understanding the factors and motives why people purchase products. For instance, one of the most common forms of behavioral segmentation is when consumers buy on different occasions (Christmas, Easter, birthdays, etc.). Moreover, as stated in the article, the «Psychographic market segmentation is another form of demographic breakdown that enables businesses to understand a potential customer’s habits, hobbies, spending habits and core values». Last but not least, companies always segment their customers according to their profile (location, sex, age, religion, etc.).