How much of the control is in the hands of existing players of the market or key resources? The switching costs are high, so customers would somewhat drawback with fear from moving to a new firm leaving the reliable one. This is a heavily regulated industry. 4. Threat of substitutes Low threat of the substitutes as it is determined by the three factors in the industry which are brand loyalty of the customers, switching costs and the belief in effectiveness of new products/ services.
For instance: live music performance by artist, conducting a fundraising for some causes. Distributing Pamphlet: Another way to grab attention of the customers in restaurant business is by printing the attractive pamphlet and distributing them in hand of the people. The pamphlet can be also distributed to the potential business and organizations such as the organizations which needs a food supplier for their employees during the workdays. On the other hand Bibigo is selling the healthy foods so it can also apply this strategy for the health centers so that people know about their healthy foods. Online/Social Media Marketing: The promotion of the Bibigo can also be done with the help of websites and social media.
This is really a helpful thing for the small business owners to start creating their strategies with a glance at the marketing mix of brands for the success of their business. The marketing mix of food and beverage enables the company to connect with consumers. It defines the business strategies and corresponding activities to implement the marketing plan. The targeted customers are engaged through the company’s evolving marketing mix. The success of any firm reflects the effectiveness of its marketing mix.
Without information, it would be hard for managers to forecast customers’ needs and wants, how much inventory is in stock and when and where more products should be produce or ship; in summation, without information managers can only make decision blindly, therefore information is vital when it comes to the performance of supply chain, because it provide the supply chain management with the necessary data to go about making the right decision so as to satisfy customers’ needs and generating profit. Information technology, however, is the instrument which “consist of the tools used to gain awareness of information, analyze this information, and
Moreover, this technology could keep track of its customers’ consumption patterns and buying behaviors. By storing and handling these kinds of data, Starbucks could analyse the data and to facilitate its product innovation in order to keep their existing customers and attract more new customers. It also helps employees to know the updated data of the demand of different kind of coffee to predict their sales revenues. It provides interaction with suppliers so that Starbucks could share the data with their suppliers to have a better forecast of the demand of coffee beans. 2.
This use of a push strategy of manufacturing, while able to take advantage of economies of scale, risks high levels of inventory and requires warehouse space that Dell does not currently poses. Additionally, if a model does not sell, Dell risks having large amounts of unwanted inventory that must be disposed of. To reduce some risks associated with a push strategy, Dell might consult directly with the retailer and contract to make models, in specific quantities, for them. These orders would be shipped directly to the customer’s warehouses, thus negating the need for Dell to warehouse large amounts of product. Dell should also investigate the use of secondary markets, i.e.
In these strategic planning meetings, management needs to find a way to communicate with their suppliers, how to improve their ordering processes or how to increase their market demand to decrease the high levels of inventory. The manager needs to focus on the inventory problem instead of other proactive or more important strategic decisions to help the company to achieve it goals. This is more of a reactive strategy. Current Ratio: A high Current ratio may suggest that the company is not using its current assets. For example cash, or short-term financing options.
The consumer’s lack of confidence in making this type of decision often (but not always) requires the consumer to engage in an extensive decision-making process.. • Major Re-Purchase - these purchase decisions are also important to the consumer but the consumer feels confident in making these decisions since they have previous experience purchasing the product. For marketers it is important to understand how consumers treat the purchase decisions they face. If a company is targeting customers who feel a purchase decision is difficult (i.e., Major New Purchase), their marketing strategy may vary greatly from a company targeting customers who view the purchase decision as routine. In fact, the same company may face both situations at the same time; for some the product is new, while other customers see the purchase as routine. The implication of buying behavior for marketers is that different buying situations require different marketing efforts.
The purchase decision is made depending on the market that is existing and based on the demand for the product. In retail segment the relationship between supplier and retailer is different. The retailer always expect a sell out so that they can have a larger turnout with higher margin. Also unlike industrial companies they require more monitoring in price, order, logistics, quantities etc. For a sports equipment supplier, the level of uniqueness of the products and the retailer’s intimation to the relationship is not necessarily as high as other products.
Comparative Analysis: Neuro-marketing vs. Traditional marketing The 21st century is demanding more than just projecting and promoting products. It is no longer enough to separate the consumers and their differences the usual way: according to education and occupation, age and sex, marital status and way of life, but it should also be done according to their interests & activities, world views and preferences, the kind of product they buy and food people eat. Thus, when it comes to sales, the role of the supplier is to understand, predict and satisfy the consumer appetites and needs. Suppliers and vendors are equally important in deciding diversities along with the consumers.