Furthermore, Target Corp. businesses becomes heavily reliant on technology investment to support multichannel efforts and transform information processes and computer systems more efficiently and run the business and remain competitive. However, it’s growth also depends on ability to build new stores in locations in fully developed market in favorable geographic locations. Another threat Target faces is that of substitutes. As mentioned before essentially every company’s goal is to generate the demand to which it will supply to, thus, because there are many other competitors offering better quality for higher prices or lower prices and
Company Culture The company culture should be used positively to adapt to the changes in the environment easily and effectively before competitors. This will effectively build the competitive advantage over other companies and make a mark in Zappos future brandings too. High communication and customer service Zappos.com possesses a highly sophisticated website, which need to be maintained for high efficiency and security. With the healthy relationship with the employees’ turnover should be able to be reduced and be able to focus on their continuous development and more strategic issues. Relationship with the customers can be used positively to continuous customer retention and to increase repeat purchases.
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.
Target customer segment A company generally creates value for a specific group of customers. The definition of the market scope (Afuah and Tucci 2001) provides the foundation on where the firm does or does not compete – a specific geographic or demographic segment of consumers. Furthermore, Internet offers these firms the opportunity to target a wider scope of customer segments in comparison with traditional offline businesses. However, Porter (2001) warns that competition is higher for e-businesses as the barriers to enter any market are lower than for brick-and-mortar businesses. Airbnb caters to the needs of two customer segments: guests (personal travelers) and hosts (residential asset owners).
Whereas factual information is known as quantitative data. 5.4 Value of Brand The value of a brand is very important to an organization. Having a well-known brand can enhance and generate more levels? For a business compared to a product with a less-known brand. A strong brand can gain trust and confidence in a product and enables a business to charge a premium price.
(M. Billur Akdeniz, 2010) When dealing with Businesses in a B2B market there is often an extreme focus on the quality of the product provided, unlike consumers in a B2C market, B2B businesses demand high quality standards and are far more vocal about their standards, if their standards are not met by the supplier it could potentially push them away to other suppliers. Although there are fewer customers in B2B markets they are far more profitable than the average B2C consumer, strategies such as product promotion can communicate to their potential B2B consumers as it is more content-orientated and personalised. It is important for a business operating in a B2B market to focus on providing competitive prices, reliable delivery of products, and forms of after purchase support services to those businesses they work with, with additional support and input even after the product has been provided the supplier gains a unique offering with a combinations of their services potentially causing businesses who work with the supplier to show loyalty. (Hutt,
In the past, it has been done through giving advertisements on newspapers, or through internal employees. As the era has changed and the new generation is technology friendly so the companies shifted their focus to online. It has reduced the recruitment cost and at the same time increased the efficiency and profitability of the organizations. This trend has shortened the distance and the communication gap has also been minimized. The major change in recruitment that could possibly change the whole recruitment process in the near future will be social recruiting.
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
Hence, it is really worthy to spend much time whilst creating a recruitment strategy. Limitation of the Study Nowadays it is very hard to select skilled employees because of the critical situation of recruiting market. The shortage of qualified people makes competition very hard where achieving good recruitment and retain good employees very important for the business success. However, it is very costly and taking too much time. It is not enough to offer good salaries to bring good people, there is a fact that candidates are seeking for more than salaries, they are targeting benefits and growth potential.
Competition and rivalry, which are the hallmark of today’s business environment has led to businesses to focus on building strong relationship with its customers. Stated that businesses are increasingly relying on establishing strong relations with its customers not only in terms of better serving and catering them but also in terms of promoting goodwill. Businesses also view this customer relationship with as a means of keeping their customers with us and away from their competitors. Effective customer relationship results in mutual benefits & rewards. This not only proves to be fruitful for the business but also for the customers also.