2014:95). The marketing is mainly done in order to develop a good relationship with the customers and suppliers and to have a competitive advantage in the market. There are different techniques that are employed for the marketing of the products or services that are to be offered to the targeted customers. The most important technique of marketing is advertisements. The advertisement helps the organisation to reach to their targeted customers in an effective manner and at the same time, also enables them to develop a superior relationship with the public as a whole.
Purham Sidney 1 Customer Relationship Management is a major important key to the success of any business, company or organization. The case study Dow Corning and DirecTV discuss how the role of customer relationship management provides many avenues and is a strategy formula designed to build a better understanding their customers needs while also improving the relationship between the service provider and the service subscriber. The implementation and the use of this technology serve as a tool to build a better, stronger relationship with current as well as new potential customers. When business and companies use customer relationship management to gain a competitive advantage by understanding consumer preferences and individual customer purchasing habits. 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.
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.
Promotion is an integrated and comprehensive terms, and covers the whole gamut of advertising, publicity, packaging, personal selling and commercial. The objective of this study is to provide an additional comprehensive understanding of the method of communicating client values and innovative services provided by the company. Today, it might be tough to seek out a company that doesn 't with pride claim to be a customer-oriented, customer- targeted, or evencustomer driven enterprise. Increasing competition is forcing businesses to pay rather more attention to satisfy customers. The amounts of satisfaction can also vary looking on alternative choices the client may have and alternative products against that the customer can compare the organization’s
2- Marketing Strategy: It can be defined as Firm’s plan to unify its all the targets and goals of Marketing into one single strategic plan. An amazing marketing strategy can be achieved by analyzing the market and paying attention on its product, and the needs of its users to attain the sustainability and the higher profits. It can be further identified with set of segments on which Marketing depends upon, via focusing on targeted markets by posturing the product or its services under positioning method. Segmenting, Targeting & Positioning It assists the organization to indentify customer needs, opportunities in the market, and plan accordingly to target specific areas for better business. It can be classified in behavioral, demographical, psychographical, and geographical aspects of segmentation.
Market Research: Market research is the process of collecting valuable information to help find out if there’s a market that’s suitable for a certain product or service. The information gathered from market research helps budding entrepreneur make wise and profitable business decisions. Primary research: Primary research is an original research conducting by you (or the person you hire) to collect data specifically for your current objectives. Observation: Observation involves watching some type of behaviour. Observation method is a useful method to researchers in a variety of ways.
Nowadays, in order to sustain longer in the business worlds, the organization or company have to compete against their competitor through the competitive advantages. Building brand equity or strong brands can be considered one of the important elements that drivers of business success as the brand are to be said “the heart of marketing along with business strategy”. As there are many identical products or services available in the market, customer have the opportunity to chose and then select what best fits and the most beneficial to full fill customer’s interests. As the time passed by, customer’s decision processes are not only merely based on simply laying on its fulfillment of the functional needs but also influenced by the emotional benefits
Once the target market has been distinguished, it is now important to get to know these customers in more detail. Knowledge of your customers will help to distinguish patterns and even “buying cycles”. Surveys are a great way to gather in-depth information to find out what their customer wants, when they want it and where they want to buy it. The picture below outlines further steps in the marketing strategy process which included analyzing the competition which we have done in our “competitor analysis” section, it also shows defining the marketing mix which we will go into more detail later in this report, along with financial reports on how much of our funding
Sincere and dedicated efforts are needed in marketing to retain the existing customers and attract the new customers. It is required to influence the attitude and behavior of buyers. A lot of promotional activities are needed. The leading companies are using difference techniques for promotion. To achieve the objectives a strategy is needed for effective application of sales promotion.