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.
There are number of theories, which exhibit a greater effect on marketing plans of a business or an organization. Among all these, SWOT turns to be a perfect blend of internal strengths and weaknesses, along with the exterior opportunities and threats The name ‘SWOT’ includes – Strength, Weakness, Opportunity, Threats. The stress of this analysis is to develop a strong business strategy, considering all of your business’s strengths & weaknesses and the future opportunities and threats it may face in the marketplace. STRENGTHS Strengths are the factors that are going to help you get better results. Your company will do well if you can base your strategy around these things.
In other words the new technology is controlling us. The new generations have the tendency to rely more on the new technology which make them more reliable to changes compared to the old ones. Technological convergence is in fact affecting our everyday lives or even our work lives. It is valuable for the marketing industry as all media is grouped in a single device. These types of new devices have become a new tool for trend search.
Consumer needs are the basis of all modern marketing. Needs are the essence of the marketing concept. The key to a company’s survival, profitability and growth in a highly competitive marketing environment is its ability to identify and satisfy unfulfilled consumer needs better and sooner than the competition. Marketers do not create needs, though in some instances they may make consumers more keenly aware of unfelt needs. Successful marketers define their markets in terms of the needs they presume to satisfy, rather than in the terms of the products they sell.
Inbound marketing is a term coined by the founder of HubSpot. This concept stipulates that companies can attract customers by providing interesting and high quality content on their websites. If the content is educational, valuable and engages directly with your target audience, then it builds awareness, trust and increases leads. Once visitors become leads, you take them through the sales funnel. After they become your customers, you can analyze the process in order to produce more desirable content and show your expertise.
With the concept of relationship marketing surfacing, the market is completely consumer oriented, and the sole aim of any business today is to serve and satisfy their customers in the best possible manner. This can be done by identifying the customers’ needs and preferences. The fact that consumer retention has gained precedence over acquisition, considering the cost involved, has made it even more important for businesses to satisfy the consumers and win their loyalty. With the increase in competition, Indian retail chains are beefing up their marketing activities to recharge
It is thus, identified that customer relationship management has the potential in increasing future expected revenues for the company as well as to those prospective customers (Wang et. al., 2004). In support to the above view, Grant and Schkesinger (1995) also stated that the basis of CRM is to ensure steady flows of revenue generation and expansion of customer period value or behavior. On the other hand, Couldwell (1998) described CRM tries to understands the customers likes and dislikes as a combination of business process and technology. Kotler and Keller (2014) however disagreed with the above approach and define customer relationship management as the process of carefully managing detailed information of customers in order to maximize
(Chattopadhyay et al, 2009). As per Shankar et al. (2003), the loyalty of the customer has also been known to be vital in both online and offline environment of marketing. Many studies have indicated a relationship betwixt loyalty of brand and the customer demographics. As recommended by Coe et al.
Exogenous Factors Need of Effective Marketing Strategy: Making and using a marketing strategy has a strong positive impact on profitability. This is because firms that employ a marketing strategy tend to focus on their customers and markets, integrate their marketing responses and work out in advance where their profits will come from. This briefing answers a range of questions people in small business often ask about marketing strategy: MARKETING EFFECTIVENES: It is extremely important for any business to analyze its marketing effectiveness. Without some system for analyzing and interpreting the effects of the company's marketing efforts, it might continue to use strategies which are out-dated; which do not help the company to obtain its corporate and marketing objectives and so on. The marketing manager is normally responsible for the day-to-day marketing activities.