Lastly, companies can source cheaper and/or better raw materials from import making them more sustainable and profitable. More choices & competitive price: Monopolies or oligopolies are reduced in certain industries because international trade encourages greater competition which leads to more competitive prices. Consumers not only have the access to the new products or services that are not available in their country but also they get bigger bang for the buck ("The benefits of international Trade,” n.d.). Some negative aspects of international trade:
Economic – Make profit is the main objective of a company. This is because on a business mind set they want to gain more profit in other countries compare to local business. FEATURES 1. Benefits to participating countries – International business open up the economic to participating countries. For example, they can gets more foreign capital, technology and more job opportunity.
1. Define and map customer centricity at EMC2 to illustrate the need for customer centricity to be embedded in corporate mission and culture, people and organizational structure, and business strategies, processes and practices. Customer centricity at EMC is important because customer centricity yields better results while creating loyal customers and differentiating itself from the competition. Additionally, EMC is a very large company with large amounts of data on their customers, which gives them an advantage to provide the best possible service and products to the customers. EMC is also seeking to differentiate itself from the competition and maintain a competitive advantage over its competitors.
Therefore, it is easily understood that customer service helps in enriching customer experience but it cannot define the entire customer experience. Process orientation determining customer experience It’s true that process orientation helps in determining customer experience. If a company assess its process from a customer viewpoint, it will result in an increase in its ability to enhance customer value. Further, it will enable the company to increase its competitiveness and satisfy their customers better. On the other hand, with the mapping of processes, companies will be better able to reduce their non-value-adding activities and increase various value-adding activities, which will ultimately ensure better customer
Brand name awareness plays vital role in consumer decision making process; if customer had already heard the brand name, the customer would feel more comfortable at the time of making decision. In recent times, the increase of buyer awareness has made buyers want to pay for their recognizable and constructive brand. Thus, it is important for businesses to create attraction in their brands to be in better position than their competitors. This is evident that the consumers disseminate and always willing to acquire a product, so here the brand awareness is always a vital factor to manipulate the buying decisions and purchase intensions (Macdonald and Sharp, 2000). Retailer as well as purchase behavior of consumer slants if a product
Service Innovation Customer care through service innovation enhances the customer experience, addresses grievances and facilitates customer retention. Service innovation makes necessary changes to a product line to attract more customers as well as consumers. For innovation in service sometimes the existing products that are likely to be in demand of the customers or the introduction of new products to an existing line that allows the company to move into newer consumer niche markets are enhanced which gives an edge to the company over their competition and it also increases the efficiency of the company in their operational structure by changing the internal structure so that waste is eliminated, production is increased, and customer orders
This way they can fulfil their customer’s satisfaction and gain profit at the same time. In addition TESCO will gain more revenue. There are opportunities for strategic alliances with other brands and admired companies to offer more products or attract more consumers in certain target markets. TESCO can alliances with branded of companies to sell more products. In can be increase the sales of TESCO and revenue.
Moreover market oriented companies can do better than their competitor hence it will increase their profit. Company will focus the needs of customers and try the best to meet their needs due to the level of competitive among the companies is high. It can be achieved by performing market research. In market research, the companies are gathering, record and analysis of data from the customer
CUSTOMER RELATIONSHIP MANAGEMENT The strategy of transforming enterprise to become customer centric while still expanding revenue and profit is one of the important strategies in the business today, known as customer relationship management. Customer relationship management (CRM) is an IT application to learn more about customers' needs and behaviors in order to develop stronger relationships with them. As such it is more of a business philosophy than a technical solution to assist in dealing with customers effectively and efficiently. Potential benefits of CRM: Some major benefits of CRM include: 1. To improve the relations with your customers , which can lead to : • Increased sale to better timing.
A SWOT analysis helps a business identify its position in the market (Görener, Toker, & Uluçay, 2012). Strengths should be considered from an internal viewpoint, as well as from the viewpoint of customers and individuals within the market. When regarding strengths, competitors should be considered in order to be able to compare the business with its competitors in the market. For example, in the given case, Ikea chose to gain competitive advantage through increasing their product line with a wide variety of products made of quality material and offering them at low prices. This would increase demand and increase customer loyalty, resulting in the increase of sales.