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.
An area that ties into decision making in business ethics is whether that decision will be beneficial to all those who have a vested substantial interest in the outcome. Courage also plays a significant role here because individuals at times attribute success to doing everything on their own or being self-sufficient. Sometimes the lack of courage to ask for help or even a second opinion causes business people to make poor choices which in turn negatively affects those with an interest in the
1. Explain to Mrs. Wen what CRM is and how CRM is different from traditional marketing. Customer Relationship Management (CRM) is a term that refers to practices, technologies, and strategies that organizations use to oversee and analyze customer interaction and information. This is done through use of the consumers’ lifecycles, with the objectives of enhancing business relationships with customers, helping with customer retention, and increasing profitability. It is basically a system created by the company to interact with its customers effectively and efficiently.
Question 1 answer: Customer relationship management is mainly about building relationships with a company’s targeted profitable customers and maintaining that relationship through delivering customer value, as in how a consumer perceives a certain product and values it enough to buy it rather than buying the competitor’s product, and delivering customer satisfaction where the product meets the exact expectations the consumer had actually expected from the product or more, but not less. Companies can build customer relationships at many levels, depending on the nature of the target market (Kotler and Armstrong, 1988). Companies with many low-margin customers can develop basic relationships by which a company doesn’t get to know it’s consumers
As far as primary market research is concerned, there are different types of market research done by many companies. To gather the accurate information from the market about the product trends, primary research technique is the best method. The primary data which is generated from different techniques can be in the form of qualitative and quantitative in nature, which means usually in the form of words or numbers. Following the different types of types of primary research: • Observation – Under observation technique, it involves watching of your potential customers and their behavior. The experts do observation of customers who are buying product and services similar to our company and listening what the customer says during shop and how much they pay.
Introduction In marketing there are two approaches: a 4-P (price, product, place and promotion) approach to marketing and the value approach (creating, communicating, delivering, and exchanging value). Initially the 4-P approach to marketing was used, but now people tend to use the value approach instead of the 4-P approach. The similarities and differences between a 4-P approach to marketing versus the value approach In the value approach, it consists of creating, communicating, delivering, and exchanging value. Creating means the process of collaborating with suppliers and customers to create offerings that have value. Communicating mean broadly, describing those offerings, as well as learning from customers.
Trust is a key component in business world, particularly because supervisor and management do not hire, nor keep in employment those that they do not trust. Unfortunately, because of this, the violation of trust is an occurrence that many companies are susceptible to. By keeping up with employees and understanding their personal life to some extent, without breaching privacy, management can adjust their views of an employee, giving the proper access involve with their job tasks. Supervisor should require
Several organizations implement HR policies and practices that are harsh in nature and don’t see employee benefit. They might be fine keeping in mind the company’s interests but also contribute to the attrition rate, employee turnover because they can be very demotivating to the employees. Such policies may be in line with the business model but are not in sync with the employee. Employees feel that these organizations are selfish and only care about the business and not the employee’s welfare. However, no company wants to let go of its employees because higher attrition rates lead to a negative name in the market for the company.
Once there is a building, it can be used for training sales representatives to market the products to consumers well. This can also be used for sampling and point-of-purchase displays which would, in turn, encourage sales. (Tanner, & Raymond, 2010, p. 244). Finding a common popular place, like the city, where many consumers congregate is another infrastructure that exists in every country to facilitate sales promotion tools such as trade shows. Although it may be difficult for some countries to have all the infrastructure for sales promotions, it is possible for them to have enough to engage in sales
The Securities Acts and laws are in place to protect society from corrupt business practices, such as these acts committed by Sky Capital and the defendants. The defendants may have been in denial of the fraud and deceptive business practices they were using, but their impact was felt by many who had trusted them. Bad things happen when trust is met with ethical blind spots in managers high and low in company management. Each defendant found the monetary gain of their deceit and fraud more important than their professional responsibility to their customers and therefore created an ethical blind spot in management. In addition, as a group effort, the defendants not only participated with the fraud, but encouraged the continuation of the malpractice going on.