These tools mostly used for spreading the awarenes of the new products, enhancing the recall of the brand but mostly for increasing the number of sales as the company needs profits to survive in the long term. The report have deeply looked at the communication tools in practice when the creative strategy for the new Cadbury product was set. The paper analysed in what situation it is better to use advertising, PR or direct marketing for the Cadbury brand, therefore the advantages and disadvantages of the tools were found. For example, it has been identified that advertising is one of the useful tool for brand promotion because it is able to reach a wider audience within the shortest possible time frame (Egan, 2007. P 194).
However, the company seeks to incorporate product discounts based on the quantities bought to increase demand for the product while enhancing market penetration (Bian & Forysthe, 2012). The developed strategies pertaining to product development and positioning influence the development of the company’s brand in the market thus creating a competitive advantage. Increased penetration into new markets provides the company with a competitive edge as it garners a larger customer base within the new markets such as the MENA
The pricing strategy or pricing policy is one of the most important managers make for a product as it affects the profitable outcome and competitiveness that a product may make. (Toni, 2017). A business can use a variety of pricing strategies when selling a product or service. The price can be set to maximize profitability for each unit sold or from the market overall. It can also be used to defend an existing market from new entrants, to increase market share within a market or to enter a new market by dropping the price or offering more benefits with the device such as packages.
They are responsible for retail store tracking, bringing in new inventory based on consumer demand, creating sound financial plans that reduce company spending, and increase overall profit (Bordelon). Since the main goal of a Merchandise Planner is customer satisfaction their job can be best described as “being a liaison between the customer and the marketing and buying department, ensuring what the customer wants is available” (Bordelon). They review forecasts, use past performance to make projections, make recommendations for promotional markdowns, and manage inventory to maximize profitability. Additionally, merchandise planners research market trends to increase create more attractive
The adoption of new technologies and trends is being facilitated in the industry for the competition and the customer’s overall experience. Many suppliers that are having similar strategies face a strong competition. The barriers for exiting the markets are high. Products and services of are undifferentiated leading the customer to focus on the prices offered. Low market growth, so it can be increased only by taking another firm’s market share.
Providing faster promotions is another way to keep people motivated and improve their performance. Employees can feel being trusted and excited to move in to the new position. Walmart uses employee recognition as part of their pay-for-performance compensation strategy. Walmart offers many incentives for its workers. Awards are used to recognize productivity gains, special contributions or achievements to the organization.
It is noticed that the use of self-checkout in this industry is spreading widely as due to this technique the businesses are able to meet their targets more efficiently. Moreover, this technique is also the means of reducing time and cost due to which the businesses are moving towards this tool. Therefore, this study would evaluate the concept of self-checkout from wide aspect such as benefits and challenges associated with its implementation. This would help businesses and future researchers in understanding the importance of self-checkout for retail
If the consumer is not happy with the initial product from Google they may leave and look for another option in the market that is capable of meeting their needs. This will help them in increasing the levels of customer loyalty if they know that there are others that are developing a similar product, because Google is such a global brand it is able to put massive funding behind the idea of the Google Chauffer and that gives them the edge ahead of other firms in the market as it will be in a positon to complete the product faster and more accurately than other firms. This is all key to creating customer loyalty as clients will want the best and most complete product that is available on the market. If the consumer feels that they are receiving an excellent product they may recommend the Google Chauffer to others and so increase
Leading brands have focused on building partnerships and alliances to reach each and every segment which has enabled these companies to offer more variety of products, better quality convenience and content. Alliances with leading portals search engines and websites helps in generating traffic and can provide brand a competitive edge over online customers because of its availability. 2.3.5 Importance of Online Brand Alliances Online brand alliances is relevant to the entrepreneurial firms who are unable to reach a wide variety of consumers and by utilizing this alliance they may overcome the problem of reaching economies and accessing markets. It helps the online retailing websites to get more popularity among B2B operating companies and helps in generating traffic through ppc (pay per click). While on the other hand it helps brick and mortar brands to reach the users worldwide and developing a two way relations with its customers.
It also depends on the circulation of marketing intelligence across various sectors and company’s acknowledgement in return. Benefits of Market Orientation • Sales growth has a direct impact on market growth. Companies which are more focused towards market orientation, encounter sales outgrowth. • Market growth is proportionally related to increase in market share. This implies that those companies which are more focused on market orientation, experience higher market share.