Data grant us the opportunity to plan ahead future behavior of the market which is crucial to create strong customer lifetime value models as well as achieve marketing effectiveness. In addition, Digital Marketing provides valuable sources of data and customer insights that can be used in real time. Technology We believe that technology is a trigger rather than a solution. It is a tool that will allow us to enhance our activities in the department. We must be however comfortable and up to date while using technology to extract their full potential.
Use of IT in logistics field will enhance the business operation and make sure there is proper management and employee are satisfied with the current business operation. An employee of the organization plays a key role in efficient operation of the company. With the help of IT feedback can be taken from the customer and analysis of proper feedback helps for improving the customer service. Feedback from customers can be online survey, comments on various activities of the organization and can be taken through social media. This all activities can be done using information
Purpose of the research A market research plays an important role in business. It helps us a lot in business decision making by eliminates the risks that involve when operates a business. Besides, obtaining up to date information enables us to have a better understanding in customer’s needs thus provides the products or services that attractive and suit with them. The study of market is also one of the tools to evaluate the performance of the business within same industry. It can enhances the growth of a company or business by developing appropriate strategies.
(P1.3) Once the business strategy is formed, there are different techniques in developing the strategic plans of the business using various tools by the organization. These techniques show the strengths and weaknesses of the organization and as well as their opportunities and threats that are possible to the business in order to form an effective developed strategic plan during the process of operation. In this case, Nordstrom uses these types of tool in developing their strategic plans which are the BCG matrix and SOAR analysis. BCG matrix is the matrix which determines the level industry relative share of the industry and the business with the help of four dimensions. Strategic business plans are set by considering the growth rate of the industry and current situation of the business.
The identification of SWOT is important because they can inform later steps in planning to achieve the objective. SWOT analysis is a tool to analyze the internal and the external factors that is stands for strengths and weaknesses, opportunities and threats. Firstly, strengths describe the core competencies of a business, strategic factors that may make a certain extend more likely to succeed where the commerce may have positive points over other comparable businesses. For instance, Cravia has harmony and chemistry between workers, people and groups. This agreement makes a difference in encouraging the work and assignments.
Purpose and process of market segmentation The purpose of segmentation is to allow the marketer to be better able to reach the consumer needs and wants which increases the positive responses for the brand. Segmentation is important during the promotion process, this is where the team decided who what and where as well as, age gender and things like buying patterns. Because of this, marketing g segmentation comes before targeting. By dividing the audience, it makes it easier to target exactly who and where to send the devices or what to do with their next model. As Fitbit brand is largely fitness tracking, Fitbit segmentation is easy.
Moreover, they also rely on easily retrievable performance indicators, which grants your company with an instant monitoring of the first stages of the implementation. Based on data gathered through your customer web activities, your business will be able to attain insights which grant you with the possibility to create individualized content across channels. 2) Tailored content and segmentation The key to personalization is highly tailored and segmented content, offering, messages, which has to be modelled over your customer base. Your content has to be engaging in every channel, to positively impact and influence on your customers experience, and as a consequence of their loyalty and on your customer retention. In order to achieve such a desirable result, it is recommended to rely on segmentation, customer insights retrieved from a segmented audience, and to further target contents and
The main effects that social networks could achieve are: a joint development with a knowledge of technology strategy that would contribute to modify business models, improve internal communication methods to make it more fluid and reaches all directions, As well as an effective transparency in the Smart Wear in the same ways people would benefit to grant job opportunities to people from other countries who fulfill a suitable profile for the company or for the recruitment of new talents that the Smart Wear needs and especially being closer to customers and know their main desires and needs as well as being able to expand
• Cross-functional collaboration Mobile safety apps will aid in better teamwork and they will faster communication and business operations. For example, the team can conduct the EHS audit of a plant and they can share the findings in real-time. Teammates can quickly communicate among themselves during the audit and also with the plant audit management. Collaboration is further enhanced by automatic workflow and also by the push notifications. The correlative actions can be assigned quickly and the issues can be resolved instantly.