In addition companies need to deliver their products while keeping cost effectiveness in consideration. If they understand the perceived benefits of their target audience and are able to engage with them on a personal level, they can attain customer satisfaction and ultimately can have increased sales. In conclusion, conveying Unique Value proposition clearly to the customers could be a complete win/win for any business. Brand equity Formal Definition: The commercial value that derives from consumer perception of the brand name of a particular product or service, rather than from the product or service itself. Alternative Definition: Brand equity refers to a value premium that a company generates from a product with a recognizable name, when compared to a generic equivalent.
Boosting the economy, not only benefits a person, but it benefits the whole society. Advertising provides valuable information about products or events in an efficient and cost-effective manner. Not only does it provide valuable information in a cost-effective manner it also creates competition between companies. The article “Pros & Cons of Market” states, “Consumers promotes their interests by looking for the lowest prices and best quality” (Metcalf). The competition between businesses will ensure better quality of their goods and service they provide.
Superior quality and innovation are important to achieving superior customer responsiveness. The ability to satisfy the needs of your customers will allow for your company to stay ahead of your rivals. Customers will be more likely to choose a company if they feel like their voice or opinion is being heard. Another part of this building block is the customer response time. Customers want their products quickly, so ability to deliver the product or service at a quicker rate is important.
Marketing ethics may also refer to the manner in which a business presents its products to consumers generate more sales and make more profit. Such a practice must include a conscious attempt by the companies in question to apply moral principles when they are dealing with clients or other customers, especially when it comes to the production, pricing, and promotion of their goods or services. Some ethical issues are universal, while some are derived from the culture and beliefs of various people. Since marketing is oftentimes the first line of information a person receives about a certain product or company, it is extremely pertinent for the extended life of the company who is making or producing that certain product or is representative of that company, to be honest in their approach to the public. If they are unethical if they prey on weakly minded customers and other related parties then the company would surely suffer.
It is important to note that Porter’s ‘winning formula’ consists of selecting an industry to excel in, performing an analysis of its industry position, and maintaining this position to generate competitive advantage. The strategy here is to focus on the industry and outcompete rivals. The internal workings and assets of the firm is not of concern. As a response to Porter’s framework, the discipline of business strategy has developed a model concerned with matters internal to the firm. The resource-based model ignores the idea of the industry and focuses on how the unique capabilities and resources of a firm provide the basis for strategy.
Introduction Every business organization is using a marketing concept which is used as a tool to identify customer’s needs. And further try to meet them by making right decisions in line with customer’s needs. In line with meeting customer’s needs the ultimate goal of every business is to gain profit. That’s why they make use of different marketing strategies to meet not only the need of the customer but as well as the goal of the company. We know for a fact that marketing strategies comprises everything from developing a product, to introducing it to the market, to selling and improving it as the need of the target market changes.
There are four key components of marketing process, environment analysis, and strategy development, the choice of the marketing mix and implementation and control. The Marketing Process 1 – By examining marketing opportunities, Waitrose’s has the chances to get some answers concerning the present and future market patterns, current assets and abilities, and inside and outside environment. Look into nature characterizes the qualities and shortcomings of the Organization, the aggressive strengths at work and the large scale drives that influence business and what the market really needs. 2 – The following stride component is picking of target clients for its items and administrations. Waitrose’s will portion the entire market in various parts in light of various viewpoints and select the best one for its items and administrations.
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.
Start your report using the four processes of operations strategy stages, and how these apply to your chosen organisation. a. Operations strategy formulation b. Operations strategy implementation c. Operations strategy monitoring d. Operations strategy control 3. Analyse the different business/competitive strategies the organisation might employ using the different operations objectives.
The company believes in partnering with its customers so as to provide customized solutions that are needs-based. The following were considered as strategic alternatives of the company: 1. Marketing strategy – a differentiation from their competitors in terms of promotion by selling the company as an ally not just as products. Intense offer of extremely reasonable prices and market penetration of prices through lower prices shall be undertaken where need be, while premium pricing in the case of upper-end of the market. Pros : GCC will position itself as a reliable computer and solutions provider and trusted ally who makes sure that the systems work.