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Paradox Of Choice Paper

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Recommended: Chapter6 marketing segmentation

DT1 – Paradox of Choice

Offering more products does not necessarily mean opportunities for more sales. It can be confusing to customers who end up not making a buying decision. It is up to marketing to create value for the customer and this can be done through target marketing and market segmentation and differentiation. By grouping markets into smaller sections based on target markets, marketing will be able to develop marketing strategies for each market or target audience. This positioning will create customer value through the way the customer defines its attributes or brand. By creating a brand that is recognized, demand for it increases. For example, although there are many cell phones available on the market, Apple’s iPhone is …show more content…

An example of this is a utility company that has a monopoly on customers in a given area. For instance, I live in Hagerstown, Maryland and my only choice for electricity is the city utility company, which makes me captive. The city does not need to worry about retention because they are my only choice. 4. Define and describe Database Marketing and CRM. What are the pros and cons of Database Marketing and CRM? Provide an example in which each approach is used effectively. Customer Relationship Management (CRM) is a system that is used to manage and analyze customer data by studying their preferences and buying behavior through their purchase history, website visits, service and support, and satisfaction survey with the goal of improving the customer relationship, customer retention and loyalty, and increased sales opportunities. The pros are that all company information is in one place and is easily accessible. The system can easily adjust to a growing customer base and products and services. This information can be used for marketing and improving customer relations. Its reports and analytics capabilities track customer information to show additional sales

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