Week 1’s question asked how marketers can identify the parties to an exchange and the value they receive. I examined how marketers identified the parties by assessing the five conditions of a Marketing Exchange. I also outlined how Consumer Behaviour can identify value received; by analysing the decision-making process and understanding which decision-making state is in use and what type of value the customer is seeking. Angela demonstrated perception of value by detailing her own experience as a sales representative for Optus.
Because of this, B2B marketers need to focus on building a relationship with its business prospects and taking into account the buyer's specific
Market research is vital when setting up a business or preparing to sell a product. If you don’t know the market you’re entering into it’s very likely you won’t find it easy to compete. The way to conduct market research is to start by finding out who are your main competitors in the market. It’s important to think about what your competitors do well at as well as thinking about what they could improve on. If a business can do well at the same things as its competitors but at the same time offer something new and different then it’s likely to succeed.
Introduction Chesapeake IT Consulting is a modern day information technology consulting company aiming to provide the best possible support to all customers. Focusing so much time and resources implementing new information technology systems to facilitate the ease of everyday duties for their customer, may have placed Chesapeake IT Consulting (CIC) itself on the backburner. In terms of utilizing its own IT system for hiring purposes, CIC seems to be stuck utilizing a manual process, not a good look for an IT consulting service. The high turnover rate of employees can be hard to keep up with at times. Implementing a new information technology system into the hiring process for CIC is a necessary step for a brighter future.
Another operation challenge will be to be current with all the information about the market and the trend. With the fast changing market scenario, this becomes very critical for the success of any business. Successful marketing strategies require information about potential target markets and their likely responses to marketing mixes as well as about competition and other marketing environment variables. Managers at LensCrafters also routinely analyze sales data that is available in the firm's marketing information system.
You have defined the target market. But you must actively use it. We know who our target market is, based on the experience 30 FALSE You should get absolute clarity of the target market and then apply it.
The article provides many good examples that current companies use IT to manage their customers. To attract customers, the company should build four interconnected capabilities: automation, proactive personalization, contextual interaction, and journey innovation. With four interconnected capabilities, companies can provide to customers easy way to contact with companies, and companies can easily collect information about customers and keep journey with customers. Also, companies can recommend some products to customers based on their information, so companies can build strong relationship with customers. With four interconnected capabilities, companies will have more way to communicate with their customers.
Understanding customer experience by using experience mapping to analyze every touch point. 4) Make customer segmentation to target distinguish valuable customers which help to make efforts more efficient & economic. 5) Integrate all processes, functions, external network to create value to customer. 6) Use the latest technologies which keep us in touch with our customers . 7) Use software like ERP to be efficiently connected to customers and analyze them.
1.3. Diagnostic of the company’s customer experience The complexity of dealing with customers, channels, and competitors is only growing. Getting ahead often requires stepping back for a comprehensive view. Getting ahead increasingly requires stepping back for a comprehensive view and building the infrastructure to continue taking stock of performance.
Why is it important to understand the customer? It is important to listen to your customers because this tells them that they are important, showing them that you care. Doing so will help you with customer loyalty. Customer loyalty will give you more business because those customers are sure to tell other people about you and what you have to offer them.
Assessment Task 2: Project Customer Service Improvement Part A: Develop and send an agenda prior to the meeting In order to prepare the agenda you will need to plan the meeting, as well as conduct the research as indicated above to inform your ideas. Use the agenda template includes below to develop your agenda. You will assessed on whether you have included all the required information in your agenda, as well as whether you have used simple and clear language that takes into account social and cultural diversity.
For example a young boy would like to buy a trendy bike where as a middle age man would go for car. All the factors which are motioned above influence the buyer decision directly or indirectly so all of them play a very major role in understanding the consumer behavior. This is very complex processes and therefore needs a detailed and vast study or market research. As every individual is different his needs and wants are also different so to understand the common reference point and to create and deliver the value to customer and what he wants is very difficult. But once you understand the consumer behavior your half job is
Consumer is one who consumes the goods & services product. The aim of marketing is to meet and satisfy the Consumer needs and wants. The modern marketing concept makes customers the centre stage of organisation efforts. The focus, within the marketing concepts is to reach target and largest customer’s sets ball rolling for analysing each of the conditions of the target market1. Consumer behaviour can be defined as “the decision making process and physical activity involved in acquiring, evaluating, using and disposing of goods and services”.
It helped me realize that firms can enhance their marketing through having an insight into what customers are thinking. Being able to understand consumer behavior allows markets to successfully connect with customers. This is difficult to do but it is the quintessence of marketing. I realized that once businesses recognize a customer’s needs, it becomes easier to choose target customers. This will then help businesses create products that meet the customer’s needs, wants, and demands.
First of all customer means A person who buys goods or services from a shop or business, loyalty means the state or quality of being loyal, faithfulness to commitments or obligations. So Customer loyalty is the key objective of customer relationship management and describes the loyalty, which is established between a customer and companies, persons, products or brands. “Customer loyalty is an essential aspect in any organization whether it is offering a good or providing a service. “Many organizations are looking for various ways to increase their customer loyalty as it has a positive effect on the profitability of the organization.” (Gremler 1996: 171, Abdullah et al. 2000: 826).The individual market segments should be targeted in terms of developing customer loyalty.
