• A differentiator gains a competitive advantage because it has the ability to satisfy customers’ needs in a way that its competitors cannot, which allows it to charge a premium price for its product. • Premium prices → increased revenue → superior profitability • A differentiator invests its resources to gain a competitive advantage from superior innovation, excellent quality, and responsiveness to customer needs • A product’s appeal to customers’ psychological desires is a source of differentiation. ▫ Example? 13 Differentiation • Generally, a differentiator chooses to divide its market into many segments and offer different products in each segment • A differentiated company concentrates on developing distinctive competencies in the functions that provide competitive advantage ▫ These are still expensive! • A differentiator must control its cost structure to ensure the price of its products does not exceed the price customers are willing to pay for them • When differentiation stems from the design or physical features of the product, differentiators are at great risk of being imitated ▫ Example?
For business working with supply chains they can create smother, faster ways of dealing with the firms they regularly buy from. Many people across Adidas are engaged in supply-chain activities, this involves delivering sales or services to consumers, shipping products, negotiating with suppliers, trade partners, managing inventory, tracking orders and any other tasks. The internet offers Adidas a chance to manage the supply chain, speed up suppliers and integrate businesses along the chain. Opportunities to increase sales from existing customers: Businesses that adopt internet marketing strategy do so because they can see the opportunities either to improve sales within the markets they already serve or to enter complete new markets. As internet penetration increases and more business uses online strategy the web will become the accepted method for marketers.
By using the social media, web pages and purchasing advertisement banners McBride Finance Services pinpoint a particular group of people. “Web 2.0 social media applications such as Twitter and Facebook create new opportunities for firms to improve their internal operations and to collaborate in new ways with their customers, business partners, and suppliers” (Culnan, McHugh, & Zubillaga, 2010, p. 1). Advertising on the Internet can be tough; it may require the use of a consultant who specializes in Internet marketing. McBride Financial Services would benefit by starting off small when using the Internet market their services. Conclusion McBride Financial Services provides a require service for anyone that is in the market for a residence or recreational property.
First, providing employee financial information, pay records, and even benefits information on one site can greatly assist the Human Resource department. They can even make this information available to each employee, through the use of a virtual private network. The production department may use intranet technology to use online chatting or group emails to provide more efficient communication among different levels of production. Sales and marketing departments could create websites to advertise their products, or even create databases to measure the amount of visitors they have daily, or weekly. They may also be able to monitor the demographics of those people who are purchasing which products, or even watch the amount of competitor products that are similar and are being purchased.
• Implementing information technology in order to increase efficiency in operations and marketing aids. • Point-of-sale systems that helps increase inventory turnover and sales and lead to better targeted customer marketing. • Brand identity. • The use of informational complexity to promote and educate consumers regarding their products. Q4 What are the key elements of Oliver’s strategy?
Building Customer data base using M-Coupons and Mobile marketing Strategy: M-coupons and mobile marketing strategy can greatly help in gathering customer database and maintaining customer relationship. M-coupon strategy can provide a database of customer’s numbers that have voluntarily opted to share information and receive coupons. This will generate a database of customer numbers who are using the system and if a new number is popped up it will help in identifying new customer and success of the system. Further, customers who forward their coupons to others will helps in identifying network of customers. This can over time help in generating data of customer’s preferences, networks and communities.
Word processing 2. What are the benefits to businesses (and others) of using information technology for doing work tasks? Regarding Information exchange type, it´s a fast, accurate and efficient flow of information which is the lifeblood of any business. Two important aspects are: 1. Sending/receiving emails: useful as the sender can attach documents to the email they send ( Word documents, spreadsheets, sound files or images).
P5 Explain how internet marketing has made a selected business more efficient, effective and successful. In this assignment I will be explaining how internet marketing has made a selected business more efficient, effective and successful. Opportunities for business efficiency Business efficiency is very important for a business. The reason why is because, in order for a business such as B&Q to surpass their competitors such as Homebase, Wickes and other DIY businesses they need to use the web to interact with suppliers and customers, by using the web B&Q will become much more efficient because they can meet customers ‘demands’ and suppliers ‘needs’. Streamline customer communications is a very efficient way of working because streamline customer communications deliver fast services, this is best way to keep customers satisfied and when customers’ are satisfied the business becomes more efficient because they are meeting needs and accumulating capital.
Certain technologies enable customers and employees to communicate needs faster. The obvious technological advance is use of retail websites to help the consumer find what they need faster and more
Technology and communication go hand and hand these days. Technology provides instant communication at your finger tips. Using technology can keep you in touch with people across the globe and make it seem like they are sitting right beside you, it is fast and saves time and money. Working in the business world you need to know how to use technology like; the web, e-mails, word processing, PowerPoint and many others. Customer satisfaction is on the rise in the workplace, having good customer satisfaction will help you do more business.