It is “outside –in” thinking, which could help company to catch up with the market trend and develop products and services that meet the needs of customers. As we can see from the case, ECCO followed the inside-out strategy. * ECCO has a corporate strategy process that relies on the core competencies of the company to drive change, product development and innovation as opposed to external influences such as market, competition and customer preferences. The assertion by inside-out strategists is that a company achieves greater efficiencies and adapt more quickly to changing circumstances. ECCO is following an inside-out strategy (resource base strategy), whereas all the competitors seem to follow an outside-in strategy.
ADVERTISING How does integrated marketing communications differ from traditional advertising and promotion? Integrated marketing communications (IMC)uses all communication channels for marketing its message; it is a holistic approach to marketing communication. The aim of integrated marketing is to ensure consistency of a message and the complementary use of media. The IMC business strategy process recognizes a number of relevant audiences external and internal promoting the company for its employees as well as customers prospects, suppliers, investors, interest groups, and the general public through different channels. Thus the basic difference is where IMC treats the promotional mix (sales promotion, advertising, direct marketing, interactive, personal selling and public relations) as one thing, traditional advertising and promotion handled them as separate entities What are some of the reasons more marketers are taking an IMC perspective to their advertising and promotional programs?
There is difficulty in determining forecast turning points that are, from increasing to decreasing sales. Opportunities and suggestions The opportunities that Kudler has in terms of technology include improved loyalty and profitability of customers, which results from various marketing strategies. Another opportunity for Kudler involves customer purchase behavior patterns. These patterns are recognized through the current system and would help Kudler refine its processes and offerings to best satisfy its valued customers. It is vital for Kudler to continue reviewing and improving its information system to ensure its appropriateness to the changing characteristics and needs of its customers.
The job of a salesperson ranges from order takers to order getters. Personal selling is the key to developing strong relationships because it is directed toward achieving mutually satisfying results between customer and seller, which will sustain and enhance future interactions this is very important because it is a lot cheaper to retain current customers than to attract new ones. However, “In a results-oriented environment, the foundation of many compensation systems, sales quotas can focus sellers and managers in a direction inconsistent with customer-oriented selling.”(“Evans”,
After the market research has been measured over time the business should be able to use the information to improve the business and assist customer’s needs. Market research also gives the business an idea for how much customers would pay for the product. Primary Research is new data that has not been collected before. It allows business to focus on customer’s needs and interests. The advantages of primary research are that the information is up to date and it helps answer businesses questions.
Marcus Rigsby MKG 300 – Final paper Professor: Keith D’Ambra April 27, 2010 1. Marketing Definition Marketing is the sum total of all activities an organization undertakes to bring about the firm’s desired objectives that are focused on anticipating the wants and needs of consumers. This is done in order to utilize a producers resources efficiently and effectively to produce a good or service to satisfy the wants and needs of its customers. 2. SWOT SWOT is an analysis of an organization’s Strength’s, Weaknesses, Opportunities, and Threats.
Describe how two businesses are organised. Marketing The marketing department promotes a business and drives sales of its products or services. It provides the necessary research to identify your target customers and other audiences. Tesco would have to advertise their products and deals they have to offer, and NSPCC advertises also, however they show the number for the business to call if you do get child abuse or if you know someone who does. Production The production department is the functional area responsible for turning inputs into finished outputs through a series of production processes.
ALL WK 1, DQ’s: WK 1, DQ 1: What is a business’s obligation to build an ethical culture and balance its desire for profit with ethical responsibilities to employees, customers, society, and the environment? Ethics is different from one person to the next, so it is imperative that business clearly define the norm for staff members and management. The decisions organizations make influence more than business partners, affiliates, culture, and others. It is important for organizations center of attention on maximizing shareholder revenue. Therefore, maximizing profit without causing destruction to the business culture can be a balancing act for most organizations.
Pro forma financial information is generally used to illustrate the effects of transactions such as business combination, and change in capitalization. There are countless reasons on why companies use pro forma statement in their business, the most significant is the planning and control received when using pro forma. The process of using pro forma statements are less time consuming, they help businesses evaluate and make a better distinction between business plans (Scarborough, Wilson, & Zimmerer, 2009, p. 196). Pro forma statements are an excellent outlet for resources that will help a business forecast expected earnings should the company chose to merge with another company or even if the company wanted to sell off part of it operations (Scarborough, Wilson, & Zimmerer, 2009, p. 196). The pro forma statements are commonly used when applying for a business loan.
Chapter 14 Analyzing Managerial Decisions: Structuring Compensation pg 446 By: Tia Woods 1.) There are numerous ways that explains the difference between two firms dealing with compensation plans. One of the reasons why is how Parkleigh’s may believe the main reason of sales leads to sales incentives, and how having great customer service with nice, outgoing staff helps build a sale, and reflects on the high completion to customers. That’s like making the staff work harder to have a better visualization of the firm, from cleaning the dressing rooms, to making sure all the displays are showed to be impressed by customers so they can buy an item or two. All of these aspects would help raise store sales.