They will able be given the opportunity to compare prices, read product reviews and view brand offers on social media like Facebook. This give of service will allow Tesco’s customers to walk away satisfied with what they have purchased. This would fit into the objective Productivity improvements and new technology because they will be using a new technology scheme to be able to send these recommendations to their customer whist in store. They will also be using new technology by adding in the Wi-Fi system. If it proves a success this could be a major new addition for
According to our textbook, “continuity program can establish brand loyalty among customers and help companies to build databases to learn which individuals are their best customers”. Through the One-to-One program, customer retention and loyalty are likely to increase by providing reminder cards to customer. It reminds them to change the motor oil, check engine condition or even do further purchasing afterwards. While the One-to-One program also gives rebate coupons to vehicle owners, it might be very effective to switchers due to their purchasing characteristics. In the text book, it mentioned “switchers are
I believe that both Lean and Six Sigma will be useful for BBM in completing their Project of improving customer satisfaction index and reducing overall customer wait time. BBM can use the Lean approach by understanding their existing processes and looking for ways to eliminate waste. Waste should be viewed from the customer’s perspective and defined as any action in the current processes that the customer would not be willing to pay for. A key component in the Lean approach is to determine what matters to the customer. Some potential examples of waste in the BBM case are: (1) Using both sales associates and mobile phone specialists in the Customer Engagement Process, (2) Time associated with entering customer information into the system and time to validate and process entered information, (3) Cost associated with holding accessory inventory or lead-time associated with ordering accessories not available upon request.
Within House of Fraser, they also post web-based information on their website, so that their customers can be quickly navigated to find information such as ‘how to contact us’,’ FAQ’s’, and ‘delivery options’. House of Fraser also use multimedia based information such as TV adverts and Magazine adverts in order to inform their customers of new products, sales and special event days, but also to promote their brand as a whole. The purpose of verbally communicating in a meeting between an employee and the employer is essential, as the employee can receive information such as sickness, wages or productivity, in a quick, direct manor. It is also the most professional and polite way to pass on information that is both personal and informative to the employee. The purpose of writing information in a letter in the situation of notifying their customers of new products that are available in-store enables each customer to feel special as well as providing the information in a format that can be referred to, in a professional manor.
‘Prospects’ are drawn into in to making a sale because of the transactional marketing techniques the business uses. One example of these for Tesco’s would be some of the offers they frequently offer, such as buy one get one free, or there would be some products that would have a price drop which would also attract buyers. The second step in the ladder of customer loyalty is ‘Customer’. This is a person who has been a customer to your business once, but they wouldn’t necessarily recommend your product or service. There is quite a bit of relationship marketing done at this point, and what the business would like to do next is make the ‘Customers’ into ‘Client’ ( next stage of the loyalty ladder) by offering loyalty cards etc.
As such educating consumers can direct more customers towards those businesses provided that retailers still have products the consumers want to begin with (Dickson, 2008). In this line of thinking, this is something that managers of second-hand stores should consider as a second-hand shop is a socially responsible business. While it is impossible due to the very nature of second-hand shops to have complete control of the offering, educating consumers about the benefits to second-hand shopping may appeal to those consumers who have personal values or ideologies related to not wasting resources, sustainability, the environment or helping others. The benefits that can be mentioned are things like how much resources are consumed when producing new clothing and then in comparison how much resources it takes for a consumer to buy a piece of already used clothing. An approach like this can appeal to those who are ethics and ecology motivated and perhaps even to those who want to distance themselves from the
Which customer needs are we satisfying? characteristics Newness Performance Customization “Getting the Job Done” Design Brand/Status Price Cost Reduction Risk Reduction Accessibility Convenience/Usability Customer Relationships What type of relationship does each of our Customer Segments expect us to establish and maintain with them? Which ones have we established? How are they integrated with the rest of our business model? How costly are they?
Market research is required to truly finding out what consumers interest are. This research is important to learn what consumers like, want, and need instead of guessing this important factor. There are Primary and Secondary methods that are used in marketing research. Secondary research is material that has previously been collected by others. Primary research is material that the marketer gathers by using different systems and practices to learn more about consumers and customers.
The rationale behind implementing such a marketing strategy is that the company can better satisfy the needs of segments of similar customers. It can design slightly different products for different segments and match promotion to the customers. By better satisfying the needs of each segment, the company achieves higher performance. One of the characteristics of a marketing plan is its marketing mix. The plan specifies a strategic mix of price, product, place and promotion that matches the characteristics of each market segment.
An example of product innovation by Riordan Manufacturing would be a new product invention, changes to a current product with the inclusion of new components, materials, or previously desired features for an already existing product. Riordan Manufacturing should use a differentiation strategy. Differentiation strategy would allow Riordan Manufacturing to develop a competitive advantage through supplying and marketing a product that is in some way different to what the competition is doing. If Riordan Manufacturing develops the product successfully the differentiation strategy will potentially reduce price sensitivity and improve brand loyalty from customers. SWOTT Analysis The SWOTT analysis should be used to measure Riordan Manufacturing’s strategies effectiveness.