Understanding customer needs will help you define new market opportunities and drive innovation and revenue growth in every aspect of your organization. Some of the service less obvious aspects that might inform purchasing decisions are the customer service that the organizination/company offer,
M1 - Explain how promotion is integrated with the rest of the marketing mix in a selected organisation to achieve its marketing aims/objectives. Businesses may have several marketing aim and objectives which are met through the integration of marketing techniques e.g. promotion and the marketing mix. Companies like M&S operate on a global basis therefore their aims and objectives may differ for regions, however the main aim for each company would be to inform the market, increase demand and differentiate the product/service. Marketing objectives of Marks and Spencer is to ensure consumers are better informed about the products/services they provide.
All this steps taken by Apple company it said to be process of reaching customer orientation concept. In reaching the organizations object concept, the Apple Company try to increase the profitable sales volume by setting a target for employees to reach. Besides, they also attempt to move closer to their ultimate goal by improving their qualities of their products. • The Apple Company also applied societal concept to the business. Societal concept focus on consumer needs wants and society’s expectation.
The success of strategies depends on ability of an organization to satisfy customer needs better than its competitors in market. Krishna & Vasant (2006). Therefore it can be said that marketing mix strategies in retail are highly influenced by the customer’s needs and requirements and strategies adopted by competitors. That aim of marketing mix strategies in retail sector is to satisfy specific customer needs with price strategy that can make some profit for the organization (Kurtz et al,2009) Blankson(2010) explain that retail marketing mix strategies should aim to create distinct image in the mind of consumer while mix can vary on the basis type of specific market requirements. Many elements can be placed to form marketing mix of any organization but most significant elements are given as follows (i) Store location (ii) Merchandise and Category Management (iii) Pricing (iv) Inshore marketing (v) Customer Relationship Management These retail marketing mix strategies at Argos are discussed here in detail (i) Store Location:- The selection of store location is most significant and important decision and success of business heavily relies on this decision.
The plan specifies a strategic mix of price, product, place and promotion that matches the characteristics of each market segment. The rationale for using a marketing mix strategy is that these four elements represent the key aspects of marketing activities. If a company can design a product or service that meets the needs of the market, offer it at an affordable price, sell it in convenient locations and let the target
1. Listen to your customer through customer surveys and focus groups 2. Set aggressive, but realistic goals and metrics to push people to stretch 3. Use CRM technology to innovate how to best serve your customers 4. Transform business processes 5.
Feedback is gotten from surveys, sophisticated tracking of purchases and other ways of determining customer satisfaction. This means that companies are focusing more on the consumer needs and wants than in the traditional sense of focusing more on the product. “The American Marketing Association defines integrated marketing communication (IMC) as a planning process designed to assure that all brand contacts received by a customer or prospect for a product, service, or organization are relevant to that person and consistent over time.’ Part of the integrated marketing communication is the marketing mix. This combines marketing and communication together. When this is done this mix is usually evaluated under eight categories: sales promotion, public relations and publicity, events and experiences, direct marketing, interactive marketing, word –of-mouth marketing, and the sales force.” Red
It involves training for product knowledge, and developing brand awareness. *Meet customer needs and satisfy them. Need customer feedback, trends, sales patterns and demographics. Customers’ data and buying power. Price *Improve competitiveness in pricing with a totally different strategy or approach than competitors.
Human needs are many; physical (food, housing), social (belonging, affection) and individual (knowledge, self-expression). Value is the perceived difference between what a consumer pays for a product and the benefit they gain from owning the product. Value is often not judged accurately or objectively. Generally, a consumer will purchase from the business whose offer provides the most value. Satisfaction is obtained by a consumer when a product meets their expectations, a consumer is dissatisfied if a product falls below expectations and is delighted if a product exceeds expectations.
The company has developed a strategic plan which enables the company to relocate the store shelves of Best Buy based on the behavior of the market. Best Buy has created niche segmentation to each store making the profit of the company grow bigger because of diverse target markets in each location. The company has also developed a reward zone program which allows the customers to earn points and receive gift certificate for future purchase (Pride, 2008). Resources and capabilities that allow the firm to complete important tasks are one of the strengths of the company. Best Buy is able to effectively manage the flow of its inventory that helps them complete the important task of having the right merchandise on its shelves for customers to buy.