A competitive marketing intelligence analysis is necessary because much can be learned from the competition’s successes and failures. This type of analysis is not, however, limited to the just the competition. The text, Marketing, defines competitive marketing analysis as the systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment (Kerin, Hartley, & Rudelius, 2011). When collecting data and in order to make reasonable decisions, it is important to predetermine many
BSBCUS501C: Manage Quality Customer Service Assessment 2: Why is it necessary to clearly identify, before designing product and service offerings, customer needs, and what are some of the less obvious service aspects that might inform purchasing decisions? Customers are fully aware that if a company is not able to provide them with a service or offering to meet their needs, one of the competitors will be able to. With this in mind, it is essential for business’ to research and communicate with their customers to gain the relevant feedback required prior to development. Development should reflect research findings and should meet customer and market needs. Internal and external customers provide business with information about how their products are used, new opportunities for their business, trouble-shoot issues with their product, and organise workloads.
What does this mean and why is it so necessary to communicate with and listen to clients/ customers – both current and prospective? This means that customers chose what product meets their needs so if the organisations do not focus their products to what they want, they can just go to another organisation. So it's very important to communicate with clients/customers in order to know what they want and be able to offer it to them. Trainer Comments 16/06/2015 01:25PM | Good | Activity 2 16/05/2015 01:42PM * 1 Explain how you might: * diagnose problems matching service delivery to customers * develop options for improved service * provide relevant and constructive advice to promote the improvement of customer service delivery I would diagnose problems matching service delivery to customers by constantly monitoring operations so I could identify problems earlier. This can be done by examinating sales/supply figures and customer feedback.
The customer service satisfaction survey that is currently in place on the Kudler website will help to identify what the customer’s like and don’t like about a minimum number of variables but market research needs to also include other vital information like culture, socio-economic background, health, and other marketing mix elements. Great marketing research will allow Kudler Fine Foods to perform studies to learn what they should focus on with their current
“Competitive Intelligence is the ethical gathering and analysis of competitor and market information from open sources. This analysis is used by organizations to make better strategic decisions.” (Cipher, 2012). Competitive intelligence and analysis is important because it provides a method that Kudler Fine Foods can use to assess and evaluate the marketing tactics that are successful for their competitors. By employing competitive intelligence Kudler Fine Foods can gather information concerning their competitors marketing strategies and then use that information for their own advantage by incorporating certain strategies that will fit into their marketing plan. Competitive intelligence will also allow Kudler Fine Foods to gain knowledge concerning certain trends, such as legal, environmental, industry, international, regulatory, and economic, which they can use to further develop successful marketing strategies and
This means that they must effectively be able to communicate with customers as this could be the difference into whether a product sells or not e.g. if Tesco's are having a complaint about a electronic device that doesn't work then they would ask for a replacement or a refund however they may not have the receipt so the customer would not be able to get a refund however they may be able to negotiate and the business must think of a solution to avoid any misunderstanding or conflict. As customers are the main attraction of the business, they need to be impressed by what the business has to offer. When the business needs to provide service or sell products to customers they will have to use persuasive techniques to make them purchase goods from the business. The assorted ways in which a business communicates with the customers effectively to satisfy them is known as the 'Promotional mix'.
The alternative for this which most organisations will have especially ones like Coca-Cola will be to have a backup system in place for the assurance that if their main network went down then they would have a replacement so wont not lose any time or loss. There are also security and privacy issues when it comes to using the internet as a marketing tool which may lead to increased competition from other firms as the internet may leek knowledge of the organisations. There are high maintenance costs due to a constantly evolving environment and also there could be higher transparency of pricing and increased price competition, also non-price competition could come into this as they should use advertising as a tool to win customers and gain brand loyalty from them, for example with Coca-Cola if there were to give customers a better service and or better price on their products then they might gain brand loyalty from their consumers but if they receive a poor service and the products are expensive then the customers could move over to say for instance Pepsi which is a perfect substation and as this market is price-elastic it would be so easy for
Doing market research during this process helps find the correct market you need to go for to get the business. This is importanat because marketing is not cheap and you don’t want to waste money trying to market to a segment of the market that does not need your product or service so this is valuable in getting the correct research information. I think a lot of companies go wrong by not researching what the customer wants instead they focus on just what the business wants and to be successful you have to have customers so you need to know what they want this can save valuable time and money in marketing by getting this information up front. So segmenting the market then target that market and positioning your product or service in that market is the way to make
Product Market Strategy (Market Adv Test) | In order to be innovative and efficiency, Tesco should design the firm that allocates more attention to operating priority and finding source of competitive advantage among their business units. By setting this design, Tesco should come up with a new strategy for example: The differentiation focus strategy which focuses on just one or a small number of target market segments. The special customer needs of the segment mean that there are opportunities to provide products that are clearly different from competitors who may be targeting a broader group of customers and therefore, the board executive should create a value in their unique operating priority then it will bring Tesco a competitive advantage. | Corporate Strategy (Parenting Adv Test) | Tesco should decide which product market arenas they should compete in. Tesco have multiple business unit to sell such as fresh food, groceries, household stuffs, mobile phone, Tesco bank, etc and in this case, the parent company (which is Tesco’s board) should be able to explore and discover each of business unit resources and capability and make a good coordination with each of them so that the synergies between the parent company and business unit will be created.
This article also relates to IMC because the author speaks about CMO's and how they use the media strategies to try and make their products "speak" to consumers. The author of this article writes about the various ways that CMO of a company will attempt to engage with the consumers in a way that creates a sort of friendship. The main issues that a CMO faces are whether or not these types of advertisements really work. Since there is no actual evidence upon that. Also if using these strategies, they must be able to keep up, and try to make it to the top of the list, develop as many followers in their media profiles, and find a way to make friends with