Second, although the company may feel that they offer the best product, if the public feels that the competitor is offering a better product, they may want to consider changing their supplier of certain food products. Since price is not a factor in their customers' eyes, they can charge higher prices for better quality product. Last, and probably the most important reason to have competitive intelligence is to find out what the competitor is not doing and do it and do it better than they could. The main purpose of competitive intelligence is to be creative and
Therefore companies should remember to treat each customer with respect, regardless of how much money they are spending, because they never know if in the future the customer might make a larger purchase (Gibson, 2012, p. 15), or perhaps spread the word to a friend or family member who might spend significantly more money with the company. In any case, in order for companies to succeed they must find a way to make sure that their customers are satisfied and happy with their services. So that we can better understand how customer service works we will examine the role of the customer service representatives (CSR’s), the tiered service system, and the five critical skills and competencies a customer service representative must have. The role of the customer
4) Promotion: Product awareness in other words. This is how you can make more sales by encouraging your customers to buy more from you. It will all depend on how the company will communicate their product. 5) People : People are the individuals that are selling and promoting the product first-hand. Your front-line staff strongly impacts the perceptions and experiences of your customers.
The procedure of recognizing beneficial growth opportunities frequently starts with core business such as customers, the products, channels, geographic areas and services that produce the profits and greatest portion of revenue. The next customer-focused growth strategy supported on the industries to be had with customers. The strategy entails building great impact value suggestions for the new customers. Reinforcing this strategy is the readiness to outlook customers by distinct set of lenses (Schank, Smith, Birkler, Alkire, Boito, Lee, Raman, United States, 2006). A procedure can be build to help the managers and consultant at the customer interface achieve new insights into the customer’s requirements and favorites.
These buyers have a common need or want and can be satisfied through exchange relationships. 1.2. 2. Designing a Customer Driven Marketing Strategy: Two important questions must be answered for a winning marketing strategy: What customers will be served? (target market), How can these customers be served best?
sMIS 458 – Strategic Management Week 7 – Business-Level Strategies Management Information Systems Department 2 Roots of Competitive Advantage: Business-Level Strategies 3 A Successful Business Strategy is.. • To create a successful business model, strategic managers must ▫ Formulate business-level strategies that will allow a company to attract customers away from its competitors Optimization of competitive positioning ▫ Implement those business-level strategies, which also involves the use of functional-level strategies to increase responsiveness to customers, efficiency, innovation, and quality. 4 Business-Level Strategy & Competitive Positioning • Business-level strategy is the plan of action that strategic
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.
By fully managing the organization and their effectiveness and efficiency Kundlers can obtain the overall business intelligences goal of the mission. The marketing strategy should look at and use a competitive intelligence to accomplish these goals. The strategies of understating and knowing productive organization can give the upper hand with knowing the competitors market. Also by viewing the competitor’s sites, stores, and marketing strategies Kundlers can achieve the mission they set for their own business to excel past the competition. Analysis within a business should serve as a vital function.
Summarise what steps you will have to take to market your business. Marketing is the management process which identifies customer needs, anticipates their future needs and then goes about satisfying them profitably. Also marketing is really about getting the right product to the right people at the right price at the right time. This is important to my business because it is essential for me to get my marketing right. As a business having a right product means having something which will sell also having a competitive price for a product meaning not an overpriced
However, there is a problem that Costco has to deal with is that their profits mostly from its membership fees instead its net income. They are sometimes keeping the prices too low to compete with their competitor but this strategy has a disadvantage. They couldn’t make a lot of profit from the merchandises. Therefore, a recommendation needs to be given. They should utilize their space in each store efficiently.