To do this, organisations need to be aware of the following: * Identify what customers are buying and what benefits they purchase * Understand why customers will or do purchase * Know when customers are likely to buy By knowing the customer, organisations can plan to meet their needs. Some other aspects they affect consumers purchasing decisions are: * Location * After sales support * Presentation *
Activity 2.2.docx Detail the methods and procedures that might be used by an organisation to communicate with customers to identify and agree on product/ service specifications. Business plans need to be flexable and be adapted to meet the changing needs of customers so the business can continue to support the delivery of products/services to customer specifications. Customer expectations and needs will change from time to time and will be affected by market trends, fashions and changes in external environments. You need to know who your customers are, where they com form, and what their buying intentions are. Market research and communication with customers is important to keep the organisation informed
Knowing the shopping habits of their customers, Kudler Fine Foods will be to implement the rewards program and offer customers item specific discounts based on their purchases. The use of a barcode system in relation to the intranet of Kudler Fine Foods is to act as an inventory control agent. Kudler is then able to track items currently in stock including items that need to be order for restocking and items that are overstocked and are not
A distribution channel (or marketing channel) is the process of getting goods and/or services from the manufacturer to the consumer. Between the manufacturer and the consumer, there can be intermediaries called channel members - wholesalers, retailers, and sales agents. These channel members facilitate the goods and/or services getting to the consumers. The distribution channels generally consist of two parts; first, set locations used for storage, shipping and/or receiving materials such as factories, warehouses, and/or retail locations, and secondly, set routes for distribution (eg. By air, sea, highway, train, and/or Internet) which are used to connect the locations.
Financial Analysis In developing the Frequent Shopper Program, this will require funding in different fields. The Sales and Marketing department will have an expenditure on market research and advertising. KFF stores will have an expense on the online registration and website development. Another area that will acquire an expense is the accomplishments of legal rules. The reason of all the expenditures can be done by the financial determination of all the expenses.
Department managers are responsible for maintaining inventory levels, forecasting sales, and obtaining the best prices and quality of the products. Department managers rely on historical sales data to determine what their future sales will be as well as inventory forecasting. The director of administration and human resources is responsible for ensuring that the stores employee a diverse staff, by ensuring the staff is diverse this helps ensure the products offered are catered to a diverse clientele. Kudlers Fine Foods uses an outside accounting to ensure that accounting practices fall within federal guidelines. They also have a lawyer on retainer for legal advice if
This information is then combined with the produce the customers purchased. The purpose behind this is to always, have what loyal customers want on hand at the Kudler locations. Kudlers is also looking into holding classes in teaching these customers about the products they carry. The use of demographics and Psychographic were explained in how they help in business planning. Demographics and Psychographic, both help explain the customer in general, and what he or she is looking for in the business.
The first function starts when the source of the supply is transferred to the producers of the product for the transformation process. Once the producers are finished, a distributor then process orders and prepares items for shipment after a review from the retailer. Retailers then receive the orders placed to put into inventory so that the consumers are able to purchase product. The order processing and management category is designed to offer consistent, objective and auditable inventory assessments for financial reporting purposes for the retailers to be able to compete in labor-intensive industries nationally, customary costing approaches help generate the most accurate collective values for the cost of goods sold and ending inventories (Lockarmy III & Smith,
The historical sales system includes information like Shipment schedules with dates, distance and locations of delivery, size of shipments, and payment dates by shipment. It also includes sales information about price paid, cost, margin and discount given. This system helps the sales and marketing department to have data to base decisions on when considering future interactions with customers. It clarifies for the marketing team trends that may repeat in the future and how to capitalize on profitable ones while minimizing non profitable trends. Marketing Research and Planning Huffman trucking implements a marketing research and planning system that supports a variety of areas within the marketing department.
BSBFIM501A - Manage budgets and financial plans Written / Oral Questions 1. Why do organisations need accurate and timely financial information? What information is required to manage the organisation’s finances? Who is usually responsible for an organisation’s financial management? -Financial management ensures that a business is monitoring their finances.