Companies practicing the marketing concept strive to satisfy customers' needs while achieving the organization's objectives at the same time. From a managerial point of view, Marketing is the process of planning and executing the concept, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals. Marketing management is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value. Because consumers are constantly seeking quality products and services, companies continue to seek how to meet customer expectations. Businesses today face a number of challenges and opportunities including globalization, the effects of advances in technology, laws, and regulations.
Check what your competitors are offering to customers. 4. Is location of the business is worthwhile. Market research can lead business to success:- Renovation can be beneficial for the business as attractive place is more profitable. There are some key factors involved in the market research:- Location Competitors Target market Cost of products Services to the customers Time frames to complete the task Servey with the customers Collect the feedback.
Marketing Audit Approach. A Marketing Audit is a comprehensive, systematic, independent, and periodic analysis that a company uses to examine its position in relation to its current and potential market(s). A marketing audit may also exhibit weaknesses and recognize opportunities to improve an organization marketing activities in selling products and services. A Marketing Audit will help a company to position products and services for optimum sales, evaluate the competitive environment, identify problems with marketing efforts, evaluate pricing strategy, and implement cost-effective marketing strategies and tactics. An effective marketing audit takes into consideration the general business environment and the general market environment.
Evaluate the influence different stakeholders exert in Sainsbury’s D1 I am going to evaluate the influence that stakeholders exert on Sainsbury’s. I will be evaluating the following stakeholders: customers, suppliers, owners, trade unions, employer associations, local community, national communities and the government. Customers The first stakeholder I am going to evaluate is customers who are also known as external stakeholders, customers influence Sainsbury’s as their main base of the business, they contribute to profit levels through buying products. Customers are influential to Sainsbury’s as they are able to influence the business in many ways such as their aims and objectives and how they run the business, customers are the base of any business therefore they are one of the most important stakeholders that a business can have. One action that the customers can take to influence Sainsbury’s is their customer service as it has a big impact as if the staff of Sainsbury’s were to be rude and obnoxious to the customer then this will result in a bad feedback with leads to a bad reputation for Sainsbury’s as one of Sainsbury’s aims is to be there for the customer and have their colleagues making the difference which is to give a good customer service.
This video demonstrates how Goodwill caters to different types of customers by recognizing the cultural, social, personal, and psychological factors that affect how customers make buying decisions. In this manner, Goodwill is able to maximize customer value by offering the right mix of goods at unbeatable bargains. Your Task You will be demonstrating that you understand the above- ‐noted course concepts by applying them to the Goodwill Video Case Study
| | | Relationship marketing strives at “building enduring relationships with people and organizations in order to earn and retain their businesses” (Kotler & Keller, Pg. 20). Relationship marketing delivers many benefits to the business as it allows you to reduce marketing expenses, build referrals, and grow the company’s business aligned with the clients’ needs. “The ultimate outcome of relationship marketing is a marketing network consisting of the company and its supporting stakeholders, customers, employees, suppliers, distributors, retailers, ad agencies, etc with who it can build mutually profitable business relationships” (Kotler & Keller, Pg. 22).
Evaluating and Improving Internal Control in LJB Company Introduction Internal control is one of the integral parts of a company. To improve management’s ability to analyze and assess the profitability of their business, we review the already established internal control system and recommend, where needed, improved internal control procedures that defenses against business failure, drive business performance, and to manage risks in achieving the business’s goal. Why Internal Control is Important The overall purpose of internal control is to help an organization achieve its mission, accomplish its goals and maximize profit while reduce risk. An effective internal control system has primary components: * A Control environment * Risk assessment * Control activities * Information and communication * Monitoring In this analysis, we will focus on Control Activities since it is the backbone of LJB company’s efforts to address the risks it faces. The six principles of control activities are as fellows.
Marketing Marketing: Marketing is the process of communicating the value of a product or service to customers, for selling that product or service. Marketing strategy: marketing strategy is a process that can allow an organization to concentrate its resources on the optimal opportunities with the goals of increasing sales and achieving a sustainable competitive advantage. 3 different marketing strategies: * Growth strategy: growth strategy is when an organization plans to achieve its objective to grow in turnover and volume. * Survival strategy: this is when the a business is planning to survive during the downfall time in their business. It is applying the concepts, tools and techniques of marketing to services like banking, insurance, retailing, educational etc.
Scrubbing Bubbles® Executive Summary By understanding the brand’s current position in the marketplace, its strengths, its weaknesses and its opportunities for improvement, we has developed a strategic marketing plan that fits perfectly with SC Johnson’s ideals as a company. The research first considers market forces affecting the brand and its competitors and then identifies key success factors for the industry. Each of Scrubbing Bubbles’ top competitors is examined so that the brand’s relative market position becomes clear. Once an understanding of the industry and the competition has been demonstrated, the focus turns to SC Johnson as a company. This internal analysis considers how SC Johnson’s identity and reputation affects the brand image of Scrubbing Bubbles.
A reward system basically deals with the allocation of compensation and benefits to employees that follow the standards, rules and procedures established. The major goal of an organizations reward system is to keep its employees motivated so that they continually perform better at their jobs. CHOKA Enterprise Inc a marketing and distribution company stands out among other distributors for their quality of products and reliable delivery times. CHOKA has been able to secure a major contract to supply a major chain in Europe, Marks and Spencers. As the Marketing manager expected to develop a reward system, the following proposal will highlight a system that will enable greater reliability with respect to response time and assure quality and compliance with HACCP requirements.