Which customer needs are we satisfying? characteristics Newness Performance Customization “Getting the Job Done” Design Brand/Status Price Cost Reduction Risk Reduction Accessibility Convenience/Usability Customer Relationships What type of relationship does each of our Customer Segments expect us to establish and maintain with them? Which ones have we established? How are they integrated with the rest of our business model? How costly are they?
They influence the product or service they buy. ~ Market segmentation - The important thing is to influence your target group, to buy your products or services. ~ Bases of a segmentation * Geographic : Segmenting by content, country, city * Psychographic: Understanding the lifestyle and opinions of the consumers. * Demographic: Segmentation based on age, sex, marital status * Lifestyle : Segmentation based on state, neighborhood, region ~ Uses of geo-demographic systems to identify and reach target groups eg ACRON, MOSAIC * The ACORN is a geo-demographic tool the business use to identify and understand the UK population and local demand for products and services. They use the postcodes for demographic statistics and lifestyle variables to give business a guide to different regions.
Earlier on in the company they would make the shoes right then and there (overnight) they were able to offer a “Baskin Bobbins” style of flavors but with the colors and fabrics they offered. A kid could ask for a shoe to be made in a bunch of different colors, or just one color but the tongue a different color. Furthermore they were at a advantage in that for just a dollar they would sell you a pair of shoes in different sizes or shapes to accommodate people with those type needs. 3. How has the company's competitive position changed over time?
The assessment of this case study, in conjunction with arriving to an appropriate cost for materials and freight, will help determine the recommended best course of action for Precision Worldwide, Inc. and Hans Thorborg in deciding the preferred product for the organization. Key Issues and Problems Precision Worldwide, Inc. (PWI) is faced with a business decision that will potentially affect the organization’s continuity and profitability. The organization recently held meetings to discuss the introduction of a substitute product into the marketplace by a competitor. In making a business decision to ensure the ongoing future of the organization, the key issues and problems need to be outlined to provide certainty that all issues and problems are addressed to facilitate a sound recommendation to the organization. * Disproportionate level of steel ring inventory compared to demand PWI currently has a large quantity of steel rings and specialized steel in inventory in excess of
2. How to develop a total compensation strategy. Step 1: Assess total compensation implications * Competitive dynamic Emphasize on how the organization plan to compete and survive in the industry. Therefore, the company should have the ability to cope with the turbulent competitive dynamic and focus on important factors in the environment today such as changing customer needs, competitors’ actions, changing in labor market conditions, changing laws and globalization. * Culture values The pay system mirrors the company’s image and reputation.
Lessons learned from this topic and case study: 1. Managers need to be able to estimate the costs of different responsibility centres and products to assist with monitoring the performance of different departments and also to assist with decision making about product pricing, profitability of individual products, assist with decisions when making changes to product lines and various other managerial requirements such as controlling costs and valuing inventory for financial statements. 2. Dividing the business into cost objects such as departments or products can assist with creating greater accuracy when allocating costs to each ‘cost object’. 3.
Distribution and Global Marketing Analysis for Nike Inc. In looking at Nike Inc.’s athletic shoe supply chain, the company utilizes a multi-level channel strategy to move products from manufacturing to the consumer. Starting with customer needs and wants, Nike Inc. looks to social media platforms to connect with consumers to target what improvements and/or new products the company can implement when it comes to athletic shoes. Nike Inc. then initiates the product development phase and comes up with a new athletic shoe design to match the feedback that was received from consumers. From there the company utilizes two different intermediaries, suppliers to produce the raw material needed to build the shoes, and manufacturers to build and assemble the final product.
This paper will discuss the psychological and social factors, such as perception, motives, attitudes, family, personality, reference group, and social class, which influence consumer behavior in the direction of the purchase of a product or service. It is vital for marketers to develop an effective marketing message, recognize and be familiar with how to apply this knowledge of consumer thinking to create and develop an effective marketing of its products and services. In the process used by marketer’s to develop a marketing message, marketer’s must factor in their target audience and what they are trying to sell as the most important reasons that a consumer must buy their products or services. Consumer behavior involves the psychological and social practices many go through in the attainment, use and discarding of merchandises. Items which may be attained, used and discarded are items such as vehicles, services for professionally laundered items, and practices such as when to or how to receive health exams.
Components of Supply Chain Management (SCM) The main elements of a supply chain include purchasing, operations, distribution, and integration. The supply chain begins with purchasing. Purchasing managers or buyers are typically responsible for determining which products their company will sell, sourcing product suppliers and vendors, and procuring products from vendors at prices and terms that meets profitability goals. Supply chain
Executive summary The aim of this report is to analyse Tesco’s strateiesy both in corporate level and business level. The report will begin with the background information in Tesco, then the overall business will introduce Tesco’s current business situation, competition, operation and important issues. Secondly, the advantages and problems of product – diversification strategy are formulated. Followed by the ways of diversification, Tesco also made good use of cost leadership strategy and differentiation. Following the corporate strategies and based on relevant strategic management theories and concepts, this report will analyse the company’s current strategies on expanding in the US market.