Market research starts out by finding information on customer’s needs, the business competitors and the market trend. Market research can be collected through primary and secondary research. Market research plays an important role because it can reduce business making the wrong decision. Without market research
The important business competitive strategies are lower cost strategy and differentiation strategy. The lower cost strategy helps an organization compete efficiently in the industry by designing, producing and marketing a similar product from its rivals but at a lower cost. Differentiation strategy helps an organization develop and market a different product from its rivals. Our team understands these two competitive strategies because we can relate with always being different to stand out or try to purchase the same products and services at a lower cost instead at a higher cost (Wheelen & Hunger, 2014). To create value and sustained competitive advantage through business strategy, organization must be able to design, produce, and
Sometimes, the staff exchanges the product with a different size that is suitable for them and whether it makes them happy. In addition, Primark is an outstanding retail company, so the customers would want their staff to have good product knowledge, someone who knows the idea of what they customers like and don’t like. So therefore, it benefits the customer to trust the staff and they would have a good understanding with negotiating with the offers such as ‘sales reduction, which is quite useful in a business. How effective customer service benefits the organisation Great customer service makes your customer feel that you care about developing in long term relationship that means you are not only make more sales, however it does benefit the business in different ways , such as : Repeat
Customers Expect Good Service • Customers demand to be treated like their money matters. Having a policy is a pre-requisite to business. Just providing a body in a store to answer questions or having enough staff in a call center to answer calls quickly will go unnoticed. A customer service policy is a way to design a standard to go beyond expectations. Ron Zemke and John A.
• Implementing information technology in order to increase efficiency in operations and marketing aids. • Point-of-sale systems that helps increase inventory turnover and sales and lead to better targeted customer marketing. • Brand identity. • The use of informational complexity to promote and educate consumers regarding their products. Q4 What are the key elements of Oliver’s strategy?
Tracking indicators allows an organization to identify the potential for risk and provides more time to act upon the risk. Leveraging existing resources will save the company money. In addition, these resources know the organization, are closer to the data, and understand the vision and direction the company wants to take. Adopting the structure the COSO provides would be useful for an organization. The structure provides the basic framework and guidance for a successful ERM.
Research competitors and industry trends to create new ideas and incentives. Compete with competitors – Price matching. With accurate information and efficient communication within the business will ensure business continuance despite possible problems. 4.0 Reports: Identify the types of reports you would be required to review regularly in order to monitor business performance, why is it important to create and use this report and who would the report be written for. 4.1: Performance Report: This report shows how well/poorly a business is doing based on a current revenue, and can identify performance areas that may need improvement.
Analysing feedback. Section 2 – Understand the purpose of displaying professional and helpful behaviour whilst supporting a business event and how to do so 1. Explain the purpose of displaying professional and helpful behaviour when supporting a business event. Showing a professional behaviour when supporting a business event will result in: A – Less conflict B – More chances of organizing similar events C – Less wasted resources D- Achieving the purpose of the event E– Attendees enjoying the event and are more co-operative. 2.
Outside –in thinking as opposed to inside out thinking is vital for successful product and service innovations. Discuss. Introduction Evidence shows that businesses that have the awareness to continually create, evaluate and successfully exploit their new ideas are more likely to survive and prosper in the competitive global economy. These ideas improve the way we do things and the things we make: the things that allow a business to remain competitive. Innovation Innovation can be defined as the process of translating an idea or invention into a good or service that creates value or for which customers will pay.
M&S realizes this main attribute and provides good services and high quality products to customers for elevating customer loyalty. As M&S focuses its business on the quality and service, its competitors consider convenience and breadth of range. These factors made this company ahead of its rivals since M&S not only satisfies the needs of customers but considers strategies of competitors of the same target market. This strategy has considered one of its key competitive advantages. Apart from quality and service lead, M&S has been considering the succeeding factors as their competitive advantage: (a) M&S has not only established good relationship and reciprocate profit with suppliers but also maintained long-term partnerships to work with them.