Retail Marketing Mix Strategies at Argos UK. Marketing mix strategies are important part of marketing plan. It shows the strategies adopted by an organization in order to effectively market its products to consumers. Retail marketing mix strategies should always be developed keeping customers needs and requirements as priority because it should always satisfy customer needs. The success of strategies depends on ability of an organization to satisfy customer needs better than its competitors in market.
With the rapid growth of the company and high competition, Best Buy is constantly striving to stay a leader in the consumer electronics market. One way they are able to do this is through employee motivation tools. People have certain needs to motivate them to perform behaviors for which they receive rewards that feedback and satisfy the original need in a simple model of motivation. Motivation may be defined as the psychological processes that arouse and direct goal-directed behavior. It was once thought that money was the main contributor in motivating people, however it is much more complex than that.
As such educating consumers can direct more customers towards those businesses provided that retailers still have products the consumers want to begin with (Dickson, 2008). In this line of thinking, this is something that managers of second-hand stores should consider as a second-hand shop is a socially responsible business. While it is impossible due to the very nature of second-hand shops to have complete control of the offering, educating consumers about the benefits to second-hand shopping may appeal to those consumers who have personal values or ideologies related to not wasting resources, sustainability, the environment or helping others. The benefits that can be mentioned are things like how much resources are consumed when producing new clothing and then in comparison how much resources it takes for a consumer to buy a piece of already used clothing. An approach like this can appeal to those who are ethics and ecology motivated and perhaps even to those who want to distance themselves from the
Summary: For some businesses customer loyalty is the ultimate quest; loyal customers who wouldn’t dream of getting their goods and services from anywhere else. Loyal customers provide businesses with a steady revenue stream. In an effort to boost profits and stay ahead in a tumultuous consumer-electronics market place, Best Buy developed a customer centric approach. By taking a look at the enterprise from the outside in and viewing the shopping experience through the customers’ eyes; Best Buy tries to understand what problems customer’s face in their everyday lives and then aids in providing advantageous solutions. This endeavor has helped Best Buy grow from a small specialty audio retailer to the world’s most largest consumer electronics retailer.
We understood that businesses should continuously observe their goods and services to better assist customers. They have to understand what worked and generated earnings last year may not work as well this year. So therefore, product differentiation and positioning are key elements of a company's marketing plan and are fundamental of staying ahead of the game with competitors. Also knowing with including innovative concepts with careful analysis, product differentiation helps to join quality, or price, within a product to push the intended customers to observe it as different and desirable. Then the understanding in the next step is product
This is a more apropos take on the concept of integrated marketing communication. Integrated Marketing Communication (IMC) is more than just putting pieces together; it is for lack of better terms a ‘movement ‘and focus within the company. Integrated Marketing Communication (IMC) is important to the success of any business. Through ICM, businesses’ respond to feedback from their customers. Feedback is gotten from surveys, sophisticated tracking of purchases and other ways of determining customer satisfaction.
Product differentiation is a major part of new entrant’s struggle to gain market shares, much because of CC and PC’s strong brand name and consumers brand awareness. Other barriers to entry are also present, such as the incremental efficiency improvements CC and PC has made after being long-time, major market shareowners. Limited access to distribution channels can also keep new entrants from growing, as both CC and PC has built strong relationships with concentrate producers, bottlers, retail channels, and suppliers. Power of Suppliers First, we need to have a look at what the suppliers provide, which in this case is plastic
HR insures employees are held operationally accountable for keeping a balanced focus on customer service, expense control (theft prevention) and keeping products in stock” (Bergdahl, 2010). Wal-Marts spend a considerable amount of effort trying to make employees feel like they are part the company because they are valuable assets to solicit new ideas. Wal-Mart is continuously expanding that is why they are on the look-out for the best candidates, as a result of their global reach; there are a lot of job openings worldwide. There are two ways in which Wal-Mart recruit, internal and external recruitment. Wal-Mart recruitment uses both of them depending on the situation.
Place: IKEA has a unique style of store display, compared to other furniture store, IKEA is more like a furniture supermarket, so that meet the consumers shopping style satisfaction. Promotion: IKEA’s ongoing promotional activities, continue to stimulate the brand loyalty of existing customers and potential customers desire of buying. Customer wants and needs: IKEA is very concerned about the spending habits of different customer groups in different countries, and also concerned about consumption behavior of region differences and cultural differences, meet the consumers demand of different cultures and different areas. Cost: IKEA has the product costs compare to the others, because Ikea has too many suppliers in B2B environment, the bargaining power of supplier is weak, thus providing lower prices for IKEA’s consumers. Convenience: often IKEA set up their stores in suburbs, providing more parking places and merchandise display area, while avoiding traffic congestion to provide their customers more conveniences (my own research found that: In China, many IKEA stores set up in the downtown area, which is because IKEA considerate most consumers
MY ALIGNMENT WITH THE VALUES OF ACCESS BANK Values are what we live and work by; but how we use values can interpret how we view everything that impacts our lives. Value is what we believe to be right or wrong and how we incorporate those values into our work and everyday life. People always make decisions based on what they value the most. In the business world personal value is what helps to define how an organization will be ran and how successful a company can become. Values matter in today society because attention to our values helps us become more self-aware, make ethical decisions, prioritize our tasks, and develop credibility as a leader.