Customers' Wants and Needs Embrace Term Paper
- Length: 7 pages
- Sources: 4
- Subject: Business
- Type: Term Paper
- Paper: #14252130
Excerpt from Term Paper :
This creates a strong customer base that can help the company through financially difficult periods and gives the company a leeway in terms of price control and product development. A company that can keep customers also tends to have a higher market share than its competitors. Customer care usually works its way back around and acts as advertising through the company, generally by word of mouth from satisfied customers. The more impressed a customer is with the service and care provided, the more likely they will be to recommend the business and mention its virtues to friends and family, increasing the customer pool through indirect advertising.
To ensure that out clients are assured of their pick and choice, as the Marketing director I recommend that the company gives warranties to all the electronics that ordinarily our competitors would not give. It is noted by the research conducted by the marketing department that customers will find peace of mind when buying an item that they are assured they can take back and get it fixed in case it breaks down. This gives them the assurance that the quality is good to an extent that even the company has that much confidence in it.
5.8 Sales promotion
This is another technique that the company can adopt to deal with competition. It can be directed at either the customer, sales staff, or distribution channel members (such as retailers). Sales promotions with the consumer as the target are called consumer sales promotions. Sales promotions with the retailers and wholesalers as the target are called trade sales promotions.
5.9 Position defence
Protection of ones territory can lead to a blockade situation in which time is on the side of the invader, that is, as time goes by the defender gets weaker, at the same time as the invader gets stronger. In a business situation, this involves setting up fortifications such as barriers to market entry around a product, brand, product line, market, or market segment. This could include mounting brand equity, customer satisfaction, customer loyalty, or replicate purchase rate. It could also include exclusive supply contracts, patent protection, market monopoly, or government protected monopoly status. It is best used in homogeneous markets where the defender has dominant market position and potential attackers have very limited resources. This can play in the company's situation, our company has an advantage in this, and it will be wise to employ this so as to protect our markets and brand.
5.10 After sale service
This is the other way of ensuring we stay ahead of the competition. Our company will need to be showing good reception and being hospitable to the clients, it makes the client feel welcomed and his or her presence well appreciated and thus the business wins the trust of the client and this enhances the sale of its product hence beating the similar product in the market. As the Marketing director, I second this method so as to meet the minimum expectations of the client.
5.11 SWOT Analysis
It is of great importance for the management of a business to know their area of weakness and strength for them to be able to capitalize more on their strength and take precautions on their area of short comings. It will also enable us as accompany to seize the opportunities that arise and curb any threats like the budding competitors, imitation, copying of our marketing strategies etc. early in time. This is because before one engages the business to carry out a particular task, one must first of all ensure that it has the ability, requirements and resources that will enable it to perform the task required of it. This begins by conducting an inventory of internal strength and weakness in our organization. Strengths, these are the attributes that are under our control in the marketing scenario and we are well equipped in the knowledge of such. While weaknesses are attributes that even though are within our reach, they still obstruct us in one way or the other from achieving the business objectives.
5.12 Studying competition
As a franchise system, it's important to follow current, industry trends on a daily basis. But it's also necessary to study the competition's potential plan-of-action. The company may be aware of the recent news and services, but what are our future plans? To move ahead quickly, the company needs to look at competitor data in a new way. Business models, online newsrooms, marketing materials and annual reports can reveal secrets pertaining to goals for growth. This information should be carefully reviewed and then consider strategic activities to pursue what the competition has missed. By constantly being aware of the competition's activities and looking at the overall picture, our company can develop unique ideas and services that will keep it two steps ahead.
5.13 Customers' wants and needs
To develop unique ideas, the company should start obtaining regular feedback from customers. They can tell the company exactly what they want now and how to make improvements for future offerings. Involve them in regular online chats, group discussions and surveys. They should be carefully listened to and their views enacted whenever appropriate in the company strategies. According to Bosses Go "Undercover" to Learn, Engage Employees (2010) The company should introduce regular client suggestion of what they would like to find offered in our electronics shop in the next three or four years. These will give ideas to out company on what we need to get so as to stay ahead of the competition.
5.14 Embrace of new technology
Without learning about the latest technology offerings, franchise companies may be wasting time and money. Our company should get educated and know what is available including new software tools to help with accounting, customer relations, marketing, and more are affordable ways to increase productivity. But if a company doesn't know they exist, they can't use them. These will help us serve clients faster an in a more efficient manner. For instance the company should change the POS from manual receipt writing and invoicing to an automated one where barcode readers are introduce hence clients can get their pay processed faster and goods loaded to their cars in amore efficient manner than now. Generally the company needs to keep abreast of current technology and be aware of our surroundings. Review of television commercials, print advertisements, news announcements, and current events to trigger creative, innovative ideas and solutions to problems in our company.
5.15 Hiring the right team
The company should hire a team of energetic people who care about the growth of our business. The team should constantly be motivated and excellence be rewarded. "To be successful in business, it is not enough to simply provide annual, employee reviews and offer feedback," states Theresa (2010), "Leaders need to obtain regular suggestions and comments from internal customers and then take quick action on this information. Employees need to have a voice and know that their input is a valuable part of the company's overall growth strategy."
To help the business progress faster, the company should consider researching the prospect of hiring franchise brokers. Today, numerous brokers are available to help expand the business in areas one cannot access effectively. Franchise brokers have large databases of contacts at their disposal and can give a competitive edge for growth.
5.16 Being more aggressive
If one wants to be a successful franchiser, it is absolutely essential to have a good work ethic and do whatever it takes to promote the business. It is very easy to reach a certain point of success and then slack off a bit. But this is exactly when competition sees an opportunity to move ahead quickly and steal potential customers. To avoid this scenario, our company should take the time to re-evaluate current strategies and tactics on a regular basis. As the Marketing director, I recommend that we should start by reviewing all of the areas of our franchise exposure. Although it can be easy to postpone necessary updates, the materials presented to the public are very important to business success.
5.17 Price fixing
This is an agreement among competitors to raise, fix, or otherwise maintain the price at which their goods or services are sold or provided. The competitors may not, of necessity, agree to impose exactly the same price, or that every competitor in a given industry joins the conspiracy but a particular niche of traders may choose to use the price fixing method. Price fixing emanates various forms, and any agreement that restricts price competition violates the law.
These forms may include Establish or adhere to price discounts. Hold prices firm. Eradicate or lessen discounts. Adopt a criterion for computing prices. Uphold particular price differentials between diverse types, sizes, or quantities of products. Stick on to a minimum fee or price schedule. Fix credit terms. Not advertise prices among others.
These may be used by our company as a last resort. If the counterfeit business proves untameable, it…