Customers\' Wants and Needs Embrace

Customers' wants and needs

Embrace of new technology

Hiring the right team

Being more aggressive

Price fixing

Due to stiff economic conditions a good percentage of our customers are likely to opt for a cheaper product, as a matter of fact, is an imitation of ours. Consequently this report has been written and also due to the increased competition and threat to our market territory. The competitors' product is already out in the market according to a report handed to me as the Marketing Director from the research findings conducted by the marketing department among the competitors.

The report was requested by the Managing Director in order to find ways of reducing the potential threat to our company. On the basis of this report, the Managing Director will brief the production, finance and Human Resource Management.

Objectives

The objectives of this report are to examine the potential threats from the competitors. To line out what the competitors are bringing into the market. To examine the technique that the competitors are using to get into the market and to analyse their marketing strategy.

It is also aimed at finding ways of coping up with the emerging market trends in the electronics market. It is also to examine what would be the intervention measures to the emerging threat in the company's market.

Scope.

This report looks into the diverse marketing strategies of our company staying afloat in the highly competitive market. The report also examines the potential of the company to stay ahead in the electronics market dominance. This, as a matter of urgency, will require the g intervention measures discussed below. Herein, they will be discussed from the meaning, applicability within our electronics market and legal precautions, if any be found, taking into account the business management perspective.

2.1 Literature review

Many writers have written on the subject of keeping ones market amidst competition. Bob L, (2010) has written and suggested that it is not the price that can dictate the number of clients in ones business. It explores means of keeping clients when competition arrives. However, the writer left our so many hitches and it is in this light that as a Marketing Director I put forth a research to see how our company can stay ahead of the company.

3.1 Procedure (Methodology)

There were a total of 1,750 customers chosen by random selection from the walk in clients into our various branches. Out of these, 1,500 customers were invited for an interview with our research assistants between December 1, 2009 to march 1, 2010. A further 200 customers agreed to fill in the simple questionnaires that the research team handed out and brought them back dully filled.

The significance of the results was apparent since they helped me as the Marketing Director to get to the root of the possibility of our company running into a tight race with the competitors in the long run. It also helped give the customer views and suggestions, from which I was able to give recommendations to the Managing Director in view of keeping up to standards with the market demand.

4.1 Findings

In general, the findings indicated that the competitors are fast moving into the market niche which we already dominate and this they are doing by making the same, but the name, electronic gadgets and items as our company.

The major finding of the investigation is that our regular clients are already giving thought to the competitors' products. It was found out that many clients have started streaming into the competitors' showrooms, though to compare product and prices.

Surprisingly, it was also found out that our competitors are sucking onto our marketing strategies to bring their standards up to ours.

5.1 Discussion/Intervention measures.

5.1 Specialization

Bob L, (2001) states, "You'll always have competitors. But you don't have to lower your price to compete with them. Instead, become a specialist and cater to prospects in a narrowly defined targeted market. Your understanding and insight into their unique situation will establish you as the expert in your field. They'll want to do business with YOU even if you don't offer the lowest price." This is one of the strongest points that as the Marketing Director I recommend for the company can adopt. The production unit should employ specialists in all the different electronics that we deal in. These experts will help improve and explain the technical aspects of the various electronics that the wide range of clients will buy. This will also involve after sales services and installation if need be. With this specialisation in place, the company will have no reason to lose customers to the competitors.

5.2 Predatory pricing

This is the tradition of selling a product at a very low price, intending to force competitors out of the market or generate barriers to entry for probable new competitors. Once competition can't uphold equal or lower prices without losing money, they fall out of business (Hess J. 2004). It is advisable for our company to adopt this method as the best remedy to the intended mischief by our competitor. This, as the Marketing Director suggest, should be on the electronic accessories like the USB flash discs, DVD, CD-R, and CD-RW, data cables, diskettes and such like accessories which many clients will always come back for after buying the electronics like home theatres or computers. Snakes and humans are no friends unless one is in possession of special snake handling procedures, our product is about to be attacked and a retaliatory effort is highly necessary. For this reason the marketing department is willing to go full-force in tackling the offensive that is fast eating into our company. It will be incumbent on us, however, to justify the pricing so as to avoid clash with the antitrust law. It is apparent that the competitors are using this technique on us as found out by the research conducted by my department.

5.3 Trade contest

This is basically a scheme where the company creates a contest among the distributors, and thereafter reward retailers that sell most products. This is a model where the marketing department will need capital to sensitize the entire retailers group of our products of the unfolding and the period it will take.

It is expected that advertisement modes like banners, flyers, leaflets, brochures and the media in general will be used to carry forth this sensitization drive. The company will at the long run, benefit from the competition that shall have been created among the retailers, who will concentrate on our products and neglect those of the competitors.

5.4 Internet marketing

Another strategy that should be Internet marketing since it has proved to be a boon for people involved in any kind of business, consequently it can apply to our company. Yvonne, (2010) says of the internet, "It is an effective medium to propel one's business to greater heights. Reaching out to your potential customers across boundaries has been made easy by internet marketing. It has made marketing, easy, effective, efficient, less time consuming and cost effective."

However, to make the most of the internet marketing, a thorough professional and systematic approach will be required. This will involve a lot of proper planning and scheduling. For any business person to focus both on business development and the latest trends in internet marketing is difficult. As the Marketing director, I suggest that the company therefore hire highly skilled marketing professionals for my department to make this happen.

5.5 Training

I recommend that the Human Resources Department conducts regular training of the staff of the company across the board. This will enhance our output over those of our competitors. With a well trained sales team, marketing team the company will experience an increase in the sales. According to most studies the most successful and productive employees are those who have received extensive training. They're the cream of the company, often having the strongest stake in the company's future. In an ideal world, the company would be able to hire people who already possess the exact skills your business needs, but in today's competitive labour market, demand for skilled workers far exceeds supply. That's where training comes in handy, not only does instruction equip our employees with needed professional or technical skills, but it also shows that the company has invested in them and interested in bringing them with company into the company's future, which, as a matter of fact keeps workers motivated and involved and as a Marketing director I highly recommend this mode of solution.

5.6 Customer care

There should be an improved special attention to the customer service. When our clients are treated in a respectful and satisfying manner, then our company is bound to get more and more customers. This will also help retain the customer base that we already have hence having an upper hand over our competitors. Better customer care means that current customers are more likely to think well of the company, and will be more inclined to return. 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.

5.7 Warranties

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.