¶ … company's sales come from new customers and repeat customers. In order for you to fully understand the various market functions aside from advertising and selling is the importance of keeping these customers satisfied, especially repeat customers. As Kotler (2013), explains on page 13, in order to attract new customers, it costs 500% more than satisfying an existing one. Furthermore, it costs 16 times more to bring a new customer to the same level of spending than a repeat customer. "…creating customer value is a multilaned process consisting of two conceptually distinct subprocesses. These are the supplier's process of providing resources for customer's use and the customer's process of turning service into value" (Gronroos & Ravald, 2011, p. 5). Therefore the actions of selling and advertising that are meant to attract new customers are not necessarily as important as other actions like integrated marketing that consist of several functions: customer service, marketing research, and product management. These functions serve to provide quality service and product to the customer while also helping to understand and meet the needs of the customer.
Integrated marketing is a process of functions that are coordinated together through the perspective of the customer. Through integrated marketing, a company or business can serve the customers' interests while also providing valuable insight to the company on what would...
For instance, if you or someone you know has had issues with a product in relation to billing, this aspect of customer service can result in lost business for the company if the needs of the customer are not met. Providing the customer with a smooth transaction and easy return policy can give the customers, especially repeat customers' incentive to keep buying, therefore generating more profit for the company.
In order to achieve this, a common form of marketing organization, functional organization, enables delivering and implementing administrative simplicity. In this kind of organization, functional specialists like marketing research managers and sales managers, report to a marketing VP to coordinate activities. "…entrepreneurial marketing as the organizational function of marketing by taking into account innovativeness, risk taking, pro-activeness and the pursuit of opportunities without regard for the resources currently controlled…not be restricted to young and small ventures…but applied to larger firms" (Kraus, Harms & Fink, 2010, p. 19). The employees then handle functions for status and budget and enable better delivery of customer service and resource management which are integral to business success and profitability. Another aspect important in understanding better marketing functions is geographic organization. From a management perspective, it's important to keep employees within a close…
Functions Management The purpose of this report is to analyze the leadership and planning systems at Apple Inc. Apple has been one of the success stories of the past decade. Leadership has played a strong role in Apple's success, with the company generally thriving under Steve Jobs and struggling under other leaders. With Jobs' passing, the company faces a challenge of adapting its leadership and planning systems, both of which were
marketing plan. The mission statement of CCT is to encourage and cultivate the human spirit: one individual, one cup, and one community at a time. There are total 213 cafes that are currently operating in all the major cities of India and are owned by Cafe Coffee Time. The cafe Coffee Time is the part of Coffee Time which is Rs. 200 crore ISO 9002 certified. CCT positions itself as
The company tried breakfast food with little success, and failed at branching out into music as well. Overall, there is little evidence that Starbucks can be anything other than a coffee company. Despite the weaknesses, there are a number of great opportunities in the market. The best is the opportunity that Starbucks is already pursuing in emerging markets. There is a strong focus on Asia and the Middle East. The
Marketing Plan Description of the Product The product is coffee, or specifically it is high end coffee, expertly roasted and made available to coffee shops, institutional customers and retail customers over the Internet. There are several elements to the product. The first is the beans, which are sourced from equatorial regions around the world. There are different breeds and cultivars of coffee available on the market. Coffee, like wine grapes, picks up
As their actions will have ripple effects upon the entire distribution channel, having an impact upon the success of the product. Discuss how the distribution strategy fits the product/service, target market, and overall marketing objectives for the company. The distribution strategy that is being utilized will help to identify a target market for the MLX and allow the company to achieve its different marketing objectives. What is happening is the competition
In order to be known into the market place and as a new entrant, the company will provide its target market with an affordable cost while providing them a high quality products and services. The company will be given the customer and client a price that is lesser than its competitors so that the consumer will be enhanced to buy and patronize the Global Smart Card. Each card is