By the marketing managers being able to plan the marketing efforts effectively and they can then identify what is required and to ensure that the development of the programs is highly focused towards the demand in the market. Market research also helps to create benchmarks and to measure progress. Early research helps to highlight any major gaps in the marketing plan which need to be bridged and regular market research helps to show if there are any improvements in sales being brought about by the marketing efforts.
Segmentation and the marketing mix
Segmentation helps greatly in customer retention and acquisition of new clientele. This is because it helps the company to tag their customers based on three distinct values. First is whether the customers are at high risk of cancelling the services they are getting from the company. One of the most common indicators of these high-risk customers is a drop in the usage of the company's service. The second value is whether the customer is worth the efforts to retain them. This looks at the profits and income that this particular customer is bringing in. If the cost incurred in satisfying and retaining the customer is higher than the income or profit accrued, this relationship is not worth the effort. The last value is what the right tactics to retain the customer are. These include customer discounts, freebies, individualized attention, etc.
The basic components of marketing are embodied in the marketing mix which consists of the product or service, promotion, price and lastly, sales or distribution. The product or service is part of the marketing mix and it is important for the product to be well suited for the target market Vignali, 2001.
A good example is Starbucks which has several tea and coffee products which help the company target a large market based on the individual taste Stuhl, 2011()
The second component is promotion which represents all the communication between the marketing team and the target market. It includes advertising, sales promotions and public relations activities Vignali, 2001.
A good example is the TV and radio commercials that are undertaken by Starbucks in efforts to promote their products and brand awareness Stuhl, 2011()
The third component is price. This is what the customer pays for the service of product. There are various pricing strategies such as penetration pricing, line pricing and premium pricing Kotler & Keller, 2012.
Price is an important component of marketing since for example penetration pricing can help the company to penetrate a highly competitive market.
The last component is distribution of sales which requires the company to provide the goods...
Therefore, the standpoint of social embeddedness is a tool that offers to provide a clear picture if one wants to comprehend the contribution of the relational factors in the success of outsourced IS projects (Rai, Maruping and Venkatesh, 2009). If one is to increase his/her comprehension and develop an insight about how to monitor and control outsourced IS projects, Johns' (2006 as cited in Rai, Maruping and Venkatesh, 2009) suggestions
value differences between merging with other companies inside of Western Europe vs. investing in merging with companies in BRIC nations. Thus, mergers and acquisitions from within Western Europe were gathered. These were then compared to mergers of Western European companies with BRIC nations, including Brazil, Russia, India, and China. The data set chosen was to include a span of ten years, from 1999 to 2009. First and foremost, there
82). Both desktop and Web widgets have the same basic components. Fundamentally, they use Web compatible formats, even if intended to run in a desktop environment. This means that the core of the widget is HTML and CSS code which contains the actual content of the widget, namely text, linked images/video or content pulled from a server of Web service. Alternatively, the widget content can be created using Flash, although
According to Illich (1968), hypocrisy is, perhaps, an instinctive trait shared by majority of Americans. They are mentally prepared to accept that the motives of potentially legitimizing the 1963 international volunteer action are not applicable when it comes to performing the very same act five years later. “Mission vacations” involving the poor people of Mexico was the trend among wealthy American students during the initial half of the decade. Emotional
Managing All Stakeholders in the Context of a Merger Process Review of the Relevant Literature Types of Mergers Identifying All Stakeholders in a Given Business Strategic Market Factors Driving Merger Activity Selection Process for Merger Candidates Summary, Conclusion, and Recommendations The Challenge of Managing All Stakeholders in the Context of a Merger Process Mergers and acquisitions became central features of organizational life in the last part of the 20th century, particularly as organizations seek to establish and
Global Business Trends- Brazil The extreme growth of Brazil across the recent years is heavily fueled through the increment of prices of commodities as well as the ideal approach to handling 2008 and 2009 global recession. The most apparent trend in Brazil is the easy access to credit. Credit has become easily available and accessible in Brazil than in the previous years. Credit is both granted to organizations and people with a
Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.
Get Started Now