Following terms and given examples Wants and needs Customer relationship managem
ID: 445177 • Letter: F
Question
Following terms and given examples
Wants and needs
Customer relationship management
Share of the customer
Global firm
Product
1 what is marketing explain briefly
2 What are the 4p’s” of marketing? pick a product and give an example how product, price, promotion and place factor into its sale
3 Should a company be able to fire a customer? explain why or why not
4 What are 4 trends in modern marketing?
5 What are the 6 decisions a company faces in carrying out international marketing?
6 What are some elements in a foreign country’s political and legal environment that a company must take into account when expanding its business abroad?
7 What are some ways that marketing can encounter culture difficulties when dealing with international cultures and societies
8 Name at least 4 factors that contribute towards determining which foreign markets a firm should enter
9 What are four major steps in designing a customer driven marketing strategy?
10 What are 3 ways that companies can break down (segment) their target markets?
11 Give an example of marketing that might be unethical because it is targeted at a vulnerable population?
12 Why is it so rare these days that products go unbranded?
13 What are some ways a company can make sure a customer is happy after the sale?
please give details and examples each question 200 words
thanku
Explanation / Answer
1. Marketing is communication between a company and its customers with the objective of selling that company's product or service to the customers. Marketing is done with a customer orientation i.e marketing plans are based to supply products to suit new consumer tastes. Contemporary marketing aims to satisfy the wants and needs of customers.
2. The 4 p's of marketing are product, price, place and promotion for the target market. Product - this looks into the aspects of product variety, design, brand name, packaging etc. Price - this looks into list price, discount, credit terms. Place - this looks into the various location where a product can be purchased. Distribution channel, locations, are some of the aspects being looked into. Promotion - This looks at various types of communication that can be used to increase awareness about a product - advertising, sales promotion etc.
I take the example of Unilever's Dove shampoo. This product was designed with the quality of giving moisture to hair. It is available in 100ml, 200 ml and 400 ml sizes. Price was kept at a premium, keeping in mind the perceived benefits of the shampoo to the customer. Place - the product was availabe extensively in mom and pop stores, modern retail formats, supermarkets. It was also sold using online medium. Promotion - Dove shampoo mainly did adertisements to increase awareness.
3. Yes, a company should be able to fire a customer. There can be cases where a customer can be unprofitable or simply exhausting for the company. When the annual cost of serving a customer increases beyond the annual revenues earned from that customer, the company should fire that customer. The cost should not only include the tangible costs but also the amount of time the company has put in for customer relationship management. Thus, a company should be able to fire a customer.
4. Trends in modern marketing are:
(i) stress on direct and online marketing - Companies are increasingly making use of technology to market products and services. There is increasing use of online marketing and digital marketing.
(ii) stress on quality and customer satisfaction - as people are getting more aware about product attributes, marketers are laying emphasis on highlighting a product's value and quality.
(iii) emphasis on customer retention - marketers are looking at customer retention with the objective of having lifelong customers. Companies use softwares and data analytics to study buying habits, changing tastes and needs etc., in order to mainatin customer loyalty.
(iv) global thinking and local marketing plan - companies have to offer their products in different countries. Their core strategy remains the same, but they have to alter some of their product offerings and marketing plans to suit the local needs, tastes and requirements of people of the country in question. The saying has become quite popular in marketing - "Think globally, but act locally".