What is relationship marketing and why is it important?
Relationship marketing is the term that refers to activities and strategies that organizations use to manage and evaluate customers interaction and data in the entire customer cycle with the aim of enhancing business relationship with clients. Relationship marketing is essential since it aims at developing the healthy relationship with customers through the provision of direct information which caters clients particular interests. When any given business develops this strategy, its primary objective becomes focusing on the existing customers rather than obtaining new ones. As such, the business sales remain constant as customers feel that they are connected personally to the company brand. Also, the company can satisfy consumers needs perfectly since it understands every customer and hence it can cater for these requirements from manufacturing stage.
With which brands do you have a relationship?
I have a healthy relationship with State Farm an insurance and financial company in the united states. Insurance is characteristically sold as protection against some distractive event. This is not the case with State Farm that thought otherwise and started an efficient and uplifting campaign that concentrated on when things go the right way. The strategy does not only focus on all that goes right alone but rather informs consumers on the availability that are ready to help them. Another brand that I have a relationship is Sony. This is one of the companies that is unique as it offers quality products ranging from phones, televisions home theater among others. Their local dealers have spare parts for everything in case you experience a problem with their product.
How has your loyalty been earned to those brands in regards to marketing?
The way Sony markets its products is unique in a way that it discounts most of its product thus attracting more customers. Sony pricing is strategic as they always have a three-tiered pricing strategy which appeals, lower class, middle and upper class. The company uses market skimming strategy while launching the product but later decreases progressively. I like the way State Farm insurance handle its customers in ensuring that everything is going right. They ensure that their agents are always around to provide you with much-needed advice. Additionally, if there is any disaster, State Farm carries out an instigation and upon compensate you on time.
What customer relationship activities (promotions, rewards, and communications) have the most impact on your consumer behavior?
Advertising and promotion influence consumer behavior in a manner that businesses find it surprising. The two activities increase awareness as they offer a news function to a consumer. Viewers of adds can learn about product and services which are available. The information given provides facts regarding the product without approval and disapproval from consumers and at this stage, consumer behavior entails expression of curiosity. Also, consumers can analyze features of different products and services since they have the rational response to advertising when looking and product features. Consumers further become emotionally involved with these activities since they determine the manner the product and services can satisfy their need.
How can the three phases of the planning stage of the strategic marketing process be applied to the development of your brand?
The first phase is SWOT analysis that defines strength, weakness, opportunities, and threats of the organization to uncover the position of the business to the market. When the analysis is over, the findings should be used as a basis for coming up with the companys promoting arrangement that should be attainable. The second phase is the market program. The moment customer needs have been identified and choices of fulfilling the need realized, a promoting system can be introduced. Lastly, there is setting market and item objectives whereby the moment requirements of the customers are understood, goals of meeting them can be adjusted.
Do you feel you currently have a personal brand?
I feel I currently have a personal brand. Personal branding is not about coming up with strategies that are complicated. It is about knowing the person you are and what you stand for and coming up with means of making it happen. When I began my career as a marking researcher, I made sure that I build the relationship with my client. My strengths are and have been impressing the power of collaboration and the win-win solution for my partners and friends. It was not long before I was named female chief executive officer in research industry and I was ranked number 20.
What have you done, or can you do in the future to advance your brand?
There are some things I have done to advance my brand the main one believes in myself. Many challenges and obstacle that have come through, but I remained confident and committed. Maintaining momentum is also vital regardless what I have gone through. I did not get knocked instead I ensured that I remain a breast of all dynamics in the marketing research. Also, I tried not change who I was to fit the rules of corporate culture but I instead I did the way I understood it through bringing collaboration and passion to the boardroom.
Why is environmental scanning an essential element of the marketing plan and what are its five forces?
Environmental scanning is a process of surveying and interpreting critical data with the aim of identifying external opportunities and threats. Environmental is important to the organization since the company is capable of identifying strengths meaning the firm can gain the advantage over it competitors. The firm is also in a position to detect weaknesses and look for a solution. The firm is also able to find opportunities and make an effort to grab them when they come. Also, environmental scanning helps in decision making since the management collects all the facts after scanning which is essential in the final determination. The five forces include: Threat of entering the market, power of the suppliers, Buyer power, if there are few customers for the product, price goes down, Threat of substitutes and Completion rivalry
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