Term Paper on Customer-targeted Marketing

2021-07-08 06:07:20
7 pages
1810 words
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University/College: 
University of Richmond
Type of paper: 
Term paper
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Companies have various reasons for their existence but one main key factor that contributes to it running is the customer. Without the customer, a company would be obsolete. Customers need to be retained in every possible way. Marketing was then developed to attract and retain customers throughout the companys lifetime. Marketing is widely influenced by current trends in the market and thus is ever evolving. Marketing in the world and various organizations have evolved over the past decades promoting new theories and ideas from various academics. Business enterprises have played a significant role in both economic development and employment levels in contributing to todays world economy. (Wyckham, 2012).In regards to evolution, the remainder of production concepts has been included in marketing (Meler, 1999). This leads to marketing being equalized with economic publicity. This inclusion suggests that the Conceptual approach is not understood. The evolution of marketing has led to the development of new ideas which have been implemented over time. The objective of marketing is efficient and profitable given it satisfies consumer needs (Meler, 2003).

Organizations aim in satisfying their consumers needs and wants to ensure higher business profits and meeting consumer needs. Successful marketing tends to attract new consumers and maintain the expectations of the existing. Successful marketing methods mainly focus on reaching out to the consumer and understanding how the consumer selected the product. Dudovskiv, (2016) argued that many factors influenced customers in the marketing field most especially their purchasing power. In the necessity of reaching new potential customers, most organizations have undergone the deeply needed transition to customer targeted marketing to prevent to prevent heavy losses in terms of market share. This has led to transitioning organizations carrying out various activities such as surveys to get feedback from consumers in regards to its marketing methods.

Elsbach, (2013) argued that brand philosophy and new business practices have been termed by electronic marketing which seeks to work hand in hand with the marketing of products, the creation of innovations among others. Improvement in Information Technology has proved that traditional marketing is irrelevant as it does not widen our targeted market. Hence gearing marketing in the right direction by allowing us as an organization to communicate effectively about the given programs. Unlike traditional marketing, customer targeted marketing has increased in popularity amongst consumers.

Consumers being the primary target, their needs and purchase behavior are strategically important. In the marketing field, many factors influence consumers' behavior including consumer loyalty, prices, income, and many others and it is important that an organization factors in all these aspects in production, supply, and marketing. The business industry is proving to be more and more competitive such that the customers loyalty is part of service providers' primary objective. In order for an organization to have a bigger market share, it means that the company needs to be competitive by modifying processes that suit the market demands at given time (Stately, 2012). This is why an immediate shift to customer targeted marketing is necessary.

It has endorsed would-be and existing clients to form views which in most circumstances play in favor of the organization. It is essential to gain an understanding of the consumers preferences to maintain a satisfactory level and adjust the products to attain loyal consumers. This, in turn, yields to a group of loyal customers. Consumers purchase behaviors need to be assessed hand in hand with marketing scheme used to determine and assess the profits. This is affected by pricing, loyalty among other issues forcing the groups to adjust itself to fit into the consumers shoes. Without these said adjustments, the company stands in a position to incur losses and lose its existing and potential consumers to other rival organization.

Reasons as to why the organization should switch to consumer-targeted marketing and not stick to traditional marketing.

As the Vice president, it is important to explain to the staff what traditional and consumer-intended marketing is and why the shift is necessary. In order for marketing metrics to succeed, marketers have reported that consumer satisfaction and rates are important. As an organization, we must take into account that more than a third of organizations have shifted to customer targeted marketing. This is due to the rise in higher usage of consumer-targeted marketing in organizations unlike in the traditional marketing. It is key to analyze the reasons for the migration and elaborate them clearly.

Traditional marketing is marketing that focuses on the 4 Ps of marketing. These are products, price, promotion, and place. Products are services that meet the needs of the consumers and grasp what the services are. Price is determined by the understanding of the product offered which in turn will impact profits and supply and demand. Promotion tends to scope towards the direction in ways organizations relay relevant service information and services to their consumers. Place focuses on providing the service at a strategic time and place targeting specific consumers. Traditional methods of marketing use old methods of communication such as flyers, mail, billboards among others to reach a target audience. These tools proved to be ineffective as they were not individual specific.

Focusing on Traditional marketing has caused enormous losses in our organization. One of the reasons is it has led an interaction barrier between us as an organization and the consumers in perspective to customization. This has made it difficult to target an individual but instead focuses on a specific group thus more people view the advertisement but are generally not interested thus incurring losses. Furthermore, traditional marketing is not effective in a modern world as it focuses more on the product and less on the customer. This has led to reduced loyalty among consumers that stems from the targeted consumers feeling undervalued. The organizations, in turn, tend to ignore the ever-changing needs of the consumers. It is key for the organizations to take this into a note in order for them to build the loyalty brand. The aim of our organization should be creating a value of consumers and motivating them and not focusing on the product solely

Customer-Targeted Marketing mainly focuses on the customer and makes the product less of a priority thus building a loyalty pact with the consumer. They are strategies that when put into place, scope more on consumers and what they want. Customer targeted marketing greatly relies on the interaction of the consumer with the company. With the increase in the use of information and technology, there has been an increase in the need for introducing products and knowing consumers. The increase has been linear over the past decades (Tan et al, 2004). It is strongly recommended that the organization gathers information from consumers using Information and technology to get the general feedback on the overall performance of the company and things the consumer would want to be improved in regards to the products and services. Hence customer targeted marketing is more effective in regards to meeting consumers needs as it targets all consumer market needs and focuses keenly on their feedback in developing quality services. In most organizations, there have been events that have been held to bring together customers and talk about issues and provide customization to attract more clientele and loyalty programmes to motivate the existing consumers to stick to the given product.

Customer-Targeted Marketing, unlike Traditional Marketing, is appropriate because through this the company focuses on the consumer rather than the services offered by the organization. Consumers being the center of focus, the quality of service and needs are easily met. Hasan, (2012), argued that consumers being the center of focus will bring the issue of responsibility as the customers are in charge of how to innovate products that suit their needs. This approach will allow the organization to gain information directly from the consumers and address all their needs as soon as possible. Furthermore, consumer-targeted marketing views all existing consumers as an individual entity rather than a homogeneous group of people with the same tastes and preferences, buying behaviors, and values. Consumer needs will easily be met if the company remains customer-focused in product development as well as its marketing strategies by ensuring that no single group of consumers is sidelined (Swapnil and Veena, 2016).It mainly focuses on the customer and makes the product less of a priority thus building a loyalty pact with the consumer. They are strategies that when put into place, scope more on consumers and what they want.

Lastly, customer targeted marketing, unlike traditional marketing, aims at coordinating and integrating organizations so as to ensure all segments of the organization have the same goal which should be the long-term satisfaction of the Consumer. This is more effective in ensuring maximization of its profits in regards to attraction and retention of clients. Furthermore, consumer-targeted marketing has a successful marketing strategy in their products such as promotions and offer with suitable prices to lure in more consumers. They also succeed in communication by knowing how the consumers choose their products and implementing new methods to ensure they attract more consumers in the target market.

The need for change is due to Technological innovations. Technology has improved the face of the business industry. Many organizations have shifted to the technological side of marketing. Technology-oriented business has been expanding rapidly and catering to the customers needs efficiently. Communication, networking, sustainable strategies have been adversely changed by technology. Technology has seen massive changes in this sector as it has led to the development of websites and mobile apps that have developed communication. In this day and age, more than fifty percent of the population owns a technological gadget. Websites and the mobile apps have company is information and access portals where the customer can enquire and if they have any feedback, they can easily share it by emailing the organization. On top of that, the customer is not time-bound thus can access information on the organization whenever and wherever they want. This as seen a milestone change in the means of communication for organizations.

E-marketing has been widely used by many organizations. E-Marketing has allowed organizations to reach out to potential consumers on the various platforms available to them. Most platforms include social media pages such as linked in and Facebook. The business environment has thus been reduced to a global village, thanks to technology. Our focus is our customers since we are dealing with mostly the young generation; technology is our best shot to reach out to them across the globe. We as an organization should utilize Technology to the maximum and use it to guide us towards the change we need in order to focus on our customers.

E-banking another aspect of technology that is taking the banking system with a wave. It has created an efficient, fast, and safe way to transact money. Automated Teller Machines with personalized pin numbers have enabled withdrawal and depositing of money easier and at customers' convenience. The digital coin has...

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