Unit 5 Introduction To Marketing Research Paper
Customer value is the satisfaction a consumer feels after making a purchase for goods or services. A consumer doesn’t think through value just in terms of money spent, but can also reflect on the time it takes to obtain a purchased product and the interactions with customer service personal.
Customer satisfaction is a marketing term that measures how products or services provided by a company meet a customer’s expectation. Customer satisfaction is important because it provides a metric that they can use to improve their businesses.
Customer satisfaction is important because it increases the customer lifetime value and it is cheaper to retain customers than obtain new ones. Customer …show more content…
Explain the term the Marketing Mix Marketing mix refers to the set of actions or tactics that a company uses to promote its brand or product in the market. The 7 P’s make up a typical marketing mix- Price includes company activities that make the product available to target consumers. Product means the goods and services combination the company offers to the target market. Promotion includes all of the activities marketers undertake to inform consumers about their products and to encourage potential consumers to buy these products. Physical evidence is the environment in which the service is delivered, and where the firm and customer …show more content…
Give examples to show how an organisation can grow its market and revenue share.
Organizations increase market store through innovation strengthening. Customer’s relationships and acquiring competitors. High market share puts companies at a competitive advantage which receive better prices from suppliers as their larger order volumes increase their buying power. By strengthening customer relationships, companies protect their existing market share by preventing customers from jumping when a competitor rolls out a hot new offer. Companies can grow market share by satisfying customers who frequently speak at their positive experience to friends and relatives who then become new customers.
Companies with the highest market share in their industries almost have the most skilled and dedicated employees. Bring the best employees in board reduces expenditure related to training and turnover, therefore enables companies to devote more resources to focus on their core competencies, offering competitive salaries and benefits is proper way to attract the best employees. Another method to increase market share is by acquiring a competitor, it taps into the newly acquired firms existing customer base and it reduces the number of firms fighting for the same