chapter 9 Flashcards
marketing
marketing
anticipating, satisfying and identifying customer needs
why would an enterprise use marketing
to raise customer awareness of the enterprise
to increase or maintain brand loyalty
improve image of the company
increase or defend sales market share or profit
help enterprise compete
help the enterprise reach its target market
how does marketing help the customers
provides knowledge abt the product so they can make informed decisions
save money, so they dont buy the wrong product as they get all the info
raises awareness of products customers didnt not know abt.
enterprises have to keep its customers needs and wants so new product might be developed.
customer retention
measuring how loyal customers are to an enterprise and the likelihood of them buying its products or services again
why is customer retention important
marketing is expensive- if you have a relationship with the customers over time, it makes it easier to provide products required
returning customers can provide a stable income for the company.
makes cash flow plan easier
establishes brand loyalty and maintain it.
increasing the chance of repeat business and defending sales against competitors
loyal customers spend more on each visit
good word of mouth advertising, increase sales and your market share.
customer satisfaction
the extent to which customers are pleased with the products and services provided by an enterprise
how to measure customer satisfaction
number of sales- increased or decreased. changes in sales may be due to other factors, income, tastes, competition
number of complaints or returned products- can lead to bad reputation loss of sales.
how to obtain feedback from customers
customer questionaires and surveys-
suggestion boxes and comment cards
mystery shopper programme- people act as customers to test out the service, the shopper is given a no. of issues to asses
focus groups
methods of retaining exsisting customers
offering good or improved qualtiy of products
offering a new or wider range of poducts and designs
offering good cutomer service by giving personal attenition to the needs
providing after sales services and support, credit facilities and delivery
resolving complaints quickly with refunds or exchanges
providing detailed info abt products
communicating regularly with customers
rewarding loyalty( loyalty cards, discounts, special offers)
asking for feedback
justify
to support a case with evidence/argument
methods of marketing communications to reach intended customers
leaflets and flyers
posters and billboards
online communication and social media
sponsorship
newspapers
television
radio
cinema
magazines
newsletters
word of mouth
announcements
methods of marketing communications to reach intended customers
leaflets and flyers
advantages- simple and cheap and easy to produce
can be kept for future reference
disadvantages- often seen as junk mail so ignored
pollution
methods of marketing communications to reach intended customers
posters and billboards
advantages- good visual impact
can be seen numerous times as people pass
target people in a given location
disadvantages- easy to miss
no detailed info
easily damaged
methods of marketing communications to reach intended customers
online communication and social media
advantages- two way communication with customers
accessing in most countries so larger audience
sites easy to update and maintain
disadvantages- easy to ignore or block advert
easy to miss
methods of marketing communications to reach intended customers
sponsorship
advantages- association with another party can increase awareness
disadvantages- cots alot
negative publicity can affect both parties
