...CHAPTER 1 1.1 INTRODUCTION Satisfying customers is one of the main objectives of every business. The message is obvious – satisfied customers improve business and dissatisfied customers impair business. Customer satisfaction is an asset that should be monitored and managed just like any physical asset. Introduction to Customer satisfaction: Customer satisfaction is a term frequently used in marketing. It is a measure of how products and services supplied by a company meet or surpass customer expectation. Customer satisfaction is defined as "the number of customers, or percentage of total customers, whose reported experience with a firm, its products, or its services (ratings) exceeds specified satisfaction goals." In a survey of nearly 200...
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...Need of Customer Relationship Management Customer Relationship Management is the biggest and the most proficient approach in maintaining and creating relationships with customers. Customer relationship management is not only business but also strong personal connection within people. Development of this type of connection takes the business to new stages of success. Once this personal and emotional linkage is built, it is very quite easy for an organization to identify the actual requirements of customer and help them to serve them in a better way. It is a belief that more the sophisticated strategies involved in implementing the customer relationship management, the more strong and fruitful is the business. A CRM system consists of a historical...
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...Communicating with customers is very important for companies as it develops its relationship with its base and it helps in strategic marketing planning as the company will have a picture of its customers. 2. Identification of customer Group Filipinos are the targeted customer group for this report and they were chosen because they play an important role in the company and they are a segment on their own. They have their unique usage patterns and services and contribute to COMPANY X success as they like communities. The services they prefer are landline with Internet, TV packages, and low international and local calling rates. This segment is very unique in its requirements as they use many telecom services. 3. Evaluation of Tools available for COMPANY X There are many tools that COMPANY X uses to communicate with its customer. Filipinos prefer, Television, door-to-door and face-to face communication. Those tools can be evaluated as follow: 1. Television: is a very successful marketing method; however, it is very expensive and usually television advertises are made for very special and big events such as national day. Even through this tool is considered very effective for this segment, it wont generate the revenues required for this specific segment. 2. Door-to-door: COMPANY X have previously hosted events and visited workers in Industrial area and sold them SIM card with identifications of services it offers. The campaign was very successful and many customers bought SIM...
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...Even though most companies have switched from product towards customer orienta-tion, they still need practical holistic concepts enabling efficient sales management and customer approaches. According to PEPELS reporting systems are essential in today’s sales. This incorpo-rates appropriate goal setting and documentation of achievements to monitor progress and success. He further goes saying that reports need to be aligned with customer demands/needs so information gathered and retrieved is useful providing insight in customer satisfaction, reactions to offers, personal information, current status and overall buying habits. Over time this type of reporting and monitoring has become more and more computer-aided – including ERP-systems, CRM-systems,...
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...service affects the price that he or she is willing to pay for it. For the most part, consumers are unaware of the true cost of production for the products they buy. Instead, they simply have an internal feeling for how much certain products are worth to them. Thus, in order to obtain a higher price for their products, producers may pursue marketing strategies to create a higher perceived value for their products. For an example of a reputed brand Boost; customer may think it comes up with energy for the professional cricket player with commercials Sachin Tendulkar is doing impossible. Let's take an example of famous brand Adidas. It has come up with special category of shoes named Air Jordan for the professional NBA players with advertisement Michael Jordan doing extraordinary performance. On the other hand Air Jordan announces a limited edition with customized amount available for which Adidas charges more price compare to other products. At the end all the publicity about the line of Air Jordan and its limited edition are customer perceived value. In marketing, value can be defined by qualitative and quantitative measures. Qualitative value consists of individual’s emotional, mental and physical condition, different social, economic, cultural and environmental factors whereas quantitative value consists of financial numbers and numeric value. Perceived value depends on time, place and people in relation to the changing environment....
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...event and facilities management, the importance and performance of the existing facilities in city hotels of Griffith University in order to identify the critical factors in better operation and execution of hotels. The rapid development and expansion of hospitality industry has made hotel industry much more competitive than before, thus, how to promote the operation and execution become a significant issue in surviving in fierce competitive business environment. Among those critical issues of success in managing hotels, the service segment is in particular of importance in that it is directly accessed by customers or travellers and they are inclined to rate hotels on those service (Roger, 2011). Therefore, it is quite necessary to elevation how importance of existing facilities towards guests and the current performance of those facilities in the hotels. The Griffith University Hotel, being operating for a relative long period in the service industry, has established its good reputation and occupied a certain part of market shares. While, it still suffers from threads from low priced hotels and other rivals who are continuingly promoting hotel environment and service. In order to maintain the current volume of guests and probably increase it, the examination is conducted to deal with the competitive pressures. Currently, there are seventeen categories of facilities utilized in the city braches of the Griffith University to serve customers, such as family restaurant, tennis court...
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...provides a smaller level of detail in regards to services offered. Also, Westpac directly emphasises the importance of customers to their business by indicating that their main objective is to cater for customer needs, which suggests that customers are a highly valued asset within the company. ANZ’s mission communicates a similar message. This notion of the importance of customers is not communicated as directly in NAB’s mission, which alternatively provides a level of insight into the competitiveness and ambition that drives NAB to achieve an improved market positioning. Furthermore, Westpac’s vision communicates a similar level of customer importance that is reflected in its mission statement. This is again unlike NAB’s vision, which fails to communicate the importance of customers and alternatively focuses on the business’s quantitative objectives. ANZ’s vision reflects elements of Westpac’s and NAB’s visions by emphasising the importance of customers as well as its international business interests. Furthermore, NAB and ANZ’s company values emphasise the importance of ethical behaviour in all areas of the business; however, Westpac does not touch on this notion. Also, ANZ and Westpac both highlight the underlying concept of a collaborative approach to work, i.e. working as one team. In addition to this, all three company values communicate the importance of treating customers with respect. However, only NAB and Westpac offer an insight into the competitiveness and ambition that...
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... I will explain the importance of marketing in organizational success, providing at least three examples from the business world. My personal definition of marketing is the promoting of products or services in such a way to make them desirable to the public. Marketing is satisfying the needs of customers, and creating the environment that products or services appear valuable. BusinessDictionary.com defines marketing as the management process in which services and goods progress from innovation to the customer. As a practice, it consists of four elements: selection, identification, and development of a product, price determination, distribution channel selection, and the development and implementation of a promotional strategy (Business Dictionary, 2010). MarketingPower.com defines marketing as the set of principles, and processes for creating, exchanging, communicating, and delivering offerings that create innovation for clients, partners, customers, and society (Marketing Power, 2007). Marketing is very important to business because it contributes greatly to the success of the organization. Distribution and production depend greatly on marketing. Sales and marketing are not the same. These two concepts differ greatly. Sales refer to the customer transactions. Marketing spans promotions, advertising, sales, and public relations. Marketing is the process of introduction and promotion encouraging sales in the marketplace (Importance of Marketing, 2009)...
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...Which Elements are Important to Customers in Fast Food Restaurants: Food quality, Time, and Price. Introduction A phenomenon anyone can easily observe is that people eat more meals outside their home than before(Kara, Kaynak, & Kucukemiroglu, 1997), and fast-food has increasingly become popular over the past decades (Pereira et al., 2005). When people are short of time, sick and tired of preparing for meals at home, or hatred to waiting, they willingly go out and eat meals. According to some authors (French, Story, Neumark-Sztainer, Fulkerson, & Hannan, 2001), between 1977 and 1995 the fast-food industry had experienced 200% rapid growth whereas other restaurant industry had been grown only by 150%. Adolescents visit a fast food restaurant more than twice every week on average, indicating that out of at least two-and-a-half of the away-from-home meals are eaten by them, and this trend is expected to continue in the future (French, et al., 2001). According to Namkung and Jang (2007), the very first objective of business is to satisfy customers, and in turn, have them repurchase. Food quality is one of the most important reasons that we repeatedly patronize a certain restaurant because after all is said and done, the fundamental reason of going to restaurants is to have meals. Therefore, food quality has received by far more attention from researchers than any other elements of restaurants (Jang, Ha, & Silkes, 2009), and their efforts have been continued on...
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...The Importance of Customer Service in Hospitality March 5, 2012 “Customer service is the essence of the hospitality industry. The importance of customer service in hospitality is stressed in professional courses as well as on-the-job training module since aspiring hoteliers, restaurateurs and others in the industry need to be well aware of its significance and implication for successful business operations”. In recent years, the term hospitality has become increasingly popular and may be interpreted in a number of ways whether it is commercial, industrial or public services. King, in his book, states that hospitality may have four attributes which are that must have a relationship between individuals who take the roles of host or guest, this relationship may be commercial or private, the keys to successful hospitality in both the commercial and private sectors include knowledge of what would evoke pleasure in the guest and hospitality as a process that includes arrival, providing comfort and fulfillment of guest’s wishes, and departure. Tourism industries are not the same as other industries. It is because we provide services to the customer while some industries provide the tangible product. Thus, hospitality and tourism can not be separated as hospitality is the key to success in the tourism industry. The following paragraph will discuss the importance of hospitality in relation to the tourism industry. Firstly, there are several components in the tourism industry, for...
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...The Relative Importance of Website Design Quality and Service Quality in Determining Consumers’ Online Repurchase Behavior Tao Zhou, Yaobin Lu and Bin Wang 2010, Information Systems Management 2012 The Relative Importance of Website Design Quality and Service Quality in Determining Consumers’ Online Repurchase Behavior Tao Zhou, Yaobin Lu and Bin Wang 2010, Information Systems Management 2012 Analysis of “The Relative Importance of Website Design Quality and Service Quality in Determining Consumers’ Online Repurchase Behavior” Buying products and services on the Internet has become more popular worldwide. According to Zhou, Lu and Wang, (2009), over 298 million people use the Internet with 24.8 percent of these people making online purchases (p. 327). Website design quality and service quality are both important, but how do these affect consumer behavior? Website design definitely affects the first purchase of an item as customers as they eagerly decide to buy or decide not to buy, but what factors determine whether customers continue to buy? Website design quality is important because attracts customers to keep coming back to the website whether it is a simple thank you to keeping track of customer orders that have become complicated. Website design quality attracts customers to the website while service quality makes a difference by taking care of the service needs of the customer. Zhou, Lu, and Wang (2009) hypothesis that “compared with website design quality, service...
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...------------------------------------------------- Customer Relationship Marketing ------------------------------------------------- Customer Relationship Marketing The Importance Of CRM in Business-to-Business Practices The Importance Of CRM in Business-to-Business Practices Contents 1. Introduction 2 2. The Importance of Customer Relationship Marketing 3 2.1 Business Buyer Characteristics 4 2.2 Collaborative Relationships 5 3. Customer Relationship Marketing Strategies 6 3.1 Acquiring the right Customers 6 3.2 Crafting the right value proposition 7 3.3 Instituting the best process 8 3.4 Motivating employees 8 3.5 Learning to retain customers 9 4. Conclusion 9 5. Reference List 10 1. Introduction According to Gordon, customer relationship marketing is defined as ‘…the on-going process of identifying and creating new value with individual customers and then sharing the benefits from this over a lifetime of association’ (Weinstein, 1999). It is very important to note the evolution of Customer Relationship Marketing in the business world. Communicating a generic message to a large group of people was the norm in the past (Belch and Belch, 2007). This proved to be a very expensive method to keep as this non-specific message did not serve well to understand and deliver each and every one of the individual needs of the customer (Belch and Belch, 2007). The 1980’s saw the advent of database marketing which was the first stage in the journey to efficient Customer Relationship Marketing...
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...Introduction This paper is a marketing research on Kudler Fine Foods. I will justify the importance of marketing research in developing Kudler Fine Foods’ marketing strategy and tactics. Next, I will identify the areas where additional market research is needed. Afterwards, I will analyze the importance of competitive intelligence and analysis regarding the development of Kudler Fine Foods’ marketing strategy and tactics. Kudler Fine Foods Marketing Research Kudler Fine Foods were founded in 1998 by Kathy Kudler in San Diego, CA. Kudler has since grown to three locations. The importance of marketing research in developing Kudler Fine Foods is focusing on expanding to more locations; making sure that their operations efficiency is top of the line and increasing the customer purchasing cycle. With Kudler Fine Foods, there are several areas where additional marketing research is needed. Although it is a great idea to increase revenue in the store, but training customers to prepare specialty foods is not only a waste of time, but a waste of money. Kudler is bringing world-renowed chefs to train the customers. It costs a lot of money to get very famous chefs to work for companies and they will be training customers free of charge at Kudler Fine Foods hoping to increase customer’s social network. Kudler will also offer classes at customer’s homes for a premium fee. But, why would a customer want to pay for such a service when they can go to Kudler’s location and have the cooking...
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...CUSTOMER PERCEPTION OF THE IMPORTANCE OF VALUE ADDED SERVICES PROVIDER BY THE VARIOUS MOBILE PHONE OPERATORS IN THE CONTEXT OF BANGLADESH. by Faisal Rezwan ID: 0220227 An Internship Report Presented in Partial Fulfillment of the Requirements for the Degree Bachelor of Business Administration INDEPENDENT UNIVERSITY, BANGLADESH September, 2007 CUSTOMER PERCEPTION OF THE IMPORTANCE OF VALUE ADDED SERVICES PROVIDER BY THE VARIOUS MOBILE PHONE OPERATORS IN THE CONTEXT OF BANGLADESH. CUSTOMER PERCEPTION OF THE IMPORTANCE OF VALUE ADDED SERVICES PROVIDER BY THE VARIOUS MOBILE PHONE OPERATORS IN THE CONTEXT OF IN BANGLADESH. by Faisal Rezwan ID: 0220227 has been approved September, 2007 Mr. Rumman Hassan Lecturer School of business INDEPENDENT UNIVERSITY, BANGLADESH September 13, 2007 To Mr. Rumman Hassan Lecture, School of Business Independent University, Bangladesh Subject: Submission of Internship Report Dear Sir, It is a great pleasure for me to submit the report on “The customer perception of the importance of value added services provided by the various mobile phone operators in the context of Bangladesh.” I found this study to be useful and practical where the intent was to incorporate the Knowledge gathered throughout the period of my graduation. The intriguing part was the data collection period where I came to learn different type of Value Added Services. I tried to the maximum competence to meet all the dimensions required from this report...
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...which a product or service is introduced and promoted to potential customers. Without marketing, the business may offer the best products or services in your industry, but none of the business’s potential customers would know about it. Without marketing, sales may crash and companies may have to close. 1 Marketing communications is a management process through which an organisation engages with its various audiences. 2A new era is unfolding in the field of advertise, promotions, and marketing communication. All organisations – large and small, commercial, government, charities, educational and other not-for-profit organisations all need to communicate with a range of stakeholders. This may be in order to get materials and services to undertake their business activities, or to collaborate and coordinate with others to secure suitable distribution of their goods and services. In addition, there are consumers – you and me – people who are free to choose among the many hundreds and thousands of product offerings. At this Marketing communications provides a core activity so that all interested parties can understand the intentions of others and appreciate the value of the goods and services offered.3 A good marketing strategy provides a business with a chance of being discovered by prospective customers. , a company has to use marketing strategies to create product or service awareness. Without marketing, customers may never be aware of business, product or service offers by a business...
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