...Term Paper Title : Strategic Planning and the Marketing Process (Chapter: 2) Prepared For : Syed Abul Kalam Azad Professor Department of Marketing Faculty of Business Studies University of Dhaka Members Profile : (i) Md. Ershadul Islam Id no: 41323024 E-mail: ershad1811@yahoo.com Phone: 01717-461080 Position: Manager (ii) Md. Masum Sarder Id no: 41323033 E-mail: masum.sarder@gmail.com Phone: 01913-135057 Position: Executive (iii) Abu Nasar Zahid-Al-Mahmud Id no: 41323008 E-mail: saadi013@yahoo.com Phone: 01912-027058 ...
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...Personal Selling & The Marketing Concept Personal Selling - A Definition and a Philosophy Personal Selling is a process of developing relationships; discovering needs; matching the appropriate products with these needs; and communicating benefits through informing, reminding, or persuading. The development of a personal selling philosophy for the information age involves three prescriptions: 1) Adopt marketing concept. 2) Value personal selling. 3) Assume the role of a problem solver or partner in helping customers make buying decisions. Personal Selling as an Extension of the Marketing Concept When a business firm moves from a product orientation to consumer orientation, we say that it has adopted the marketing concept. This concept springs from the belief that the firm should dedicate all of its policies, planning, and operation to the satisfaction of the customer. Promotion can be further subdivided into advertising, public relations, sales promotion, and personal selling. Personal selling is the major promotional method used in business. Evolution of Consultative Selling Consultative selling emphasizes need identification, which is achieved through effective communication between the salesperson and the customer. The salesperson establishes two-way communication by asking appropriate questions and listening carefully to the customer's responses. The salesperson assumes the role of consultant and offers well-considered recommendations...
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...companywide strategic planning and its four steps. 2. Discuss briefly how to design business portfolios and develop growth strategies. 3. Explain marketing’s role under strategic planning and how marketing works with its partners to create and deliver customer value. 4. Describe the elements of a customer-driven marketing strategy and mix, and the forces that influence it. 5. List the marketing management functions, including the elements of a marketing plan. COMPANYWIDE STRATEGIC PLANNING: DEFINING MARKETING’S ROLE The task of selecting an overall company strategy for long-run survival and growth is called strategic planning. Companies typically prepare annual plans, long-range plans, and strategic plans. Strategic planning is the process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing market opportunities. Refer to Figure 2.1 on pg. 63, which shows the 4 steps in strategic planning. 1. Defining a Market-Oriented Mission Many organizations develop formal mission statements. A mission statement is a statement of the organization’s purpose – what it wants to accomplish in the larger environment. A clear mission statement guides people in the organization. A market-oriented mission statement defines the business in terms of satisfying basic customer needs. See Table 2.1 (pg. 64) for market-oriented vs. product-oriented definitions. Management should avoid making its mission...
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...“The effects of customer service management on business performance in Bangladesh cell phone industry an empirical analysis” as requirement for BBA 499 program. Through out the completion of the report, I came to know about many things regarding the current world on the concept of customer service management on business performance. I have tried my best to put thorough effort for the preparation of this report. Any shortcomings or fault may arise as my unintentional mistakes. I will whole heartedly welcome any clarification and suggestion about any view and conception disseminated through this report. Sincerely Yours .…………………… Nayeemur Rahman Mia Id # 0210034 Contact: Mobile: 01711503442 E-mail: nayeemur@grameenphone.com Acknowledgement I would like to convey my respect to my course supervisor Mr. Shubhankar Shil, Lecturer, School of Business, Independent University, Bangladesh for his eager, helpful and enthusiastic guidance which encouraged me to accomplish this report on “The effects of customer service management on business performance in Bangladesh cell phone industry”. Without his incessant support this work would not have found the right track which I believe it did. Enough cannot be said to pay a proper attribute to Ms. Farzana Rahman, my manager in Trade Marketing Division. Her patience to answer my on and off-hour questions should, never be undermined to appraise its contribution to the success of this report. Customer managers of GrameenPhone...
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...assessment. Creating a Personal Selling Philosophy Personal selling is the interactive process whereby a buyer and a seller negotiate an exchange process. It is usually, though not necessarily, carried out in a fact-to-face encounter between the parties [ (Blythe, 2009) ]. Personal selling is tailored specifically to respond to the customers’ needs and resolve their problem. Salespeople are encouraged to develop a personal selling philosophy based on the three prescriptions: adopt the marketing concepts, value personal selling and assume the role of a problem solver or partner. Sales trainers and writers have emphasized the problem-solving aspects of selling for many years now: the most successful presentations are those in which the customer does most of the talking (Blythe, 2009). Often times, customers will tell the salesperson exactly how to sell them the product (provided they are allowed to talk), problem-solving is at the core of the activity rather than one-way communication via the salesperson. Personal Selling Models and Methods There are several different approaches in personal selling which include but are not limited to value creation...
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...Chapter 2 Company and Marketing Strategy: Partnering to Build Customer Relationships Multiple Choice 1. Disney has been successful in selecting an overall company strategy for long-run survival and growth called _____. a. tactical planning b. strategic planning c. futuristic planning d. relationship marketing (b; Easy; pp. 39-40) 2. When your firm practices developing and maintaining a strategic fit between your organization’s goals and capabilities, it is forming a (an) _____. a. mission statement b. values statement c. strategic plan d. operating plan (c; Moderate; p. 41) 3. At the corporate level, a company starts the strategic planning process by defining its overall purpose and _____. a. mission b. values c. vision d. strengths (a; Easy; p. 41) 4. Marketing planning at your firm occurs at what levels? a. business unit; market b. business unit; product c. product; market d. business unit; product; market (d; Challenging: p. 41) 5. A clear mission statement acts as an invisible hand that guides people in the firm. It is a statement of _____. a. fact b. values c. purpose d. financial goals (c; Easy; p. 41) 6. What does a market-oriented mission statement define about the business? a. satisfying basic customer needs b. satisfying basic supplier needs c. satisfying basic stockholder needs d. satisfying basic owner needs ...
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...* Chapter 2 * Nike’s customer-driven marketing * To build image and market share, Nike * Outspent competitors on big endorsements * Conducted splashy promotional events * Started big-budget ads * Sales slipped in the late 1990s * Turnaround- new product innovation and a focus on customer relationships * Mastered social networking, creating deep engagement and community among customers * * Strategic planning * Involves adapting the firm to take advantage of opportunities in its constantly changing environment * Strategic planning helps a firm to maintain a strategic fit between its goal and capabilities and its changing marketing opportunities * * Mission statement * Statement of the organization’s purpose * - What it wants to accomplish in the larger environment * Market oriented and defined in terms of satisfying basic customer needs * Emphasizes the company’s strengths * Focuses on customers and the customer experience the company seeks to create * * Business portfolio * Collection of businesses and products that make up the company * Steps in business portfolio planning 1. Analyze the firm’s current business portfolio 2. Develop strategies for growth and downsizing to shape the future portfolio * * Portfolio analysis * Evaluation of the products and businesses that made up the company by the management * Steps: 1. Identifying the strategic business units...
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...Chapter 2- Evolution of Selling Models that Complement the Marketing Concept May-14-14 11:57 AM Marketing Concept- a philosophy that says the firm should co-ordinate all its activities to satisfy its customers whole achieving its own goal Marketing Mix- a set of controllable, tactical marketing tools that consists of everything the firm can do to influence the demand for its product. These can be organized into four sets of variables; product, place, promotion, price Consultative Selling- an approach to personal selling that is an extension of the marketing concept. Emphasis is placed on need identification, need satisfaction, and the building of a relationship that results in repeat business Transactional Selling- a sales process that most effectively matches the needs of the value-conscious buyer, who is primarily interested in price and convenience The major features of consultative selling are as follows; 1. The customer is seen as a person to be served, not to be sold a. NEED DISCOVERY 1. The buyers needs are identified through two-way communication (key for sales person to learn about the needs of the consumer as much as possible) a. SELECTION OF THE SOLUTION 1. Helping the buyer make an informed and intelligent buying decision adds value to the sales process a. NEED SATISFACTION PRESENTATION 1. Emphasizes service at every phase of the personal selling process a. SERVICING THE SALE The Evolution of Strategic...
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...management tools used to contact customers spread all over the world. With over 3,200 hotels and resorts under 19 brands in 68 countries, the company was founded by J. Willard Marriott in 1927, which began from a roadside root beer stand to an $11 billion industry on just about anything involved in running a hotel. Despite one of the industry leaders in the market, slow economic conditions intensified rivalry within the hyper-competitive hotel industry. Like the Marriott, its competition also offered the same wide range of hotel and resort brands that cater to different customers’ needs and tastes not to mention rivalries on the basis of location, ambience, price, amenities, and other elements. In order to compete effectively, Marriott relied on extensive marketing research, expert segmentation, and careful targeting. This began with the focus on various type of customers such as business customers, green travelers, meeting planners, vacationers and their families. In using a variety of research techniques, Marriott was able to determine customer needs and behavior, including focus groups, online surveys, and in-room questionnaires. By partnering with brand and marketing leaders, the company was able to build a campaign management platform that scaled across brands, programs and marketing organizations. They were also able to integrate guest communication preferences as well as efficiently distribute offers to millions of customers. Through a unified framework and...
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...The aim of customer relationship management is a comprehensive strategy and process of acquiring, retaining and partnering with selective customers to create superior value for the customer. CRM techniques are the most widely techniques that had been used by the companies but as our study revolves around the small car dealers so we have collected some of the data on the existing structure of the CRM in the automobile industry by taking into consideration “Tata Motors”. To respond to high customer expectations companies are finding they have to use both traditional and emerging channels to deliver more effective efficient and profitable marketing sales. The training and reorientation of human resources for effective CRM and highlighted with its incisive exposition and vivid cases, the CRM effectively useful for business and marketing management. 4 C’s of Customer Relationship Management- • Correlate- series of transaction & interaction that makeup a dialogue between customer i.e. data is collected from all contact points. • Combine- mapping & management of interaction points between a customer. • Cognize-(to know): insight gained through capture & analysis of detailed information is to create continuous learning from data warehouse. • Connect- application of insight to create relevant interaction with consumers, customers, channels, suppliers, partners that build value relationships. The CRM Process- The formation process of CRM refers to decisions regarding...
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...MARKETING FUNDAMENTALS: LECTURE 2: RAZZAQUE MARK1012: LECTURE 2 MARKETING STRATEGY & MARKETING ENVIRONMENT Mohammed Abdur Razzaque: School of Marketing Associate Professor MARK1012: LECTURE 2A Marketing Strategy Strategy Marketing Environment Consumer and Business Market Introduction to Marketing Marketing Research 1 MARKETING FUNDAMENTALS: LECTURE 2: RAZZAQUE Lecture objectives 1. 2. 3. 4. 5. Explain company‐wide strategic planning and its four steps Discuss how to design business portfolios and develop growth strategies Explain marketing’s role in strategic planning and how marketing works with its partners to create and deliver customer value Describe the elements of a customer‐driven marketing strategy and mix, and the forces that influence it List the marketing management functions, including the elements of a marketing plan, and discuss the importance of measuring and managing return on marketing investment L 2L2A-3 3 Strategic planning: A task and a process The task of selecting an overall company strategy for long‐ run survival and growth. The process of developing and maintaining a strategic fit between the organisation’s goals and capabilities and its changing marketing opportunities. Sets the stage for the rest of the planning in the firm such as annual plans and long‐range plans which deal with the company’s current businesses and how to keep them going. Strategies follow a hierarchy Corporate level...
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...MGT220 Principles of Marketing Long Exam No. 1 Review Guide CHAPTER I : Marketing: Creating and Capturing Customer Value 1. What is Marketing? 2. The Marketing Process a. Understanding the marketplace i. Customer Needs, Wants, Demands ii. Market Offerings iii. Marketing Myopia iv. Markets b. Designing a customer-driven marketing strategy v. Marketing Management vi. Market Segmentation vii. Target Marketing viii. Market Positiong ix. Value Proposition x. Marketing Management Orientation 1. Production Concept 2. Product Concept 3. Selling Concept 4. Marketing Concept 5. Societal Marketing Concept c. Preparing an Integrated Marketing Plan and Program xi. Marketing Mix xii. Integrated Marketing Program d. Building Customer Relationship xiii. Customer Relationship Management xiv. Relationship Building Blocks 6. Customer Value 7. Customer Satisfaction xv. Partner Relationship Management e. Capturing Value from Customers xvi. Customer Loyalty xvii. Share of Customers xviii. Customer Equity 3. The changing Marketing Landscape CHAPTER II : Company and Marketing Strategy Partnering to Build Customer Relationships 8. Strategic Planning 9. Steps in Strategic Planning ...
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...Managing a Holistic Marketing Organization GENERAL CONCEPT QUESTIONS Multiple Choice 1. ________ is the appointment of teams to manage customer-value–building processes and break down walls between departments. a. Reengineering b. Outsourcing c. Benchmarking d. Supplier partnering e. Customer Partnering Answer: a Page: 696 Level of difficulty: Easy 2. ________ is the greater willingness to buy more goods and services from outside domestic or foreign vendors. a. Benchmarking b. Merging c. Globalizing d. Outsourcing e. Accelerating Answer: d Page: 696 Level of difficulty: Easy 3. ________ is the study of “best practice companies” to improve performance. a. Empowering b. Globalizing c. Flattening d. Focusing e. Benchmarking Answer: e Page: 696 Level of difficulty: Easy 4. ________ is the trend to increase partnering with fewer but better value-adding suppliers. a. Supplier partnering b. Benchmarking c. Customer partnering d. Flattening e. Empowering Answer: a Page: 696 Level of difficulty: Easy 5. ________ is working more closely with customers to add value to their operations. a. Reengineering b. Outsourcing c. Customer partnering d. Merging e. Globalizing Answer: c Page: 696 Level of difficulty: Easy 6. ________ is the acquiring or merging with firms in the same or complementary industries to gain economies...
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...selling has developed with the various key changes back into the industrial revolution era that has had an huge impact upon and led to the ways and approaches of selling today and looks into the ancient and modern methods, techniques and attitudes of selling which altogether has contributed to its modernization. The age of selling has brought about many advancements and developments in the world of Marketing through the encouragement of improving technology and people’s hard working attitude towards it, although, the question that remains is how personal selling even started at the first place? For which, Williams et al. (2001) has said in one of his books, Sales Management, that a street peddler was the first person ever who made a door-to-door sale by collecting the produce from the local farmers and selling it to the townspeople. Selling today would never have been so convincing if door-to-door selling was never introduced in the market because without understanding the customer’s needs and wants in detail by discussing with them, the company wouldn’t know what satisfies a customer, what products for whom and how they should be made according to their needs. Salespeople who earned a living only by selling products did not happen to be many in numbers until the Industrial Revolution(mid 1700s) hit England as traders, merchants, and artisans used to fill in the selling function before this era and were treated with disrespect due to frequent use of deception in the sale of goods...
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...Students have prepared a Marketing Plan based on Houzit Home wares based in Brisbane QLD Australia, with Head Office in Milton QLD. Houzit Home wares supply home wars to the marketplace and are looking to expand. The marketing strategies outlined by the CEO are to obtain: ● Increased sales from $15million per year to $20million per year in the next three years. ● Increase our loyalty customers list from 10,000 to 15,000. ● Establish brand recognition in Brisbane so that at least 1 in 3 people recognise our brand in a random survey taken in 18 months’ time. To accomplish the above listed objectives, they strategies the students have chosen are: 1) Establishing a Joint Venture 2) Current profit maximisation 3) Market-Share Leadership To choose Market Skimming Pricing or Price skimming, for current profit maximisation, Houzit Home wares is in a position to ‘skim’ revenues layer by layer from the market. In order to achieve the sales of an extra $5 million from the market, Howzat Home wares can use this strategy to achieve its goals of maximising profit. For example, by discounting a particular products price-instead of advertising outside and lose money, by marketing to the loyalty program customers (txt, e-mail, snail mail etc.), Howzat Home wares can get these customers to come into the store and probably make another purchase, not just the discounted product. This strategy could in-turn increase the customer loyalty program and bring more customers into the store to join...
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