...One-to-one marketing, also known as relationship marketing, promises to increase the value of your customer base by establishing a learning relationship with each customer. The customer tells you of some need, and you customize your product or service to meet it. Every interaction and modification improves your ability to fit your product to the particular customer. Eventually, even if a competitor offers the same type of service, your customer won't be able to enjoy the same level of convenience without taking the time to teach your competitor the lessons your company has already learned. Although the theory behind one-to-one marketing is simple, implementation is complex. Too many companies have jumped on the one-to-one band-wagon without proper preparation--mistakenly understanding it as an excuse to badger customers with excessive telemarketing and direct mail campaigns. The authors offer practical advice for implementing a one-to-one marketing program correctly. They describe four key steps: identifying your customers, differentiating among them, interacting with them, and customizing your product or service to meet each customer's needs. And they provide activities and exercises, to be administered to employees and customers, that will help you identify your company's readiness to launch a one-to-one initiative. Although some managers dismiss the possibility of one-to-one marketing as an unattainable goal, even a modest program can produce substantial benefits. This tool...
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...DEVELOPMENT OF INTERACTIVE PERSONALIZED RELATIONSHIPS Goran VLASIC ---------------------------------------------------------------- Teaching and Research Assistant Faculty of Economics and Business, University of Zagreb Trg J. F. Kennedya 6, 10000 Zagreb, CROATIA Phone. +385 98 271 512 Web. www.efzg.hr/gvlasic e-mail. gvlasic@efzg.hr Abstract: Purpose: The purpose of this paper is to analyze, on one hand, factors which influence consumers to start interacting with companies, and on the other hand, factors which influence consumers to develop / maintain relationships with companies. Methodology: In order to analyze mentioned factors, a telephone survey (CATI) was conducted on the representative sample of Croatian citizens (n=411) Findings: Using discriminant analysis I have come up with factors which influence consumers’ willingness to participate in interactive marketing communication and those which influence consumers’ willingness to develop personalized relationships with companies. Implications: These findings have implications on what should companies nourish if they want to have interactive personalized relationships developed with their consumers. Key words: Interactivity, Marketing, Communications, Relationships, Personalization Introduction Interactive marketing communication and relationship personalization present some of the most recent developments in the field of marketing communication and marketing in general (Vlasic,...
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...Marketing In the 21st Century David Sternberg Walden University Personalization and Dynamic Pricing Personalization is the greatest type of direct advertising that individual communications are created and sent to customers. It may be personally made or programmed procedure through software that creates the personal communication. This marketing strategy develops a consumer-centric reference engines rather than corporation-centric trade engines. This approach improves through creating personalized referrals as well as websites may be setup to show marketed products on the basis of consumer’s history. Therefore, when a user visits a web page, the recommendation source, physical locality, and buying records affects products shown on the website (Vesanen, 2007). Secondly, through direct correspondence as well as e-mail where hints may be in the mailings, with the intention that definite unique products are highlighted appropriately. Further, this marketing strategy is developed through business-to-business, where prior to dealing with company representative or decision-makers within the intended business, clue information is gathered relating to definite problems they encounter and utilized to structure pitches (Vesanen, 2007). Lastly, social media marketing allows companies to react to consumers via social sites, addressing consumers’ concerns as well as involving them in customizing products (Vesanen, 2007). Firms that uses personalized advertising raises their conversion...
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...Praxis II: Marketing in the 21st Century Marketing: Strategic Innovation in Globally Diverse Markets December 23, 2012 Abstract This paper will explore the potential evolution of the role of consumer marketing. I will examine the role of the retailer and the consumer on the Internet and the vital changes retailers must incorporate to stay competitive in the marketplace. In addition, I will discuss the role of personalized marketing, traditional advertising versus online advertising, changes in the marketplace attributable to globalization, the implications of interpersonal communications, and management of the 5Ps. Personalized Marketing Personalized marketing (sometimes referred to as one-to-one marketing) is the marketer attempt to provide the customer individual attention through a variation of methods. Personalized marketing is a strategic approach which involves tailoring products differently for each and every consumer while retaining the principles of mass production. One-to-one marketing is attributable to two converging phenomena: the interactive flow of information made possible by robots and just-in-time inventory (Lampel & Mintzer, 1996, p. 21). In order for a company to be effective in personalized marketing, the company must be able to gather information on the target individual. Today, with the power of technology this is a widespread practice on the Internet. The Internet provides a medium to make one-on-one personalization practical for...
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...Praxis II: Marketing in the 21st Century by Daisy Chesley Marketing: Strategic Innovation in Globally Diverse Markets Walden University December 23, 2012 Abstract This paper will explore the potential evolution of the role of consumer marketing. I will examine the role of the retailer and the consumer on the Internet and the vital changes retailers must incorporate to stay competitive in the marketplace. In addition, I will discuss the role of personalized marketing, traditional advertising versus online advertising, changes in the marketplace attributable to globalization, the implications of interpersonal communications, and management of the 5Ps. Personalized Marketing Personalized marketing (sometimes referred to as one-to-one marketing) is the marketer attempt to provide the customer individual attention through a variation of methods. Personalized marketing is a strategic approach which involves tailoring products differently for each and every consumer while retaining the principles of mass production. One-to-one marketing is attributable to two converging phenomena: the interactive flow of information made possible by robots and just-in-time inventory (Lampel & Mintzer, 1996, p. 21). In order for a company to be effective in personalized marketing, the company must be able to gather information on the target individual. Today, with the power of technology this is a widespread practice on the Internet. The Internet provides a medium to make...
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...“Is Mass Marketing dead?” Many marketers may would yes, but I would say not quite, but it is dying. As one should already know, with mass marketing, also know as interruption marketing, “the firm ignores segment differences and goes after the whole market with one offer. Unfortunately, the ability to create a large potential market that leads to the lowest costs, lower prices, or higher margins is no longer a necessity. In this day and age the change from mass marketing to micromarketing is as much an opportunity as it is a need. During the time when it was harder to gather personal information about consumers, mass marketing was the best route to go. You put your campaign out to the world and if you’re lucky, a large percentage of consumers will be interested in what you’re company is selling. If the reaction was positive, you knew what worked. If the response was negative, you found out what changes were needed and companies went back and tried again. In this new era of marketing, there is a new breed of consumers who are obsessed with self gratification and want a more personalized experience which means that mass marketing is slowly being pushed out of sight. If consumers continue to get these personalized touches, eventually prospective customers will demand it more and more. The largest of companies still don’t agree with this and think mass marketing is the way to go. The advancements in technology are also starting to lead to the demise of mass marketing. Consumers...
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...Walgreens’ Marketing Plan Here in is a marketing plan and strategy for a new online service provided by Walgreens. This paper will touch on key factors that we will reflect in our findings in four phases. In phase I we will give an overview of the company and introduce a new service that will benefit Walgreens. This paper will also discuss how marketing is important to Walgreens success. To help implement the new service we will perform a SWOTT analysis (strengths, weaknesses, opportunities, threats, and trends). We also use the four P’s, promotion, price, product and place to make the marketing mix for this new service. Phase II identifies the segmentation criteria that will affect the target market and identify target market. The team described the consumer who primarily will use this service and describe the sub-target market of the organizational buyer and the factors that influence their purchasing decisions. Finally, Team A will analyze the current competitors and define the competitive landscape in which this new service is entering. Phase III Team A discusses key factors for Walgreen’s new service. Team A also describes the attributes of Walgreen’s service in detail. Provided is a map of Walgreen’s new service and how it will move through the product life cycle, and what factors will affect the movement. Also, how the product life cycle will affect the marketing of this new service? Team A has identified the positioning and differentiation strategies for the...
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...million revenues. Slanket had first pick of marketing channels, and there was no direct competitor with Slanket in the first few years of its product arrival. Thus, in this period of time, Slanket had no limit to how to expand its product line and to which customers they wanted to target. It chose innovators as primary demand and used the price skimming strategy. It didn’t even have any marketing costs (which is excellent because most new products have heavy promotion costs), but was able to make money and get rid of inventory quickly, selling each Slanket at the price of $64.95. Slanket has always had a stable market share and has been continuing to maintain sales even after Snuggie entered the market. Slanket maintained its first mover advantage by remaining strong in the quality niche of this market, and consumers rate it with higher satisfaction than they do with Snuggies. Slanket had key disadvantages. Optimally, it should have obtained a patent or copyright on the sleeved blankets so no competitor could take its innovative idea. Because its product was easily copied, Slanket will continue to face outside competition as the sleeved blanket becomes more mainstream. The company also underestimated the extent of popularity of the sleeved blanket; if it could have predicted that the mass consumers would adopt Snuggies as inexpensive gifts, Slanket may have rethought its marketing strategy of a high price. Slanket had a very simple marketing strategy before Snuggie entered the market...
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...INTRODUCTION: Marketing is essential factor in the whole processing of the firm. The term ‘Marketing’ can be simple defined, as “meeting needs profitably”. (kotler, et al ,p5,2006). Marketing mix is the most important aspect of the concept ‘Marketing’, which is a set of controllable tools that is used by the company in order to get expected response from the targeted market. (Khan, p 95, 2014) The marketing mix includes the main elements of marketing that is 4Ps, Price, Product, Place and Promotion. In the article by E. Constantinides (2006) ‘The Marketing Mix Revisited Towards the 21st Century Marketing’… tries to present the current standing of the main elements that is 4Ps of marketing. The purpose of presenting this article is to write a critical review. This will involve critically evaluating the journal article and highlighting the main objectives and limitations...
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...store, they would be able to do so in smooth and seamless way. Oasis a fashion retailer from UK has currently implemented this kind of system. 2. The mobile wallet The credit card and debit card won’t be out of use any time soon. But use of mobile internet is increasing day by day. With 3G-4G services emerging at an accelerated pace “mobile wallet” is going to get a huge chunk of payment market. As people tend to carry as less thing with them as possible the mobile wallet will be the one replacing the different payment method people uses at the retail stores(both online & offline). Google wallet, Paypal is few of the service which provides the mobile wallet. 3. More personalized in store experience Retailers will be implementing the solutions to create more personalized in store experience. Ecommerce sites has been doing this for years by tailored landing pages, retailers will also be bringing more and more technologies in the store to address to each and every customer in any place in store. Technologies like iBeacon, Estimote, In-store mobile devices will allow the stores to create an experience which will be both interactive and engaging. 4. Reinvention of loyalty programs Retailers will be working on their loyalty programs to retain more and more customers. The loyalty cards are on their way out and will be replaced by rewards that incorporate social behavior, shopping behavior and more. Office Depot a...
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...even in the business world or in an e-commerce environment, they are advantages and disadvantages to the product or service that are provided online where, whatever the business model is, will present many opportunities to entrepreneurs however, they are also faced with many challenges to become successful and develop as a small business. Pandora uses the power of the internet to deliver personalized radio content to its customers and the challenges that Pandora faced by transitioning from B2B to a consumer model is, how are they going to come up with the creative ideas, the strategy and ultimately, execute those ideas to the consumers to put forward a value proposition that the people will enjoy that will meet their needs. Secondly, technology has become more prevalent in our society and delivering a really good personalized radio service is really difficult and how are they going to target or market to that channel to build a consumer audience or reach a maximum exposure that they seek as a company. The three advertising option that Pandora had was the conventional standard marketing approach such as advertisement and a media plan. Additionally, they had the internet and the word of mouth avenue and the other option was maybe sell the business to a larger company or through some major partnership. Subsequently, the company chose the word of mouth avenue in an attempt to build a service virally. Additionally, word of mouth can influence consumer behavior very greatly and...
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...| Is “Mass Marketing” Dead? | | Mass marketing is the process in which segment differentiation among potential consumers is ignored in order to offer one product or service to an audience.(Hanias, 2008) Mass marketing is not personalized, unfiltered, and not audience specific which allows it to be able to reach a broader market of consumers in hopes that the product or service recognition is maximized. For some, it’s a strategy that requires less work and investment and plays on the idea that something is better than nothing. But, with so much innovation in technology and the increase in resources available to understanding the client mass marketing is slowly becoming ineffective and moving more and more towards being more personalized. Mass marketing is the process in which information and advertisements are made available to the public. The different channels in which marketing can be distributed includes newspapers and magazines, radio and television, and now Internet. Marketing has evolved as the most proven way to reach out to potential customers and making them clients. If one really wants to evaluate the effectiveness and longevity of Mass marketing its important to understand the history of its purpose and evaluate the track record of its success. According to an article on the History of Mass Media in America, mass marketing was first introduced back in the 1840’s with the Industrial revolution and the expansion of the United States from the East Coast...
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...Executive Summary Best Buy is the #1 “big box” electronic retailer that offers a wide variety of electronic goods and products (Case Assignment: Best Buy). Since it caters to a niche consumer market there is a high demand for our products, which causes a downward pressure on prices. An opportunity for Best Buy to increase revenue would be to offer longer guarantees on products and financing options. However, natural disasters and manufacturing defects pose a great threat to maintaining our high quality inventory and image. Our leading competitor, Wal-Mart Superstores, also poses a threat as they continue to climb the electronic market share. In order for Best Buy to differentiate themselves from any other competitor, SWOT Team is investigating ways to build on its business-to-consumer success and move into the business-to-business world. SWOT Team recommends that Best Buy includes personal, door-to-door selling of products to businesses. The reasons behind this decision would be the competitive advantage over Wal-Mart Superstores. An increase in the quantity of products sold will positively increase Best Buy’s profits. The amount of revenue as opposed to the costs of implementation will result in a high return-on-investment. A major factor in this decision is the creation of personal relationships and strategic alliances with business consumers. These strategic alliances will create a cooperative agreement between Best Buy and business clients (Lamb, Hair, McDaniel...
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...Core competency and Sustainable Competitive Advantage x Situation Analysis x SWOT Analysis x Industry Analysis x Competitor Analysis x Company Analysis x Customer Analysis x Market-Product Focus x Marketing and Product Objectives x Target Markets x Points of Difference x Positioning x Marketing Program x Product Strategy x Price Strategy x Promotion Strategy x Place (Distribution) Strategy x Financial Data and Projections x Past Sales Revenue x Five-Year Projections x Organization x Implementation x Evaluation and Control x Appendix x References x Executive Summary The following consultancy report aims to provide an in-depth analysis of Bonbon Mania’s current situation and as a result a thorough recommendation to set Bonbon Mania on the path to augment brand identity and increase brand awareness. Given our strategic direction Bonbon Mania will be positioned as the leading provider of premium confectionaries for businesses and special event sectors. Product & Service Bonbon Mania offers a wide range of sweets and chocolates for businesses and individuals who wish to emphasize how special an occasion or event is. They offer unique gift packages that bring a touch of whimsy to any type of event. Additionally, they offer a personalized service consisting of presentation of candies that are displayed at events. Target Market & Need Assessment Bonbon Mania’s current target market is split in five segments; the general public, corporations...
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...Consumer spending is a very important part of marketing. The way consumers purchase products and services effects economic growth. Marketing departments need to know about all aspects of consumer spending. The way a company markets a product is very beneficial to the profit of a company. In 2015, sales were down for most retailers. In 2016, retailers have started out the worst year ever on record. Consumer spending is two-thirds of United States economic activity. Even with the consumer spending down, retailer executives are still very confident about the future. Consumers want personalized experiences and emotional connections. This is what makes consumers spend money. Consumers no longer want a product that is available to everyone. The consumers want things that are unique. This article relates to promotion strategies in the marketing mix. Marketers need to know how to promote the product to the consumers. With top executives being opened minded about the future of consumer spending, marketing departments can promote their products and services based upon the uniqueness of the consumers. Marketers and advertisers can encourage consumers to spend money. I have noticed many retailers asking for your name to create a more personalized experience. Even when dining out, the wait staff and bartenders are asking for your name. Consumers demand more attention now, than ever before. They want to be appreciated and acknowledged. Consumers will spend their money...
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