Market Position vs Market Share

The Customer Satisfaction category allows the experts to look at the company’s design and delivery of products and services with a high level of customer satisfaction. The applicant will need to address how the company identifies market segments, the level of focus on the market segments, how product features and service are selected to best serve the market segments that were identified, how the company develops customer relationships, key factors in customer satisfaction and how the company obtains and utilizes customer feedback to improve performance.

1. Market share is a measure of relative rather than absolute performance in the market.

In positioning, the marketing department forms an image for the product based on its intended audience. This is formed through the use of promotion, price, place and product. The more penetrating a positioning strategy, typically the more effective the marketing strategy is for a company. A good positioning strategy uplifts the marketing efforts and helps a buyer move from knowledge of a product or service to its purchase. MIFCO has made the availability of products all around Maldives.

Customer satisfaction can be gauged by a number of indicators including fewer customer complaints, less product returns, a greater number of customer referrals, and a greater number of referrals per customer. An increase in customer requests for new products or services would demonstrate greater customer interest. Customer satisfaction and brand name awareness can also be gauged through either in-store or internet based surveys.

The key, of course, is that you’ll be better equipped to understand your customers’ needs, rather than sending catch-all emails that don’t take them into account.

In addition, it suggests that a customer satisfaction survey is very important to companies know:

We could hope for 50 or 60 percent of the market share against our competitors, as we do offer not only just the product, but the product

Jack Trout lectures on the importance of positioning. How positioning is a way of differentiating one thing from another, making it desirable. His main argument in the video is geared towards companies adjusting the minds of prospects away from the competition and towards their own products and services. This is done by knowing who the prospects are, what they desire, and what they need then applying that knowledge towards differentiating the product

We realize that customers are really important. Our expectations that customers are satisfied with our

It would only make sense that the company is paying attention to what their customers need, want, and think. If the company is up for it, they will create a loyal customer and a good sector in the marketplace in regards to their products.

Maytag formed a cross-functional new product development team to quickly focus the effort. It screened various product ideas and strategies on criteria such as potential for superior customer value, initial costs, long-term growth, social responsibility, and profitability. Using nearly 40 pieces of consumer research, the team refined what the strategy might be and what it would cost. Marketers today have better marketing metrics for measuring the performance of marketing plans. They can use four tools to check on plan performance: sales analysis, market share analysis, marketing expense-to-sales analyss, and financial analysis. Sales analysis consists of measuring and evaluating actual sales in relation to goals. Market share can be measured in three ways. Overal market share is the company's sales expressed as a percentage of total market sales. Served market share is its sales expressed as a percentage of the total sales to its served market. Its served market is all the buyers who are able and willing to buy its product. And relative market share can be expressed as market share in relation to its largest competitor. Annual plan control requires making

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. In a survey of nearly 200 senior marketing managers, 71 percent responded that they found a customer satisfaction metric very useful in managing and monitoring their businesses. (Wikipedia – Customer Satisfaction)

They didn’t give up in the early years when sales were very slow because they believed in their product.

Explain the differences between market share and share of customer. In what types of markets would it be more beneficial to strive for market share? In what types of markets would share of customer be a better goal? Provide examples of each.

It is important to make the customer realize that you are not cheating them of