marketing key metric engagement

Customers often have substantial power to affect the competitive environment. This power can take the form of easy consumer access to several retail outlets to purchase the same or similar products or services (Pearlson & Saunders et al., 2009). L.L.Bean has, from the beginning, recognized that the customer has many options in spending. This recognition of the power the customer holds is reflected in

These customers value both low cost and excellent customer service. Providing both generates both branch loyalty and advertisement through word of mouth.

All market evidence should be linked to the customer, as opposed to competitors or the own product. A customer oriented management can keep a growing company

'Traditional marketing in the business-to-business environment requires very different strategies from those campaigns directed towards the consumer market.' (ExtraVision, n.d., p. 1) 'Consumer competition can be a lot fiercer, with customer loyalty a constant battle.? (ExtraVision, n.d., p.1)

Customers can have a massive impact on how successful a business is, because it’s the customer’s choice as to where they want to spend their money. Tesco and Oxfam customers differ in the way that customers at Tesco will go there as they know exactly what products they will have for sale as they constantly stock those products whereas Oxfam customers

To truly understand the consumer’s needs one must listen to what the consumer wants and desires, it takes very little effort on the part of Company Q to understand the needs of its consumers. The effort we make can be the difference between a store’s success and a store going bankrupt. Insuring that Company Q's stores standout amongst its competitors in the marketplace will help give Company Q a competitive edge.

Why do I say the customer? Because it is apparent that in modern times more and more businesses alienate the customer and only focus on profit. Take for example the success of Sam Walton, the founder of Wal-Mart, who had one philosophy, “Buy low, sell cheap, high volume, fast turn” (Packer, 101).  Walton figured out that people were cheap and he exploited that knowledge to raise his riches. Wal-Mart grew exponentially fast and lost management over its roots, what once started as a business for people in need with perhaps great customer service is now known for driving smaller stores out of business with terrible customer service.

The case study article defines customer worth as “the theoretical amount the house expects to win, over the long term, from a customer based on his level of play.” This calculation allows Harrah’s management to more strategically analyze and predict a customer’s future spending as opposed to analysis of ‘observed level of play’ which is only based on a customer’s previous spending patterns. The example contained in this article of Ms. Maranees best exemplifies the benefits of calculating customer worth as opposed to an observed level of play. Ms. Maranees only played a limited amount in a short timeframe at Harrah’s, so if one were to solely judge her future habits by her observed level of play during that trip, they likely would not feel that she was a customer worth targeting. However, in analysis of her customer worth and theoretical wins, it was evident that Ms. Maranees was likely a very profitable customer who was probably bringing a majority of her business to Harrah’s competition, so it would in fact be advantageous for Harrah’s to win her business.

keep an existing customer than finding new ones. A major part of the customer service, especially in a retailing

Marketing is a management function which involves creating, communicating and delivering value for an organisation’s customers (Kotler, Brown, Burton, Deans & Armstrong (2010). Although many earlier academics define marketing as merely a process of satisfying customer needs in order to gain profits, more recent developments of the definition include its inherent connection with delivering superior value to customers in order to maintain ongoing relationships (Webster, 1992).

Sharing their customers with developing their products build a strong and long relationship between them, and that’s an long term adaptive to the future market where the customers are more involved and they value their services over the prices.

Today’s organizations fail to realize the value of their customers when it comes to the success of their business. Without customer loyalty the success of your business will always be uncertain. Organizations must sensitively tailor the designs of a successful firm to the particular challenges of understanding, attracting, and keeping valuable customers. “Having satisfied customers just aren’t good enough”. Kenneth Blanchard and Sheldon Bowles, co-authors of Raving Fans, believe this concept is needed to have a successful business. I agree with this concept of customers being the focal point of any business. I would want more than just a satisfied customer; I want a “Raving Fan”.

Buyers are increasingly price-sensitive and value conscious and are more likely to make purchasing decisions based upon perceived price\value.

Customers: Given the composition of the Indian population described earlier, the customers are typically price sensitive with not much disposable income. The majority of

Broadly speaking organisational customers can be classified in commercial, institutional and governmental sector. (Oxford University Page)