11 May HOW CAN A MARKETER INCREASE SHARE OF CUSTOMER?
Mr. Bills
Seafood wants to implement its marketing strategy through a well-defined
marketing mix. What elements must thus be addressed?
Mr. Bills must create a marketing offer (product),
determine a selling price, decide how to distribute (place) the offer, and
communicate with the target customer about the offer (promotion). These are the
four Ps.
2.
Explain how
storing customer information in a database might better prepare Saturn in
customer relationship management (CRM).
Managing detailed information about customers may
allow Saturn to design new models around customer demographics and desires for
specific features. These touchpoints can be the key to long-term customer
loyalty.
3.
What
characteristics are used to determine whether sellers create basic
relationships or full partnerships with customers?
A company with many low-margin customers develops
basic relationships; a company with just a few high-margin customers relies on
full partnerships.
4.
Explain how a
store owner might consider customer lifetime value when a disgruntled customer
leaves his or her store dissatisfied. Discuss with an example.
The owner may view the situation as a $50,000 loss if,
for example, each customer spends about $100 per week, shops 50 weeks per year,
and remains in the area for about 10 years. Customer lifetime value equals the
long-term value of the customer.
5.
How can a
marketer increase share of customer?
The marketer can offer greater variety to customers;
in addition, the marketer can train employees to cross-sell and up-sell in
order to market more products and services to existing customers.
6.
In classifying
customers into relationship groups, explain what marketers can expect from
butterflies.
Butterflies are profitable but not loyal. Marketers
should enjoy butterflies for the moment because they soon flutter off.
Marketers should create profitable and satisfying transactions with
butterflies, then cease investing in them until the next time around.
7.
If a firm
practices caring capitalism in its social responsibility efforts, as
does Ben & Jerrys and Patagonia, where does the firm place its focus?
Such firms distinguish themselves by being more
civic-minded and caring; they may build social responsibility into their
company value and mission statements.
8.
How is marketing
being applied in the not-for-profit sector?
Firms in the not-for-profit sector use marketing to
enhance their images, to encourage donor marketing to attract memberships and
donors, and to design social marketing campaigns to encourage specific causes.
Scenario
Carol Veldt, owner of Seagull
Terrace, watched her investment grow from a small, seaside motel to a thriving
year-round resort in just a few years. Atop a bluff overlooking the Maine
coast, Seagull Terrace had attracted thousands of visits during the summer
months, but then faced a tremendous downturn in business during the winter
months. But, given the industry in the nearby towns, very little year-round
competition, and our close proximity to Portland, Carol said, I couldnt
understand why seasonality had to hit Seagull Terrace so hard!
So Carol spent her first winter
devising a new marketing plan. She put together a promotional package designed
to attract business travelers year-round. Carols plan, then, involved a
seasonal promotional gimmickto be implemented from late winter to late
springthat would attract the large summer crowd. Her idea worked! During her
second winter, Carol greeted numerous business travelersboth satisfied repeat
guests as well as new guests who had been snagged by her promotional appeals.
We still have a long way to go,
Carol Veldt admitted. Our delicatessen offers delicious entrees, but wed like
to expand that. We provide health club privileges off-site, but wed like to
eventually provide our own. These are goals I hope to achieve in a few years.
Our first project, however, included a renovation of our guest rooms and Im
quite proud of the results. Carol then added, Actually, there are so many
possibilities! With an indoor pool area, I will eventually offer weekend
get-aways throughout winter.
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