What is Consumer Behaviour – Meaning, Concepts, PPT
Before understanding consumer behaviour let us first go through few more terminologies: Who is a Consumer? Any individual who purchases goods and services from the market for his/her end-use is called a consumer. In simpler words a consumer is one who consumes goods and services available in the market. Example – Tom might purchase a […]
Buying Behaviour Patterns of Customers
For understanding the buying behaviour of the customers in retail stores it is very important to analyze the customer psychology, the factors which influence a customer for buying certain products/services from the stores and also an analysis of the customer’s response towards a sales promotion is very critical. Before analyzing the customer’s buying behaviour, let […]
Managing Pricing Negotiations in Consultative Selling
Consultative selling has become the norm of the day in almost all industries. Customers are having a field day. Today s customers are well informed, demanding and difficult to please. Their buying criteria have changed along with their perceptions of value. Therefore keeping in line with the customer demands calls for reaching out to the […]
Marketing Strategy – Meaning and Its Importance
What is Marketing Strategy ? Marketing strategy is the comprehensive plan formulated particularly for achieving the marketing objectives of the organization. It provides a blueprint for attaining these marketing objectives. It is the building block of a marketing plan. It is designed after detailed marketing research. A marketing strategy helps an organization to concentrate it’s […]
Cutting Costs Strategically
The business environment today has become extremely competitive. Companies are not only facing competition from their local competitors but also from global ones. Different economic and geopolitical factors make global supply chains necessary. The problem with having global supply chains is that operations become broad and complex. It is much easier to manage operations located […]
Customers are the most important part of business. There cannot be any business without them. Only satisfied customers will be interested in buying and they will also refer other customers to buy. By measuring customer satisfaction a supplier can maintain a quality and long term relationship with customers and secure their future business and financial assets. This measurement is essential for suppliers to understand that their strategies are in right direction.
Market research or market survey is the tool that can be implemented to measure customer relationship, customer satisfaction and customer loyalty. This tool is capable to furnish accurate information on the following main facets of customer relationship - 1) Loyalty 2) Satisfaction 3) Customer Behavior 4) Response 5) Service 6) Customer Compensation 7) Customer Needs.
This tool furnishes the above related information not only with accuracy but also with their future aspects which is a very important asset for business perspectives. By knowing the future perspectives of customers it becomes easy and efficacious for suppliers to build a medium term or even long term relationships with customers. These future perspectives of customers are related to following factors:
Market research is a strong tool that renders the customers with important and unique data on customers’ needs which helps them to create business strategies and come up with considerable business decisions. It helps the organization to encapsulate future business by determining business goals and objectives to meet business targets. It also helps providing feedback regarding image and performance of the organization so that they could leverage the strategies to meet the targets. It helps them to be always on top.
Building relationship with customers in current market trends is the most important aspect that an organization should focus on. Today distinction and eminence are the most sustainable approaches for which developing good relationship with customers is essential. Hence incorporating techniques which could measure the relations with customers are very important for all the organizations so that they remain in this bonding forever.
Every business unit uses different approaches according to the business they posses to measure their relationship with customers. Also, these approaches of measuring customer relationships are associated differently to different types of customers according to their individual importance. By doing this the organizations are able to decide which area requires application of resources to get best business impact.
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