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Coursework
Marketing environment: Customer
Instructor: Ramiz Akhmedov
Prepared by: Aiym Nurseitova
Group: Economics 2
Kaskelen 2012
Content
I.Introduction
1. Trade and buyers in middle ages
1.1. Customers
II. Main part
2. Why customer is important for company?
2.1. Types of customer
2.2. Customer value and customer satisfaction
2.3. Measuring customer satisfaction
2.4. Customer Marketing
2.5. Customer relationship management
III. Conclusion
References
Introduction
All we know that people were trading, selling and interacting with each other from very ancient, in middle ages and even nowadays it is still exists. Year after year it was developing, and different types of ways were established to provide people with goods. And it not so difficult to understand why it is flourishes ‘till current years. The main reason is that, in the process of interacting with one another, person can be better off and after getting the desired product which he didn’t have before, he can really satisfy from it. In middle age people were travelling in order to purchase or sell the products. Early in the period, a merchant or trader was a man who worked independently, making his money where he could. As the Middle Ages progressed, businessmen began to employ groups of merchants, buying fleets of ships to use for overseas export and producing goods specifically for foreign markets. Many merchants travelled in groups for protection. Larger businesses would send out ‘caravans’, groups of merchants laden with large quantities of goods for sale, who had the protection of numbers when faced with pirates or robbers. So by travelling and trading with other countries, cities and towns, people from both sides were better off from the trade. Even if it was so risky, in order to receive things for daily life they were did as it was important and on the other hand interesting. The medieval era saw a return to trading between Europe and Asia, which had flourished during the days of the Roman Empire. The ancient Silk Route, which led from China to the Mediterranean, became popular once more, with wealthy Europeans buying luxuries such as silks, spices and precious metals from the East. Most overseas trade was done during the summer months, when the weather was better for travelling. Medieval roads often became clogged with mud and were almost impassable in the winter months and storms at sea were more of a risk in winter. Africa traded slaves and gemstones to Europe and Europeans bought spices, fine cloths and precious metals from Asia. In turn, Northern European countries exported wine, woollen cloth, salt, copper and wood. Countries such as Spain and Italy, in the southern areas of the continent, specialized in glass, wine and spices. Only goods which would travel well and wouldn’t die out quickly could be used for overseas trade. Most countries depended on buying from and selling to foreign markets as a valuable source of wealth. Well it is just short information about trading in middle ages, and now we have to determine the actors of trading. Seller, trader are the people who sells their products, goods. So, who are the customers? Customers - party that receives or consumes products (goods or services) and has the ability to choose between different products and suppliers. There is one more thing that we have to distinguish. Customer also called or may be known as buyer, purchaser and client. One word which may confuse us is consumer. A customer may or may not also be a consumer, but the two notions are distinct, even though the terms are commonly confused. A customer purchasesgoods; a consumer uses them. This is the main difference between them. We have different type of customer, and concepts such as the customer value, customer satisfaction and the customer marketing. This is important in order to increase sale, makes more profits, and expansion of customers.
Why customer is important for company?
As it is certain that organization’s product and services are offered to the people, as we defined to the customers, they have to interest them, they have to provide people with good quality and with good service in order to make profit, and satisfy customer. Customers are the most important people for any organization. They are the resource which the success of the business depends on. When thinking about the importance of customers it is useful to remember the following points:
1. Repeat business is the main point of selling. It helps to provide revenue and certainty for the business.
2. Organizations are dependent on their customers. If they do not develop customer loyalty and satisfaction, they could lose their customers.
3. Without customers the organization would not exist.
4. The purpose of the organization is to fulfill the needs of the customers.
5. The customer makes it possible to achieve business aims.
Types of customers
Customers are generally two types:
It is shown in the graph -1.
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Graph – 1.General types of customer
Also in the world of customer service customers are categorized more often into two classes:
§ An external customer of an organization is a customer who is not directly connected to that organization.
§ An internal customer is a customer who is directly connected to an organization, and is usually (but not necessarily) internal to the organization. Internal customers are usually stakeholders, employees, or shareholders.
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Graph-2. Different types of customer.
Also we can determine customers, according to the graph-2,we can see the five types of customers such as ready-to-buy, potential, repeat, discount and impulse customers, are Ready-to-buy customers often have a sense of urgency. They have done some preliminary research or at least have an idea of something that they need. Because there is an actual need, the issue for a salesperson or service provider becomes finding out what the requirement is and filling it. Once you demonstrate that you have what the customer needs, they can become a client. If what they need is ongoing, they could become a valuable repeat customer. Therefore, handle the situation in the best way possible for the most lucrative outcome, which is to gain a repeat customer. Potential Customers: While every person who enters a store or visits a website has the potential of becoming a customer, many of these types of customers are simply gathering information or browsing. This kind of customer is usually in no hurry to make a purchase, given that there is no urgent need to do so. This is when having a sales message strategy in place can be helpful, so that you can present it to them and more easily make a sale or sign someone up for a service. Repeat Customer: The most loyal customer is a repeat customer or one who regularly uses a company‘s services and purchases its products. This type of customer is the lifeblood of the business and should be respected as such. Because they were satisfied the first time, they returned for more services or products. Therefore, as long as you continue to satisfy their needs, you have a repeat customer. It has been estimated that it can take up to five times more work to replace a loyal customer as it would to simply continue to service them well enough to keep them. Sale or discount customers always shop for the best deals available on the items they want to purchase. They are a regular fixture at stores to find store-only sales and avidly read newspaper ads, store circulars and pay attention to local deals. They may also conduct price comparisons online before heading out to visit a store. Most of their purchasing decisions are based upon how high the markdown in a sale is at any given time. Impulse Buying Customers: Customers who make purchasing decisions based upon a great sales presentation usually are not in a position of needing anything in particular. They may arrive at a store or website to buy something they do need but then stay to look at other items. Often, this type of customer will make a decision on the spot for something that seems good to them at some particular time for no need-based reason.
Customer Value
The difference between what a customer gets from a product, and what he or she has to give in order to get it. As it is used in the business world, customer value is the amount of benefit that a customer will get from a service or product relative to its cost. Some businesspeople explain customer value as “realization” compared to “sacrifice.” Realization is a formal term for what customers get out of their purchases. Sacrifice is what they pay for the product or service. Businesses of all sizes use customer value as part of a greater analysis to determine how well they are supplying their customer base. Detailed research might include what customers generally do with the products they receive, or how they use services to increase the value of assets like real estate. Businesses also look at the prices of their products in order to price them competitively. Businesses that identify the value of their wares to customers might go a step further and consider other similar ideas. In order to generate more thought about customer value, and to reach out to a customer base, a business might promote a customer value proposition. The customer value proposition is basically a promise of benefits from a vendor to customers. We see examples of customer value propositions all the time in advertising. Companies pinpoint the benefits that they believe a customer will realize, and display them in advertising to attract more customers.
Customer satisfaction
Customer satisfaction, a business term, is a measure of how products and services supplied by a company meet or surpass customer expectation. It is seen as a key performance indicator within business and is part of the four of a Balanced Scorecard. In a competitive marketplace where businesses compete for customers, customer satisfaction is seen as a key differentiator and increasingly has become a key element of business strategy. However, the importance of customer satisfaction diminishes when a firm has increased negotiating power. For example, cell phone plan providers, such as AT&T and Verizon, participate in an industry that is an oligopoly, where only a few suppliers of a certain product or service exist. As such, many cell phone plan contracts have a lot of fine print with provisions that they would never get away if there were, say, a hundred cell phone plan providers, because customer satisfaction would be way too low, and customers would easily have the option of leaving for a better contract offer. Customer satisfaction is at the heart of the selling process. One estimate is that it costs five times as much to attract new customers as it does to keep an existing one. The relationship between the customer and the organization is, therefore, an important one.
Measuring customer satisfaction
Organizations need to retain existing customers while targeting non-customers. Measuring customer satisfaction provides an indication of how successful the organization is at providing products and/or services to the marketplace. Customer satisfaction is an abstract concept and the actual demonstration of the state of satisfaction will vary from person to person and product/service to product/service. The state of satisfaction depends on a number of both psychological and physical variables which correlate with satisfaction behaviors such as return and recommend rate. The level of satisfaction can also vary depending on other factors the customer, such as other products against which the customer can compare the organization's products. Work done by Parasuraman, Zeithaml and Berry (Leonard L) between 1985 and 1988 delivered SERVQUAL which provides the basis for the measurement of customer satisfaction with a service by using the gap between the customer's expectation of performance and their perceived experience of performance. This provides the researcher with a satisfaction "gap" which is semi-quantitative in nature. Cronin and Taylor extended the disconfirmation theory by combining the "gap" described by Parasuraman, Zeithaml and Berry as two different measures (perception and expectation) into a single measurement of performance relative to expectation. The usual measures of customer satisfaction involve a survey with a set of statements using a Likert Technique or scale. The customer is asked to evaluate each statement in terms of their perception and expectation of performance of the service being measured.
Customer Marketing
Customer marketing is a strategy used to capitalize on opportunities by increasing the profitability of each client. This profit strategy generally relies on several factors that differ from those that are considered when implementing strategies to acquire new clients. Customer marketing relies heavily on the exploitation of strong customer relationships. To be successful, however, different resources, such as skills and technology, are often required. There must, for example, be a means to store information about existing clients, and professionals need knowledge of the available products that their company offers that are outside of their specialty.
For some businesses, marketing is a strategy that is used to acquire new clients. The manner in which this is commonly done involves heavily focusing on what a business has to offer and creating an appeal that compels individuals to spend their money on those items. Common marketing strategies usually only consider people’s interest in one range of products. For example, when a retailer sells a customer a stove, he may attempt to generate additional revenue by selling extra products that directly relate to that purchase, such as extended warranty. It is less common, however, for that retailer to cross market, by perhaps attempting to interest the client in unrelated products such as home décor. Also an example can be Nestle company customer marketing. What’s Nestlé Customer Marketing all about? Well, let’s take an example. One large retailer has invited Nestlé, as one of its suppliers, to present ideas and opportunities to drive sales and profit in a particular category over the next 3 years. It’s now your job to come up with recommendations to improve product assortment, product display or promotional offers. These recommendations could include anything from 2-for-1 offers, to sampling activity or something completely different. The choice is yours. But the importance of developing the best proposal to meet Nestlé objectives can’t be underestimated. It’s the real heart of Customer Marketing, and creating proposals that meet Nestlé’s objectives, our customers’ objectives and our consumers’ needs calls for a real blend of art and science. Once you’ve developed your star proposal, you’ll then rise to the challenge of selling in your idea to major Nestlé retail partners. When you consider that our business-specific Customer Marketing teams are collectively responsible for every single Nestlé brand in the UK, from Nescafé coffee to Purina Pro Plan, you can see that a Customer Marketing career at Nestlé is going to be quite a challenge.
Customer relationship management
Customer relationship management (CRM) is a widely implemented model for managing a company’s interactions with customers, clients, and sales prospects. It involves using technology to organize, automate, and synchronize business processes—principally sales activities, but also those for marketing, customer service, and technical support. The overall goals are to find, attract, and win new clients, service and retain those the company already has, entice former clients to return, and reduce the costs of marketing and client service. Customer relationship management describes a company-wide business strategy including customer-interface departments as well as other departments. Measuring and valuing customer relationships is critical to implementing this strategy.
Successful development, implementation, use and support of customer relationship management systems can provide a significant advantage to the user, but often there are obstacles that obstruct the user from using the system to its full potential. Instances of a CRM attempting to contain a large, complex group of data can become cumbersome and difficult to understand for ill-trained users. The lack of senior management sponsorship can also hinder the success of a new CRM system. Stakeholders must be identified early in the process and a full commitment is needed from all executives before beginning the conversion. But the challenges faced by the company will last longer for the convenience of their customers. Additionally, an interface that is difficult to navigate or understand can hinder the CRM’s effectiveness, causing users to pick and choose which areas of the system to be used, while others may be pushed aside. This fragmented implementation can cause inherent challenges, as only certain parts are used and the system is not fully functional. The increased use of customer relationship management software has also led to an industry-wide shift in evaluating the role of the developer in designing and maintaining its software. Companies are urged to consider the overall impact of a viable CRM software suite and the potential for good or bad in its use. Also there are some benefits of using Customer relationship management. A Customer Relationship Management system may be chosen because it is thought to provide the following advantages:
CRM systems for marketing help the enterprise identify and target potential clients and generate leads for the sales team. A key marketing capability is tracking and measuring multichannel campaigns, including email, search, social media, telephone and direct mail. Metrics monitored include clicks, responses, leads, deals, and revenue. Alternatively, Prospect Relationship Management (PRM) solutions offer to track customer behaviour and nurture them from first contact to sale, often cutting out the active sales process altogether.
In a web-focused marketing CRM solution, organizations create and track specific web activities that help develop the client relationship. These activities may include such activities as free downloads, online video content, and online web presentations.
Conclusion
Everyone and everything plays roles in this life. And it depends on the situation, conditions. In the market there are some people who are really important and they may affect, influence each other. Trading comes from very ancient times. The medieval era saw a return to trading between Europe and Asia, which had flourished during the days of the Roman Empire. The ancient Silk Route, which led from China to the Mediterranean, became popular once more, with wealthy Europeans buying luxuries such as silks, spices and precious metals from the East. Africa traded slaves and gemstones to Europe and Europeans bought spices, fine cloths and precious metals from Asia. In turn, Northern European countries exported wine, woollen cloth, salt, copper and wood. Countries such as Spain and Italy, in the southern areas of the continent, specialized in glass, wine and spices. Only goods which would travel well and wouldn’t die out quickly could be used for overseas trade. Most countries depended on buying from and selling to foreign markets as a valuable source of wealth. After day by day, after year by year, people are grow up, they developed in almost each sphere and area of science. As we explained in the interacting, each of person plays the roles in the way of trading. Customer is one of the important one to the organizations and companies. Consequently, we determined the types of customers, difference between customer and consumer, how and why the customer is affect the organization, why he is an important part of organization, we defined the customers value and satisfaction, and how it is measured, and an main point is customer relationship management.
In conclusion, we can say that organization may increase sales, make profit, flourish business, and of course make a customer happier for having certain kind of product. They are very important for any organization as the heart of the body. That’s why any company should try to an account customer value and put an effort, loyalty, tolerance in order to achieve high level of their customers satisfaction.
Reference
1. http://suite101.com/
2. http://businesscasestudies.co.uk
3. www.wikipedia.org
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