Market Growth And Competitive Positioning Growth Strategies

Market Growth And Competitive Positioning Growth Strategies Nobody plans to fail but fails to plan. Marketing Planning is the first and foremost activity that a company should perform before embarking on a mission such as launching a new product into the market or revamp of existing product line. Not just in the case of new product launch, but also marketing planning provides a strategic direction to the company in terms of increasing the market share, building brand value and thus obtain increased revenues. 1.1 SOSTAC Model SOSTAC is a renowned model in marketing planning which is widely followed across several industries. It is also claimed to be the most powerful technique of in helping the companies to plan their marketing process. SOSTAC stands for Situation Analysis, Objective Analysis, Strategy, Tactics, Action and Control. Situation Analysis helps visualize the internal and external factors that affect the company which prevail at a given time. This analysis mainly comprises of employing SWOT technique to understand the situation at company level and also PESTLE technique to analyse the global environment which impacts the industry in which the company is operating. By carrying out this analysis, the company can get a snap shot of the current situation which will help the managers to take necessary actions to take advantage of the situation. Elements such as performance, competitors and customers are analysed in this stage. Objective Analysis will provide a clear path to the company in terms of the revenues and sales targets that should be achieved in a stipulated time limit to obtain the desired market share. The main outcome of this analysis is to shape the marketing strategy for the company based on the corporate strategy as to what the company aims to achieve within a time frame. Strategies part of SOSTAC mentions about the need for segmenting the target market and then specifically design the products based on the needs of the customers in each segment. In this stage, the company will go onto design its individual strategies on segmentation, positioning and competitiveness to place the product in a safe position in the market. Strategy emphasizes on the need for designing a USP for each of the product to give it a competitive edge over the existing products in the market. Tactics will help design the 4Ps of marketing by carefully selecting the right mix in order to achieve optimum results in terms of sales. Tactics also inform about the different ways of promotional activities and communication techniques that a company should take up in order to get the attention and create awareness among the target market. Actions refer to the action plan the company should have about who does what and how the strategies are executed. The focus of the company at this stage will be budgets, staff and risk analysis. The allocation of resources and work break down structure are defined in this stage as well as key performance indicators are determined along with the bench marks that are supposed to be achieved. Control deals with the measurement and monitoring of the effectiveness of the strategies that are followed. It mainly revolves around the measurement of performance in each communication channel in terms of ROI (Return On Investment) for the promotional activities. 2. Importance and Scope of Internal and External Auditing Marketing audit forms the base of marketing planning. It is divided into two types, internal and external auditing. The aim of any auditing activity is to review the effectiveness of existing processes and suggest necessary improvements to be made. Internal auditing helps to analyse the strengths and weaknesses within the company and the way the company is performing whereas external auditing helps to assess the external environment that will affect the operations of the company. A wide range of tools are used to carryout auditing such as SWOT analysis, PESTEL analysis, Porters Five Forces analysis etc. Both the audits together give a multi-faceted approach to look at the companys operations and the need for improvements. The aim of internal audit is to measure the performance of the resources and processes in the company and find the gaps where improvements are required. The main focus of this audit is to review the marketing process and quantify its effectiveness in terms of achieving the sales targets and objectives. Aspects like distribution channels, communication channels, customer interaction, product price and product design are analysed in the internal auditing. The aim of external auditing is to provide an Outside-in view to the company by analysing the external factors such as the competition in market place, the consumer buying behaviour and the trends in market. This assessment will enable the company to predict the dynamics of the market and take necessary actions to sustain and grow within the industry. The global environment of the industry in which the company operates will be analysed by looking at the factors like polity, economy, society, technology, legislature and environment which have a direct impact on the business. This analysis will be helpful in redesigning the business strategy to match with the environment. 3. SWOT and TOWS Process SWOT analysis is carried out at the organizational level to observe the internal capabilities of a company and match them against threats and opportunities presented by outside factors such as competition. It is one of the simplest techniques to conduct internal audit. The main focus of SWOT technique is to analyse the internal weaknesses that can be converted to strengths as well as work on strengths to take advantage of the external opportunities in the market. The limitation of SWOT analysis as tool for designing strategy is that it will not include all the necessary dimensions to be analysed for providing a robust strategy. In order to overcome the limitations of SWOT, Weihrich (1982) developed TOWS technique that will help the managers to go a step further in analysing the state of the company at a given time. TOWS framework is considered to be a situational planning tool that provides more number of parameters to analyse and give a holistic view for designing the strategy of a company. The technique of TOWS analysis is to compare each strength and weakness to each opportunity and threat in the form of a matrix which provides a more comprehensive solution for devising the strategy than in a traditional planning process like SWOT. TOWS technique involves 4 types of analyses as follows: SO: Strengths- to-Opportunities ST: Strengths-to-Threats WO: Weaknesses-to-Opportunities WT: Weaknesses-to-Threats For all the four analyses mentioned above, a matrix can be designed to map each element with the other. The following figure will describe a typical Strengths-to-Opportunities matrix based on the strengths and Opportunities which originated from SWOT analysis: SO Matrix Strength1 Strength2 Strength3 Opportunity1 Opportunity2 Opportunity3 TOWS analysis has to be conducted in succession to SWOT where initially the strengths and weaknesses of the organization are identified. Once the list of SWOT elements is obtained, the organization should then develop strategy to attack the external opportunities with help of its strengths and try to convert the threats into opportunities. This process is done in the TOWS analysis which gives a rounded perspective for the managers to tally and improve every row element in the TOWS matrix against every column element as shown above. Hence both SWOT and TOWS analyses complement each other to inform strategy for an organization. 4. Segmentation, Targeting and Positioning Strategy formulation is the key to success for launching a product into the market. The foremost objective of any strategy is to give a sustainable competitive advantage to the product over its rivals in the market (Barney, 1991). According to Kotler, the essential elements of any organisations marketing strategy are segmentation, targeting and positioning. These three processes are collectively and shortly termed as STP. Segmentation Dividing the target market into specific groups based on the demographics, habits and location is called Segmentation. The target market is grouped based on the factors like age, sex, annual house hold income etc. This process is very crucial in forming the market strategy because it will inform both product development team and the marketing team on what products to be designed and how they can be promoted to the different sections of people respectively. Effective marketing is all about making what you can sell, but not selling what you can make (Ali, 2001). For example a simple segmentation of market for a Sports Footwear manufacturer can be based on the following factors: 1) Type of Sport 2) Percentage of Men, Women and Children interested in different sports Based on the above segmentation, the company would then decide on the type and quantity of footwear to be manufactured as well as how to market it to the target customers in order to achieve the sales objectives. Therefore Segmentation directly informs the marketing strategy in the initial stages of formulation. Targeting Once the segmentation of customers is over, then the company has to devise strategies to target the identified segments by designing the products that closely match their requirements which could generate optimum sales revenue. Targeting is to identify the target customers who will potentially buy the product when it is out in the market. This process involves identifying three target groups which is mostly common to many industries, the niche customers group, mass customers group and the differentiated customers group. Niche Market: The products designed for this segment are very specific and tailor-made in order to suit the particular requirements of very few customers who are ready to pay premium prices. In Niche markets the volume of sales is very low but sales revenue is high due to premium prices for the heavily customized products. Example: Equipment manufacturer for military needs. Mass/ Undifferentiated Market: In this market products are designed to suit the generic needs of customers rather than meeting specific requirement of each customer. The prices for this target market are relatively low and the companies can achieve economies of scale by doing batch production. In this segment the volume of sales are high and the revenues depend on the volume of sales. Example: Fast moving consumer goods like cosmetics etc. Selective/ Differentiated Market: The needs of customers in this target market are similar but specific. The main reason for companies to address this market is to enhance customer experience and thus grab a significant market share by surpassing the competitors. Product price is slightly higher but is complemented by customer satisfaction hence resulting in increased market share and sales revenues. Example: Apple iPhone can be a classical example of differentiated target market product as it provides enhanced user satisfaction at a premium price. Positioning Any company thinking of introducing a new product into the market should create a launch pad for it as to define the position where it fits into the existing space in the market place. This act of identifying and defining the position can be called Market Positioning. In this process, the main focus is on the quality and the price of the product to be launched. Therefore positioning process should start by identifying the gap in the market place where there is less density of competitors and bleak possibility for new entrants to occupy that position. Market positioning mainly depends on which type of competition is prevailing in the industry (Monopoly, oligopoly, Perfect competition). The below figure demonstrates a situation where there are 3 existing players and a possible market gap where the 4th player, a new entrant can position itself: HIGH PRICE C DHIGH LOW A BQUALITY QUALITY LOW PRICE In the above market place, each of the products are in a different position where the new product D has entered into the space of providing high quality products at a price less than premium. This space was earlier empty as all the other three players are not providing as much quality at the price slightly higher and lower than that of D. Therefore it can be understood that product D can capture a significant market share if right marketing campaigns are adopted. 5. Strategies for Market Growth and Competitive Positioning Growth strategy After successfully launching the product in the market the companies should then look at enhancing the growth prospects for the product by designing appropriate growth strategies. Growth in terms of market share as well as sales revenues. There are various growth strategies like mergers and acquisitions, franchises, strategic collaborations and outsourcing. Ansoffs Matrix explains the various market growth strategies in detail which will help the organizations to select the appropriate strategy that best fits their case. Depending on whether the product and market whether they are new or existing a company should adopt a growth strategy. Ansoffs matrix is a tool whose output will provide a set of growth strategies which can be followed. Figure: Ansoffs Product-Market Growth Matrix Existing Product New Products Market Penetration Product Development Market Development Diversification Existing Market New Markets To understand the market growth strategy in more detail, consider the example of a company which wants to explore a new market by exporting its existing products to another country. Let us say, a UK car manufacturer finds a potential growth factor in Indian market, the strategy would be market development. In the process of Market Development the company should segment its target customers based on the socio-economic sections in the context of India and build an entirely new distribution channel in to sell the cars. The company should also change the pricing structure according to the prevailing competitive prices. Likewise, depending on the type of market and the type of product broadly four growth strategies can be adopted as shown in the figure. 6. Need for differentiated marketing mix Marketing mix essentially deals with the 4 crucial elements which form the core of marketing any product. The 4Ps stand for Product, Price, Place and Promotion. With the following example all the four Ps are explained: Example: Fashion Clothing for Teenagers Vs Formal Clothing for Older middle class Product: A right product has to be designed that exactly meets the needs of the target customers. Target customers in this case are teenagers and older people in middle income group. In UK the market size for clothing is dominated by Women with more than half of the total value of the sector (KeyNote, 2009). By value womens garments contribute for  £19.1 bn whereas Men and Childrens garments are at  £11 bn and  £7bn respectively of the total market value of  £37.2bn as of 2008. The variety of clothes for women is huge and for simplicity purposes only Mens clothing is discussed in this context. Teenagers: Population in the age of 15 to 19 can be treated as active teenagers. Teenagers generally like to be trendy and fashionable. So the product for this target market should reflect the same in its design and appearance. Trousers: Teenagers prefer Jeans for trousers with various styles according to their tastes like boot-cut, low waist, straight fit. T-Shirts: Teenagers prefer round-necks over collar T-shirts Older Middle class: The average annual house hold income in UK per capita is  £14,921 as of 2008 (KeyNote, 2009). The target customers, older middle class population in UK belong to the social grade B based on the classification of the Office of National Statistics. According to the buying behaviour based on age, sex and social grade the penetration is observed to be more in the clothing accessories like rain coats, jackets and polo shirts in this segment (Older Middle class). Hence the products designed for this segment should take the above trend into consideration for selling the clothes easily. Price: Price is the most crucial factor that can influence consumer buying decision and hence should be fixed by considering the factors like right price for right quality and the competitive prices in the market for similar products. In the context of clothing, most of the brands have a varying price structure based on the style and the quality of material used for production. For example, jackets made of cashmere wool are costlier than other ordinary wool and there would not be much price difference in this segment across the brands. Price for natural fibre-made clothes is always premium while there is a great variation in the prices of clothes made up of man-made fibre like Viscose, Acrylic, Polyester and Poly Propelene. As the investment in designing fashionable out fits is high, the price for clothes made for teenagers is higher than that of the clothes designed for Older people. Prices Jeans: Price varies depending on the style Boot-cut:  £15 to  £30 Narrow-fit:  £20 to  £40 Formal Trousers:  £10 and above depending on the fabric T-shirts: Price varies depending on the material Cotton round-neck:  £10 Cotton Polo:  £15 and above Polyester round-neck: From  £6 onwards Place: Place is where the product is available for the customers to purchase. The places might range from a corner shop to that of high street stores and large wholesale stores. There were around 3,530 enterprises in UK that are involved in clothes manufacturing and there is a strong distribution network in UK for clothing manufacturers (KeyNote, 2010). Clothes can be made available at a variety of stores across all the regions in UK. The places which sell clothes in UK are Super markets, sports shops, department stores, independent stores, mail orders and online stores. Teenagers: As the clothes made for this segment are fashionable, they need to be located in an eye-catching area like high street retailers and sports stores. However a large number of clothes can also be sold through online retailer like Amazon which is quite popular among internet users. Older Middle Class: The major place for sales in this segment would be large supermarkets. Older singles and couples visit large supermarkets for grocery and household needs quite often, therefore clothes in this segment might find right place in super markets for large volume of sales. Promotion Promotion is about communicating the brand and the products to the customer who will then make a buying decision. Without the awareness of the brand, the customer would hardly make a purchase. Therefore quantity of sales is directly proportional to the effectiveness of the promotional activity. There are different ways of promoting a product. Advertisement, brand endorsements, email marketing, discount offers like buy 2 for 1, pre-launch and post-launch promotional campaign etc. are some of the commonly adopted promotional techniques. Teenagers watch television quite regularly and hence it is a good medium to advertise. On the other hand, fashion magazines and internet are also very popular among teenagers and advertising on these might attract them to buy the clothes. Older people might not be as good in using the internet as computers are modern and they might feel it difficult to adopt. However television and magazine advertisements might boost up the sales for the clothes in this segment.

Organic Food vs Genetically Modified Food Essay

AWARENESS of organic products has come a long way over the past 12 years, according to Billy Bond, owner of Organic Larder. The Malop St grocery store, which sells high-quality certified organic and bio-dynamic produce, was opened in 2000. Business is booming. Mr Bond said he opened the business when organic products were â€Å"a bit of an unknown† in Geelong but his store was thriving as consumers switched to sustainable living. â€Å"Now there is a lot more education and media coverage about being sustainable and doing something for the environment,† he said. â€Å"People are much more conscious of their environmental footprint. † Mr Bond said the focus on organic food was particularly important, because it related directly to consumers’ health. â€Å"A lot of young mums decide to pay specific attention to the food intake of their kids these days because they are starting to realise that environmentally-sustainable choices are usually healthy choices,† he said. Another reason for choosing organic food was knowing exactly what you’re eating. â€Å"Supermarkets these days have very loose labelling guidelines,† he said. â€Å"If all the ingredients in a product come from overseas but it’s just put together in Australia they are allowed to say it’s made here, but that’s very deceiving. † A large focus of Mr Bond’s business is placed on supporting local producers and growers, with an emphasis on quality and nutritional value. â€Å"We want people to know what they’re getting when they come here so they can make sustainable choices,† he said. He believes the increasing popularity of organic and sustainable items will lead to supermarkets being held accountable for their products. â€Å"People are starting to ask questions and they want to know more about the products they are using. Hopefully this will lead to labelling laws being changed and big supermarkets selling more organic products,† he said. More classrooms, labs focusing on research, instruction Section: Money, Pg. 02b The organic food industry, which has more than quadrupled its sales in the USA in the last decade, is getting more attention in university classrooms and research labs. The U. S. Department of Agriculture has put an unprecedented $117 million into organic research in the last three years. Advocates are pushing for a bigger share in a new five-year farm bill Congress expects to pass this year. The amount of research on organics still is dwarfed by the more than $10 billion annually spent on public and private agricultural research in the USA. A new report by the Organic Farming Research Foundation says the number of states that have devoted land for organic research nearly doubled from 2003 to 2011 to 37. Universities offering academic programs in organic farming jumped from zero to nine, says the OFRF, which supports organic farmers and processors. The group says the universities of Florida, Tennessee and Minnesota, and Washington State, Michigan State and Colorado State universities are doing the best among 72 schools it judged on eight measures of organic farming research and instruction. â€Å"The organic industry is just the fastest-growing sector in agriculture right now,† says David Butler, an assistant professor of organic, sustainable and alternative crop production at the University of Tennessee. â€Å"There are a lot of small producers interested in organic crops, just to capture the greater dollar for their crops and make a living on a smaller piece of land. † About 14,600 farmers are certified under USDA organic regulations for agreeing not to use synthetic fertilizer or genetic engineering, among other requirements. The USDA hopes to increase that number by 20% over five years. Recruiting more organic farmers is also part of the USDA’s efforts to replace an aging farmer population with at least 100,000 new farmers overall. The Organic Trade Association says sales of organic products rose from $7. 4 billion in 2001 to $31. 4 billion in 2011 and increased from about 1. 4% to 4% of total U. S. food sales. The rise in demand comes from health and environmental concerns and what Deputy Agriculture Secretary Kathleen Merrigan calls â€Å"this growing desire of people wanting to know how their food was produced, and who produced it. † Maureen Wilmot, executive director of the Organic Farming Research Foundation, which has awarded about $2. 75 million in small research grants in the last decade, says public universities are not meeting research needs for rising organic demand. Merrigan says the organic industry’s growth has led to innovations for non-organic producers. â€Å"Organic farmers in many ways have been research pioneers,† she says.

Evolution Of The Endemic South American Animals - 972 Words

Annotation #1 Buckley M (2015) Ancient collagen reveals evolutionary history of the endemic South American ungulates . Proc Biol Sci 282: 20142671–20142671 The article studied collagen found in the fossils of ancient South American animals (Laurasian ‘condylarths’) and compared it with the collagen found in animals present today, mainly xenarthrans (anteaters, armadillos and sloths). The author used the data to compile all the animal species into their respective groups (ungulate). Because the author discovered some discrepancies in the fossil records and the morphology previously thought to be true, he is trying to determine a phylogenetic tree using collagen found in fossils of extinct ancestors of South American mammals. The study required the use of fossil records and the molecular phylogeny. The author isolated proteins found in the collagen of the ancient remains of these creatures and sequenced it. The author then observed the structure using liquid chromatography (tand em mass spectrometry). As a result, a phylogenetic tree was created with many creatures linked based on the collagen protein similarities. The final result was consistent with the actual ungulates of modern South American creatures; however, the author was also able to find the placement of distinctly related groups of mammals within the phylogeny. The conclusion was the fossil record can be used to identify phylogenies based on the molecular structures. The sequencing of collagen has beenShow MoreRelatedDisease Report : Chagas Disease1261 Words   |  6 Pages CHLP 4623 Disease Report: Chagas Disease Hannah M. Lahodny || Dr. Jones || December 16th 2014 Introduction Discovered in 1909 by Carlos Chagas, Chagas disease, or American trypanosomiasis, affects an estimated 8 million individuals annually according to the Centers for Disease Control and Prevention. 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Thomas Hobbes And John Locke - 1348 Words

As a result of the 17th century English Revolution, a radically changing government led English writers, philosophers, and politicians to expand upon the notion of human nature, based on their own beliefs and experiences. Two of these renowned English thinkers, Thomas Hobbes and John Locke, embodied the rising movement of using reason to make judgments on government, society, and the role of the king. Despite approaching the question of human nature with similar foundations, The State of Equality, Hobbes and Locke develop entirely opposing arguments, reflected in their position supporting and opposing an absolute monarch, respectively. Many of the most notable distinctions between Hobbes’ and Locke’s philosophies, namely concerning†¦show more content†¦Hobbes observed that, while one man may hold an advantage in one area of his life, the next man will be better suited in another. In this way, all men are equal when looking at his existence in it’s entire ty. Similarly, Locke describes that in the state of nature, men are â€Å"all equal and independent†¦ for men being all the workmanship of one omnipotent, and infinitely wise maker† (3). Although their reasoning is distinctive, the argument of equality is consistent. Additionally, both Hobbes and Locke speak to the dangers of the state of nature. Hobbes claims that, arising from this equality in â€Å"ability†, there is an equality of hoping to attain similar items, â€Å"and therefore if any two men desire the same thing, which nevertheless they cannot both enjoy, they become enemies† (1). According to Hobbes, as long as man is in a state of nature, he is in a state of war. Likewise, Locke speaks to dangers in that, â€Å"if any one in the state of nature may punish another for any evil he had done, every one may do so†¦. And this in the state of nature on man comes by a power over another† (4). This, Locke claims, leads to a state of war. All in all,

The Kite Runner And Oedipus King Analysis - 1351 Words

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A Paper On Customer Satisfaction Free Essays

Marketing Is an organizational function and a set of processes for creating, communicating and delivering values to customers and for managing customer relationships In ways that benefit the organization and its stakeholders. These values are related to an economic dimension and the psychological dimension of the said marketing definition. The same dimensions speak about perceived price through transaction values and cognitive and affective influences on brand choice and affective influences. We will write a custom essay sample on A Paper On Customer Satisfaction or any similar topic only for you Order Now This definition of marketing leads to the importance and critical roles of customers perception of corporate Images and reputation leading to customer satisfaction as an Intermediary to customer loyalty. This Is done In relevance with the belief and fact that customers are the primary ‘assets’ of a market and not the product itself. With customers being satisfied, or if customers show a high level of satisfaction then only can the market for the particular product grow. This in turn can lead to customer loyalty and loyalty intention. What is Customer Satisfaction? Customer Satisfaction Is said to be able to Increase product sales and bring about fulfillment response. It is a Judgment that a product or service feature, or the reduce itself, provided or is providing a pleasurable level of consumption-related fulfillment including levels of under or over-fulfillment. † It is the degree of experience that a customer receives from a good or service provided by a market. Thus ‘Customer Satisfaction’ is the measure of this degree of experience or pleasure of customers measured by the number of repeated customers who repeatedly use the goods or service. It is also seen that customer satisfaction leads to the customers being loyal to the product or service thus in return be loyal to the particular brand of the product. It can also be used as a measure of loyalty intention. Oliver(1997) defined customer’s loyalty as â€Å"a deep held commitment to rebury or re-patronize a preferred product or service consistently in the future, thereby causing repetitive same brand or same brand-set purchasing, despite situational influences and marketing efforts that have the potential to cause switching behavior. Loyalty then is the intent or the customer’s behavior to rebury the same product or service from a particular source (thus linking to a brand) because of the satisfaction that he or she achieved from using the product/service repeatedly. Why is Customer Satisfaction Important? Talking about customer satisfaction, one must understand why customer satisfaction is important. In asking that question the following reasons come up based on research. The main point is because customer satisfaction as a measure of loyalty intention and customer retention is a leading indicator and a point differentiator. Studying customer satisfaction or performing customer satisfaction surveys yields a better understanding of customer lifetime value and reduces customer churn. In saying so, keeping and making old customers satisfied is a lot cheaper than acquiring new ones. Making customers happy reduces negative word of mouth for the product or service and thus doesn’t affect the product or service negatively. On the other hand, with satisfied and happy customers word of mouth would enable an acquisition of many more other customers who can then be transformed to satisfied customers and then into totally satisfied customers. Retaining customers who are satisfied isn’t much of a problem, it is those customers who often have problems with the products or services offered that needs to be looked into. Suppose if a ‘satisfaction’ survey is carried out on a particular product, and the result gives a list if any customers who are not satisfied with the product or who gives a low rating for the product; then one must look into how and why they are unsatisfied with the product. One can keep a watch list on these customers and follow up with different queries so as to determine why they are not satisfied. In knowing this, the brand can know the actual number of people who have intent of repurchase and of those who are actually loyal to the brand. The main difference between competitors in a market is their ability to retain and satisfy those customers who continue to be with them. Bringing customer satisfaction as a main strategy or a core point of action for a brand can be a detrimental factor for two or more competitors offering the same service or product. Take for example Competitor A and Competitor B both offering Product X. A customer C would go for either of the competitor’s Product X if C would have received feedback from another customer (say D) if D would have given a positive feedback to given a positive word of mouth feedback to C of the Product X from Competitor A if the competitor A had offered or given a high level of satisfaction to the customer D. Thus the main differentiating factor for C for choosing product X from A and B would highly depend on the recommendation from D. This is what is meant by acquiring new customers and retaining old ones based on customer satisfaction. Studies have shown that totally satisfied customers are more loyal to a brand than Just satisfied customers. The Customer Lifetime Value (CLC) which can yield profit from a customer based on prediction of spending of the customer on a particular product or service is different for totally and Just satisfied customers. Just satisfied customers can and eight defect to other products or services and have a lower CLC. This is because with just satisfied customers, chances of new products from competitors who offer better services and benefits might make them shift from their regular brand and products. This can be attributed to the effect of the new product attributes that wooed them to shift or because of the lack of retention capability of the current brand. In the case of totally satisfied customers however, a new product or service with better offers and benefits than the current brand isn’t enough to deter them to take a shift. This might be due to the high loyalty they have towards their current brand because of their high levels of satisfaction they achieved from using the product or service or because of the brand’s capability to retain them by incorporating customer satisfaction strategies in their business plans. Thus we can see that Just satisfied customers are willing to shift to other products more readily than totally satisfied customers. Markets should be able to distinguish between these two and formulate strategies to convert Just satisfied to totally satisfied customers which can raise the Customer Lifetime Value and thus increase profit. Consistency as a Customer Satisfaction Tool For a brand to be able to retain customers and to make them satisfied and happy, consistency is one of the major routes in achieving total customer satisfaction. The consistency that the paper talks about is the consistent satisfaction of a customer and its measure of relation to the overall sum of customer satisfaction over a period of time. This is in contrast to the measure of a five point scale satisfaction survey of individual customers. In measuring this satisfaction consistency, we measure the attestation levels of an individual customer for a particular product or service provided by a certain brand over their continued use and repurchase of the product or brand. This gives us a better understanding of the customer’s response to the product or service though out the customer lifetime value. With increasing use of the product the customer can either be satisfied, totally satisfied or be frustrated with the product. This study based on consistency can then be translated into strategies or plans to enable the brand to retain the dissatisfied customer, convert the Just testified and improve the totally satisfied customer. Throughout the customers’ lifetime with the product the brands consistent work to provide them with excellent and effortless service and a consistent support mechanism can ensure maximum customer satisfaction. However not all brands can offer and deliver the same. Having a positive customer-experience emotions- encompassed in a feeling of trust-were the biggest drivers of satisfaction and loyalty in a majority of industries. Consistency with customers in relationships, services and relations is important to forge trust brands’ customer pool. A company’s brand is driven by more than the combination of promises made and kept. It is also critical to ensure customers recognize the delivery of those promises. This requires communicating and key messages that consistently highlight delivery and themes. In this case customer’s perceptions and views of the brand are reinforced. This in turn generates goodwill in the minds of the customers thus leading into a satisfaction level though the communication of these fulfilling promises and on time market communications to reinforce experiences. Relationship between Price and Satisfaction Say a customer A was traveling and had to stop to stay for a night. The hotel that he stayed charged him an exorbitant amount as the room rent and other charges and this caused A to be upset and thus dissatisfied with the hotel. But because of the urgent requirement he had to put up with it. But in staying at the hotel he found out that the overall service of the hotel, the staffs and the facilities provided were much more than he anticipated. When asked to rate the hotel he gave it a ten out of ten. This is an example of how price can be related to satisfaction. But this is not the case with most products and services. Customers often expect good sales and services when they pay a hefty price for a product. If the product performs they are more likely to continue the use of the same product and recommend the same to others. The opposite is the case if the product doesn’t meet the necessary requirements the customer had in mind while paying for it. If that’s the case, a sure negative response from the customer via word of mouth would go to others, thus making the brand lose out on a potential customer while not retaining a customer. Thus customer satisfaction and price has a direct negative relationship and impact on customer attention. This is regardless of satisfaction with the service experience or reward programmer membership status. This also shows the price sensitivity of customers in relation to being satisfied with a product or service. Achieving Customer Satisfaction As customer satisfaction is an important factor for brands, companies and the market, plans and strategies must be included to achieve the same. This part of the paper will give a simple layout on how to achieve customer satisfaction. Since the business or the market continues to exist because of the customer, the customer should be made the first priority. This is in accordance to what was said at the beginning of the paper where customers where declared as assets of a market. If customers are unhappy and uncaring for a product or service; chances are they have already made up their minds to shift to another. They also are highly capable to spread negativity about the same product or service via word of mouth. A â€Å"Can-Do† attitude by sales executives and the staffs in general can go a long way to making customers happy and satisfied. Inconvenience caused by the staffs and personnel at a retail shop or outlet can cause a very long lasting negative impression on the minds f the customers. The lesser the complaints received, the more highly the customer is satisfied with the service. Communication with customers also offers a great platform in creating relationships with them and building trust in them. Also communication about the services and products provided by the brand to increase the knowledge of the customer is an ideal way to retain customers. If the full quality and service of a product and the extent to which the product or service can be used is made known to customer gets about the product or service, the more highly it can affect his/her purchase decision again and again. This can then lead to customer retention and satisfaction. Timing is also one of the basic factors that can lead to customer satisfaction or dissatisfaction. On time deliveries, sales and services, and deadlines are real time factors influencing customer satisfaction. Uncertainty and lack of confidence with customers are negative points on the customer’s mind. Your customer expects prompt, courteous service. When asking for service help, your customer should never have to make a second call. Establish clearly defined and attainable service standards using the input of customers and employees. Ensure hat those standards are thoroughly understood by employees and promoted to customers. Put the standards into practice through employee reward programs that establish and recognize excellence in service. Research into competitors actions to improve your own goals and improve your own techniques and services. Remember that the customer is the markets’ everything. Complains must be listened and taken into account. Positive solutions must be encouraged along with politeness, compliments and enthusiasm. You are the company that the customer sees. The customer is always evaluating you, so offer a better service than your competitors ND always show interest in the customer. Conclusion In concluding we can see that although there are customers who will always buy and purchase a product or service because of needs and requirements; totally satisfied customers are hard to find. Retaining Just satisfied customers also is a hard process since it entails a lot of work and research into why there can be a shift even when they are satisfied. Customer satisfaction is thus seen as not Just a unit of measure for brands and markets to calculate their profits and revenues but is seen as an important factor for marketing strategies and plans. This is because the more satisfied the customers are, the more loyal they can become and the more loyal they become the more benefit the brand and the market can achieve from them in terms of profit and revenue. The results of the study shows that the markets offering different products and services should concentrate on customer satisfaction as it plays an important role in retaining customers which are the â€Å"Assets† of any market. References 1. Enhance Plus; â€Å"Why is Customer Satisfaction Important? † 2. â€Å"The effect of price on return intentions: Do satisfaction and reward programmer membership matter? How to cite A Paper On Customer Satisfaction, Papers

Bail Activity Essay Example For Students

Bail Activity Essay Affaf Noor Saidi 1. Consider arguments for and against granting bail to each of the following defendants. * Lucy, aged 22, has been charged with dealing heroin. She was caught with a large amount of the drug in the back of her car. She lives with her parents and has worked as an office assistant for the same employer since leaving school at the age of 16. Bail is when a person is granted temporary freedom provided the person promises to appear at court on a fixed date and pay a certain sum, a surety if the promise is broken. The granting of bail may be conditional upon the accused appearance at the police station at given times before the trial. Section 38 of the Police And Criminal Evidence Act 1984 provides that when a person arrested otherwise than under a warrant endorsed for police bail is charged with an offence, the custody officer must order his release from police detention either on bail or without unless the suspect’s name and address cannot be ascertained or there are reasonable grounds for doubting the truth of the name and address. We will write a custom essay on Bail Activity specifically for you for only $16.38 $13.9/page Order now Lucy was charged with dealing heroin, a large amount of the drug was found in the back of her car. Lucy also lives with her parents and has been working as an office assistant for the same employer since she was 16. One of the reasons why Lucy should be granted bail is that she resides at a specific address with her parents. This shows that Lucy has a permanent place to stay, and by granting her bail, the police can identify her address should they need to find. She also worked at the same place with the same employer since she was out of school at the age of 16. This proves that Lucy has a stable monetary income to care for her parents. Therefore Lucy would not leave her parents without an income by committing other offenses whilst on bail or even jeopardising her job. On the other hand, dealing with heroin is a presumption against bail. As heroin is a Class A type drug. Under Section 19 of Criminal Justice Act 2003, where an adult offender is either charged with possession or possession with intent to supply a Class A drug, there is a restriction on to the right for bail. Other than that Lucy should not be granted bail because she has been working in the same place for the past six year, she might have a big circle of contacts around her area of residence or work location, there is doubt in whether her colleagues could be supplying her with the drugs or are her clients. Another thing is that, Lucy has a stable income and she lives with her parents, she could decide to move houses or even try to start reselling the heroin as she has the money to purchase the drugs. * Barry, aged 36, has a number of previous convictions for shoplifting over the last five years. He is currently charged with stealing a jacket worth ? 60 from a shop in the High Street. Barry lives in a squat with his girlfriend. He is currently unemployed. On granting bail, the court will consider whether the defendant deserves to be granted bail. The factors of granting bail is/are, whether the nature and seriousness of the offense is entitled to a bail, whether the defendant’s previous records were granted bail, or/and whether the strength of the evidence against the defendant is enough to be considered for bail. Other than that, the court also set conditions to a grant of bail, while on bail, the defendant must reside at a particular known address by the police. Barry should not be given bail because the seriousness of the offense is not big. Barry stole a jacket worth 60 pounds, therefore the court should not grant him bail as he would not flee out of the country over a 60 pounds jacket or even try to jeopardise himself by not turning up to the hearings. Other than that, he has had a number of previous convictions for shoplifting over the last five years, this shows that never fails to turn up at every stage of hearing. .u3fe903f3ca08d4497b67fef880f8233d , .u3fe903f3ca08d4497b67fef880f8233d .postImageUrl , .u3fe903f3ca08d4497b67fef880f8233d .centered-text-area { min-height: 80px; position: relative; } .u3fe903f3ca08d4497b67fef880f8233d , .u3fe903f3ca08d4497b67fef880f8233d:hover , .u3fe903f3ca08d4497b67fef880f8233d:visited , .u3fe903f3ca08d4497b67fef880f8233d:active { border:0!important; } .u3fe903f3ca08d4497b67fef880f8233d .clearfix:after { content: ""; display: table; clear: both; } .u3fe903f3ca08d4497b67fef880f8233d { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u3fe903f3ca08d4497b67fef880f8233d:active , .u3fe903f3ca08d4497b67fef880f8233d:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u3fe903f3ca08d4497b67fef880f8233d .centered-text-area { width: 100%; position: relative ; } .u3fe903f3ca08d4497b67fef880f8233d .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u3fe903f3ca08d4497b67fef880f8233d .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u3fe903f3ca08d4497b67fef880f8233d .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u3fe903f3ca08d4497b67fef880f8233d:hover .ctaButton { background-color: #34495E!important; } .u3fe903f3ca08d4497b67fef880f8233d .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u3fe903f3ca08d4497b67fef880f8233d .u3fe903f3ca08d4497b67fef880f8233d-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u3fe903f3ca08d4497b67fef880f8233d:after { content: ""; display: block; clear: both; } READ: The Old Lady and the Cat EssayMoreover, Barry lives with his girlfriend, this proves that he has no place to stay or someone to look after him as he has no stable income to earn a living on his own, therefore he would not risk his life by not turning up for hearing dates. On the other hand, if Barry was to be released on bail, there is a high chance that he might commit similar offences whilst on bail, as he had a number of shoplifting in the past. Furthermore, he is living in a squat with his girlfriend, thus running away is easier for him. This is because the police does not know his exact or permanent address, therefore finding him would be hard for the police if he decides to run away. * Shirley, aged 31, is an accountant. She lives with her husband and four children in a detached house. She is accused of defrauding one of her clients out of several thousand pounds. One of the factors that are considered by the court before granting bail to defendants is the defendant’s ties with the community. Shirley is a mother of four and lives with her family in a detached house. She should be given bail because she is well settled down with her family and is occupied with her children. Therefore, she would not flee the country and leave her family behind. Other than that, she is an accountant, she should be given bail because she has the obligation to attend the hearings of the court so that her reputation among her clients does not go down. Moreover, she would not try to commit any other similar offenses as she might lose her clients if she does. On the other hand, fraud is a presumption against bail. As it affects the public, Shirley should not be given bail. Shirley and her family lives in a detached house, this proves that she has a high financial status. This means that, Shirley and her family can run away from her fraud accusations by fleeing the state or country. Other than that, as she is in a high financial state, she could interfere with the witnesses and bribe her way out her fraudulent accusations. 2. Assuming that the Magistrates did feel that bail could be granted to Lucy, Barry and Shirley, suggest suitable bail conditions for each of them If Lucy were to be granted bail, I think the suitable bail conditions that must be given to Lucy is that the Magistrates must impose a curfew on her so that she can prove where she is at certain times. Other than that, she must be told to maintain her job so that she would not have any other new contact with people outside of her working place. The Magistrate must also tell her to surrender her passport to make sure that she will not flee the country. On top of that, she must turn up at designated times at the police station to report her presence, so that the police is aware of her following her bail orders. Barry on the other hand, must have his girlfriend stand as a surety, and make sure that he will not commit further shoplifting or similar offences whilst on bail. He must also surrender his passport to make sure he does not flee the country. As for Shirley, the Magistrates must order her to surrender all of her documents concerning this particular client to her colleagues and not to intervene with their affairs. Likewise, she must also cut off any possible contact with this client so that she does not temper around with evidence or investigation. Besides that she must surrender her passport to make sure she does not flee the country, and must also have her husband stand as surety that she will not commit further similar offences whilst on bail. In addition she must continue to work at her firm and not change her working pattern.