MARKETING

Assignment



Assignment

Answer-1

Customer retention program is crucial for any organization to flourish regardless of its magnitude. Customer retention involves the efforts made for retaining the customers who have the ability or have the buying power to purchase the product and at the same time satisfy their needs. If a customer makes multiple purchases then it becomes necessary for the entire team to thoroughly on such potential customers especially when it involves a car rental business.

In order to retain the customers it is necessary to have a retention strategy. Retention strategy involves having a good marketing plan. The value proposition and the strategy of the brand should drive the retention strategy. In order to retain your valuable assets you need to have a motivated sales force. The sales rep should be given commissions and incentives. The type of information that is required by the company is the trends of the consumers buying behavior via the customer's database which will also entail the buying history of the customer. Once the database is accessed it becomes easy for the organization to identify which customers should be prioritized that can be a support system in the company's success (Berger, 2001). Next, the marketing strategies need to be developed and implemented. The kind of tangible and intangible marketing strategies that can be made use of are:

Loyalty, Membership cards or customer clubs and programs give entitlement to specific customers to enjoy special offers such as discounts as well as preferential treatment.

Welcome or acknowledgement gestures along with sales recognition as well as thank you statements.

Post sales satisfaction calls and being open to complaint inquiries as well as surveys.

Different event-oriented communications via sms or calls in which the potential customer is most likely to be genuinely interested.

From the workforce perspective there should be competent employees either trained or hired to ensure that there is strong after sales technical support to have enhanced as well as empowered customer.

Answer-2

It is important to use market segmentation techniques for clock and watch manufacturer which can aid in matching the needs and wants of the customer, have higher profits, higher growth opportunities, retention of customers and consequently acquire market share. She should divide the target market based on the different types of target market. The division will aid in having different marketing techniques for different types of customers. Market analysis needs to be conducted to identify the customer portfolio. Market ...