In one of the recent articles, we wrote about experimental research, which involves changing different variables to find out what changes can be made in the system to attract the customer better. However, in observational research, the variables are not changed at all. The environment is maintained in a natural state and the customers are observed in their natural settings. The analysis of customers in their natural settings gives the company the right outlook, and things which can be changed to attract customers better to their products. [Read more…]
SWOT Analysis of Walmart
SWOT of leading retail store – Walmart which focuses mainly on its pricing. Always low prices being its motto. Read on to know more.
- The company has a core competence involving its use of information technology to support its international logistics system. For example, it can see how individual products are performing country-wide, store-by-store at a glance.
- A focused strategy is in place for human resource management and development. People are key to Wal-Mart’s business and it invests time and money in training people, and retaining a developing them.
- Wal-Mart has grown substantially over recent years, and has experienced global expansion (for example its purchase of the United Kingdom based retailer ASDA).It has also created a joint venture with bharti in India.
So you are one of those employees who want to stand apart and market yourself to your bosses, your colleagues and even the xerox girl if you can. Well here are some tricks which im trying and which might help you in the long run.
1) Stay cool – Always!!!. The first rule to marketing yourself to your colleague and your bosses is to always play it cool. Even if you have a sworn enemy at your workplace, do not give in to your temper.
2) Work Smart but Work hard too – A misinterpretation of the words “Work smart” is that several people believe in extracting work from others through devious means rather than working themselves. Heres a correction for you. Helping others at the workplace too is a part of “Working smart”.
One of the many challenges which a sales guy faces is getting the right prospects for his products or services. Thus, many sales guys are found asking how to get prospects for sales? There is a subtle difference between a suspect and a prospect. A suspect is a customer who can buy the product. The prospect is a customer who is more likely to buy the product or the service. For example – If you are working with a company, you are a suspect for buying a house. But if you have the earnings and you are looking for homes currently, then you are a prospect, because you are more likely to purchase the house.
When you have good prospects, sales becomes easier because you have leads which are likely to convert and give you good sales figures. Thus, the challenge of the sales guy is to find the right prospects. The below mentioned 6 sources are the best ones to get prospects for sales guys.
1) Get leads from existing customers – The top sales people use this tactic to get the maximum sales. There are two main reasons that using a reference from existing customers really works towards prospecting. One reason is that the existing customer might already be satisfied with your product, in which case he is likely to refer you to others who are also in need of the product (you directly get hot prospects). The other reason is that a reference generates trusts in the person who has been referred. Thus, if you show the example of the existing customer to the new referral, you will get the conversion easily. Getting references from existing customers is an excellent idea to get good prospects. [Read more…]
As the market has changed, so has the way the company deals with the marketplace. The company orientation towards marketplace deals with the concepts which a company may apply while targeting a market. There are basically five different orientations which a company takes towards the marketplace.
Parle G is one of the most trusted names amongst Indian brands. According to a recent poll, the company is one of the largest manufacturers and sellers of biscuits. Its parent company Parle Products was established in the year1929 and the company started the manufacturing of biscuits in the year 1939. After independence, ads were launched to project Parle G as an alternative to biscuits made by the British companies. [Read more…]
There are many actions which are involved in blogging and which bloggers have to do repeatedly to reach the top. However, if you look closely, blogging is just like any other factory doing its business. You manufacture content, and then you market it to your readers. You keep manufacturing and marketing simultaneously. You will have new readers as well as old readers. So, like the manufacturing cycle, what if we were to make a blogging cycle? What would it look like and what would be the steps? Lets discuss. [Read more…]
Yours is a top of the line company, with a top of the line product. However, even after having a strong marketing mix, your company fails to really take off. Is that a problem in the company or in the employees themselves? Or is it a problem of lack of leadership and ownership in the company? The last one – Bad leadership or Bad management is one of the subtle reasons for the failure of the organization or the product. [Read more…]
There are numerous ways to classify consumer products and one of them is to determine the consumer buying behavior for a particular product and subsequently classify the product as per the buying behavior. The classification is not between products, rather the classification of consumer products is based on the differences between the consumers who buy the product. This is mainly because it is the consumers behavior which is important.
So as per this understanding what can be shopping products? Shopping products generally involve more time, cost and efforts from the consumers part as they are considered as a higher risk proposition by the consumer. Lets take a TV for example – Before buying a TV, a customer will have a look at all different brands, products and product features. Once the customer knows what kind of features he is looking for, he would compare the costing of each brand. Finally after he has been convinced of one particular product and its value for money, he will go ahead with the purchase.
Internal marketing is the need of the hour. With customers becoming very choosy for the type of products that they buy, customer experience with the company needs to be beyond expectations. This is where internal marketing plays an important role. Internal marketing happens when the company treats its employees as internal customers, and accordingly, each department works in tandem with the other to give products and results which are best for the company as well as for the customer.
Internal marketing ensures that all employees are working towards a common cause which is customer satisfaction. Top management plays a crucial role in this regards. Dissemination of internal marketing principles can be done through training right from the time of hiring of employees. Internal marketing can thrive in an organization only if the employees have the right attitude.