Using the same organization selected in Week 1 for the course project.? Presume that the organization you selected has recently implemented a customer relationship management (CRM) sy
Using the same organization selected in Week 1 for the course project. Presume that the organization you selected has recently implemented a customer relationship management (CRM) system.
- Research the key elements of a CRM system and defend at least three best practices that your organization can use to improve its customer retention. Make sure you support your choices with well-reasoned arguments and external sources.
- Justify at least five critical pieces of customer information needed from your key market segment. Why do you need to collect this specific data?
- Justify five survey questions that might be used to evaluate the segment’s experience with your organization. Why do you need to know this information?
- Justify a plan for how customer data (previous two bullet points) will be collected. The plan should detail the methods to be used (e.g. written survey, focus groups, interviews, etc.) and where those methods will be integrated into the organization’s processes (e.g., a hotel sending an e-mail survey following a customer’s stay at a specific location).
Submission Details:
- Submit your plan in a 3- to 4-page Microsoft Word document, using APA style.
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Euro Car
Euro Car
SWOT Analysis
Strengths
The main strengths of EuroCar, a well-known European automaker, support its competitive edge. The business has been known for its innovative engineering and technology advancements, which have made it possible to produce cars with outstanding performance and cutting-edge features. This dedication to innovation has helped establish EuroCar as a luxury brand associated with grandeur and prestige. EuroCar appeals to a wide range of client tastes with a comprehensive product line that includes premium sedans, SUVs, and electric cars, strengthening its market presence.
Weaknesses
However, EuroCar has some issues that need to be taken into account. Due to the restricted service options, client retention rates may be impacted by post-purchase customer satisfaction. Furthermore, efforts to penetrate the market may be limited if price-conscious consumers refrain from investigating the brand's offers due to perceived high prices. Budgetary restrictions may also affect the organization's promotional efforts, making it more difficult for it to convince potential customers of the worth of what it offers and how special it is.
Opportunities
Opportunities-wise, EuroCar is well-placed to exploit the expanding electric vehicle market. The company has a platform to expand and sell its line of electric vehicles thanks to the rising demand for environmentally friendly substitutes. Additionally, the popularity of personalized and customized vehicles gives EuroCar opportunities to provide unique options tailored to specific consumer preferences, potentially increasing its attractiveness (Pinto & Pereira, 2022). Exploring new markets allows EuroCar to increase its market share and diversify its revenue sources, particularly in emerging economies with a growing luxury market.
Threats
However, EuroCar must be on the lookout for any dangers that can affect its business. The severe competition from other luxury automobile manufacturers tests the market share and price tactics of EuroCar. The development and marketing of some car types may need to be improved by strict pollution standards and changing government policies, necessitating adaptation.
Creating a Mission Statement
The revised EuroCar mission is "Enriching the Lives of Discerning Connoisseurs Globally with Innovative, Sustainable Luxury Driving Experiences."
Collecting Customer Data
EuroCar utilizes advanced CRM solutions to manage client interactions by studying important CRM elements. By organising and analysing customer data, CRM solutions help organizations understand consumer preferences and behaviours. EuroCar can target specific groups and customise marketing by recording consumer interactions and purchase history. This technology-driven approach helps EuroCar anticipate consumer demands, increase interaction, and boost customer happiness (Vernanda & Sari, 2020). EuroCar elevates customer interactions with CRM technology. EuroCar can anticipate consumer demands with personalized interactions and data-driven insights. CRM helps EuroCar quickly fix issues and demonstrate its customer service. EuroCar uses CRM systems to build emotional ties with clients by offering relevant offers, timely updates, and personalized recommendations. This increases consumer loyalty and brand advocacy, boosting EuroCar's premium car reputation.
Marketing the Product
EuroCar's rigorous service delivery method demonstrates its dedication to client satisfaction. EuroCar's streamlined approach makes every engagement memorable, from inquiry through after-sales service. EuroCar anticipates customer interaction issues, including delayed responses and lack of follow-up, to ensure a seamless journey. EuroCar adds a dedicated customer support team, automatic response tools, and real-time issue tracking to address these issues. These indicators improve client pleasure and emphasise the brand's superiority. EuroCar uses refined service delivery to position itself as a luxury, innovation, and sustainability leader. EuroCar advertises itself as a driving partner by emphasizing client connection. EuroCar's repositioning approach also uses better service delivery to demonstrate the brand's commitment to individualized experiences and technological innovation. This strategic adjustment boosts EuroCar's reputation and secures its position as an industry leader, gaining trust, admiration, and loyalty from discerning customers who want more than just a car—they want a complete and immersive driving experience.
Developing New Products/ Services
Introducing a new product or service into EuroCar's portfolio includes a multidimensional engagement with various stakeholders, each with a specific role in moulding its success. The design and engineering teams carry the burden of ensuring the new offering meets the highest standards of quality and innovation. Suppliers are vital in sourcing quality components, directly influencing the product's performance and reliability. Dealerships, as a vital point of contact with customers, promote seamless distribution and play an essential role in expressing the product's value. On the other hand, the marketing teams assume the essential role of promoting the product and developing anticipation among the target audience. Simultaneously, customers have a significant place in the equation, giving essential insights and feedback to fine-tune the product according to their preferences and demands. Regulatory authorities operate as gatekeepers, verifying that the product adheres to industry norms and laws (Pinto & Pereira, 2022). Including this varied collection of stakeholders guarantees a well-rounded and complete approach to product creation, successfully utilizing a spectrum of skills. Such collaboration not only guarantees the alignment of the product with customer expectations but also assures compliance, quality, and the fulfilment of all stakeholder interests, resulting in a product set for success.
Creating Communication Strategy
A carefully planned Integrated Marketing Communication (IMC) strategy, which seamlessly combines various channels for maximum impact, supports EuroCar's efforts to launch its new product. EuroCar capitalizes on the digital landscape by employing digital marketing and social media platforms to create a buzz around the upcoming product. These pathways enable precision targeting, ensuring the product's message reaches the correct audience. Partnering with influencers amplifies the message, tapping into their engaged followers to generate anticipation and excitement (Gorova et al., 2019). Complementing these efforts, immersive events are planned to offer potential clients a direct interaction with the product, building a physical connection and leaving a lasting impression. A cornerstone of this strategy is the skilful alignment of the brand's essence – luxury and innovation. This synergy delivers a consistent story across all touchpoints, underlining EuroCar's dedication to producing goods that exceed expectations. In parallel, a premium pricing strategy is proposed that aligns with EuroCar's luxury positioning and encompasses the technological prowess and exceptional driving experience that define the brand. By setting premium pricing, EuroCar accentuates the intrinsic worth and rarity of the product, resonating with its discerning audience. This method illustrates that the price reflects the cutting-edge features, precise craftsmanship, and prestige of owning a EuroCar. This targeted pricing bolsters the product's perceived worth and cements EuroCar's status as a leader in the luxury automotive business, laying the foundation for a successful market debut.
Reference
Gorova, K., Dluhopolskyi, O., & Dluhopolska, T. (2019). Entering the global manufacturing outsourcing market and innovative development of the Ukrainian industrial enterprises. Economie şi Sociologie, (2), 20-31.
Pinto, F. M. D., & Pereira, I. (2022). Business adaptive strategies in crisis: the case of General Motors (Doctoral dissertation).
Vernanda, M. Y., & Sari, D. K. (2020). The Effect of Brand Positioning and Service Quality on Customer Loyalty in Wonoayu Eurocar Market With Customer Satisfaction As Moderation Variable. Indonesian Journal of Law and Economics Review, 8, 10-21070.
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Perception Map MIS and the Market Research Process.html
Perception Map/ MIS and the Market Research Process
An effective tool managers use to differentiate and position a product is a perception map—a graphical representation of what customers think of a brand and competitors. A perception map can have as many axes as there are attributes in a product. However, most companies do not choose more than three or four attributes because positioning the brand by more than four attributes could confuse the customer. It is important to recognize that even within the same target market, a brand can be rated high on certain attributes and low on others because different customers give different levels of importance to a brand's attributes.
A perception map shows that the customers' perceptions of a brand are quite different from what the company's marketing managers are trying to communicate to the target market. These differences in perceptions can represent opportunities for the company to fulfill unsatisfied needs. Additionally, a brand's position along the core attributes can be compared with that of its competitors.
A marketing information system (MIS) allows an organization to collect, sort, store, analyze, and disseminate marketing information. All information entering an MIS falls into one of two basic categories:
- Internal information refers to information generated within the organization as a result of its everyday operations. Examples include sales force reports and customer satisfaction surveys.
- External information refers to information generated and collected outside the organization by third parties. Examples include syndicated research reports published by companies, such as packaged facts and customer mailing lists.
Marketing research allows the marketing manager to know more about a specific problem. While he or she might have access to secondary sources of information on the target market, including previous research and data contained in the company's MIS archives, there is no substitute for taking a fresh look at the actual conditions in the target market.
Perceptual mapping is a graphic display explaining the perceptions of customers with relation to product characteristics.
Review a step by step guide to perceptual mapping a step by step guide to constructing a perceptual map
Additional Materials
View the PDF transcript for Perception Map/ MIS and the Market Research Process
media/week2/SU_MBA6011_W2_L3_S2_G1.pdf
Page 1 of 1 MBA6011_Strategic Marketing
© 2011 South University
Interpreting a Perception Map
A sample of 320 car users, aged twenty to fifty-five years, is asked to rate brand C and its competitors on a scale of 1 (worst) to 10 (best) along six core attributes. The given table reflects how the users view the competing brands on each attribute.
Competing Brands Brand Attributes A B C Exterior Design 6.3 4.25 4.12 Popularity 1.95 8.2 4.08 Service Offerings 3.1 4.95 7.15 Affordability 1.95 6.2 7.95 Engine Performance 2.2 6.15 3.9
Safety 2.2 4.25 6.8 What insight do you gain from the perceptual map?
Expert’s opinion:
After studying the graphical representation of the rankings, it is clear that brand C is weak on exterior design, somewhat middle of the road for popularity and engine performance, and quite strong on service offerings, affordability, and safety.
What positioning strategy can be formulated for brand C using the information provided by the perceptual map?
Expert’s opinion:
Brand C has many possible positioning strategies to choose from. Here are three examples:
• If the customers’ perceptions match management’s own perceptions of the company’s strengths and weaknesses, the company may choose to maintain the status quo and not make any changes.
• If the customers’ perceptions match management’s own perceptions of the company’s strengths and weaknesses, the company may also choose to enhance its strengths to increase the differentiation gap and solidify its competitive advantage. For example, the company may increase safety to increase differentiation against brand B.
• If the customers’ perceptions do not match management’s own perceptions, then management has to decide if the weaknesses perceived by the customers, on popularity, for example, may be overlooked by the market without resulting in loss of market share. If not, the company may choose to reposition brand C to increase popularity to match or exceed brand A’s ranking.
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Undifferentiated Strategy, Differentiation and Positioning.html
Undifferentiated Strategy, Differentiation and Positioning
An undifferentiated strategy may be preferred when management believes that the same product appeals to most people within the total market for a product category. There are three instances when an undifferentiated strategy is preferred.
- When a radical innovation is introduced: When the iPad was introduced with a more concrete idea of the people who would be interested in buying it. But even then, it was difficult to forecast just what interpretation prospective users would make of the benefits offered by the innovation.
- When the product is in the decline stages of its life cycle: A broad approach may be preferable here as the product category is "dying." It is usually safe to assume that by the time the product moves into its decline stage, loyal customers are strongly committed to the product and, therefore, there is little need for special differentiation efforts.
- When the product is perceived as a commodity: Finally, the indispensable homogeneity of a commodity, such as natural gas or electricity, works against a differentiated strategy. A commodity by definition is homogenous, and users prefer it that way—it makes them certain of the quality of the commodity's few benefits, including affordability. Therefore, the absence of market research lowers the costs of marketing and managing a commodity.
Segmenting the market and targeting exclusive segments (or segments) that matches a company's objective and resources can create efficiency not only for the company but for the economy and society as a whole. While customers get benefits, the company's ability to predict customer responses to its marketing mix strategy brings success in of profit and growth. Successful integration of the four Ps (product, price, place, and promotion) in marketing efforts aimed at a specific target market greatly increases the probability of creating customer satisfaction and social value.
Positioning and differentiation are very closely related marketing strategies. Positioning is your strategy for conveying what makes your company or products bigger, different or better than those offered by competitors. Differentiation is essentially the way you carry out your positioning by promotion distinct attributes or benefits that you offer.
Additional Materials
View the PDF transcript for Undifferentiated Strategy, Differentiation and Positioning
media/transcripts/SUO_MBA6011 W2 L2.pdf
Undifferentiated Strategy / Differentiated Strategy and Positioning
© 2016 South University
Page 2 of 2
Strategic Marketing
©2016 South University
2 Undifferentiated Strategy / Differentiation and Positioning
MBA6011 Week 2 Lecture 2
An undifferentiated strategy may be preferred when management believes that the same product appeals to most people within the total market for a product category. There are three instances when an undifferentiated strategy is preferred.
• When a radical innovation is introduced: When Coca-Cola was first introduced in the marketplace more than a century ago, the product was new in every way and it was not clear who would be in the market for such a product. More recently, the iPad was introduced with a more concrete idea of the people who would be interested in buying it. But even then, it was difficult to forecast just what interpretation prospective users would make of the benefits offered by the innovation.
• When the product is in the decline stages of its life cycle: A broad approach may be preferable here as the product category is "dying." It is usually safe to assume that by the time the product moves into its decline stage, loyal customers are strongly committed to the product and, therefore, there is little need for special differentiation efforts.
• When the product is perceived as a commodity: Finally, the indispensable homogeneity of a commodity, such as natural gas or electricity, works against a differentiated strategy. A commodity, by definition, is homogenous, and users prefer it that way—it makes them certain of the quality of the commodity's few benefits, including affordability. Therefore, the absence of market research lowers the costs of marketing and managing a commodity.
To summarize, segmenting the market and targeting an exclusive segment (or segments) that matches a company's marketing objective and resources can create efficiency not only for the company but also for the economy and society as a whole. While
Page 3 of 2
Strategic Marketing
©2016 South University
3 Undifferentiated Strategy / Differentiation and Positioning
MBA6011 Week 2 Lecture 2
customers get benefits, the company's ability to predict customer responses to its marketing mix strategy brings success in the form of profit and growth. Successful integration of the four Ps (product, price, place, and promotion) in marketing efforts aimed at a specific target market greatly increases the probability of creating customer satisfaction and social value.
Repositioning the Brand: Royal Stallion Beer
Royal Stallion was a premier beer brand in the 1970s. In 2005, the company, which had been losing its market share to newer brands, announced a bold, new campaign.
Warning Bells
The sales of Royal Stallion had been dropping continually. According to market analysts, the decline was primarily due to the entry of newer competitive drinks in the market. The company had also been losing brand value, primarily among the younger male demographic.
Market Research
Research done by the company showed that the male youth considered the brand “not cool.” They associated the drink with the older generation—their fathers and grandfathers. Therefore, they labeled it as boring. The research also revealed that these same customers preferred brands of drinks that they felt would give them the image of a masculine, stylish, and practical man.
Positioning Strategy
On the basis of the market research, the company made a bold move. It decided to turn the criticism used against it in its favor.
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©2016 South University
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The new tagline bravely announced to the world, “You’re right! Your dad knew the best brand to drink!”
Results
Royal Stallion pursued aggressive marketing through multiple advertisements that embodied the essential characteristics the young male wants to portray. The new strategy repositioned the brand so that customers now associated with it an image of timeless masculinity and the sophistication and strength of a practical
man—the father figure.
After segmenting the general market and selecting a customer segment (or a target market), the marketing manager has to differentiate and position the brand against the competition.
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Segmentation and Market Segmentation.html
Segmentation and Market Segmentation
Segmentation is the process of dividing the general market into segments, or clusters of people who have similar needs and possess similar characteristics. Characteristics that are used to divide a market into segments include demographics, geography, psychographics, behavioral attributes, and benefits sought. A company that does not segment the general market and tries to appeal to the population at large encounters difficulties in creating an effective marketing mix strategy.
In a nonsegmented (or undifferentiated) market, a company reaches people who are not interested in its product’s attributes, or benefits, which might create a negative image for the company. Conversely, there is the possibility that groups who could benefit from the product might not be reached due to the one-size-fits-all strategy. In a segmented (or differentiated) market, a company reaches people who are actually interested in its product’s attributes. A particular range of products is targeted at particular groups who are reached through a differentiated marketing strategy
Companies want to know who their target customers are and what kind of value to create for them. If a company can create appropriate value for its customers, some customers might feel compelled to reciprocate in the form of loyalty to the company's products. Therefore, in an era of individualized (and customized) marketing, segmenting the general market and identifying the correct customer segment (or the target market) are critical to the success of a company in any industry.
Segmentation helps the brand to define the appropriate products for specific customer group. For example, Coca Cola doesn’t target a specific segment but adapts its marketing strategy by developing new products. Similarly, it uses mix of undifferentiated & niche targeting strategies in order to drive sales in the competitive market. Its product Cola is popular worldwide & is liked by people of all age group while the diet coke targets niche segment for people who are more health conscious. Coca Cola uses competitive positioning strategy to be way ahead of its competitors in the Non-alcoholic beverages market.
Additional Materials
View the PDF transcript for Segmentation and Market Segmentation
media/transcripts/SUO_MBA6011 W2 L1.pdf
Segmentation and Segmentation through Market Segmentation
© 2016 South University
Page 2 of 2
Strategic Marketing
©2016 South University
2 Segmentation and Segmentation through Market Segmentation
MBA6011 Week 2 Lecture 1
In a nonsegmented (or undifferentiated) market, a company reaches people who are not interested in its product’s attributes , or benefits, which might create a negative image for the company. Conversely, there is the possibility that groups who could benefit from the product might not be reached due to the one-size-fits- all strategy. In a segmented (or differentiated) market, a company reaches people who are actually interested in its product’s attributes. A particular range of products is targeted at particular groups who are reached through a differentiated marketing strategy
Page 3 of 2
Strategic Marketing
©2016 South University
3 Segmentation and Segmentation through Market Segmentation
MBA6011 Week 2 Lecture 1
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Strategic Marketing
©2016 South University
4 Segmentation and Segmentation through Market Segmentation
MBA6011 Week 2 Lecture 1
Advantages of Segmentation: The WOW Story
Page 5 of 2
Strategic Marketing
©2016 South University
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