Marketing Essay Example | Topics and Well Written Essays - 6000 words

Marketing - Essay Example The findings of the study will pave way for enhanced research in the field of customer satisfaction. The core concepts of relationship marketing, service quality and customer loyalty will be primarily dealt within this literature analysis. All the above three concepts are very much important in retaining the existing customers and to bring in new customers. A proper attention to these concepts will help in producing long term profitability for the organization. The literature analysis will be based on the impact of these concepts on the current retail sector and its relationship with customer satisfaction. 2.2. The Retail Industry Retailing may be described as the concept of marketing or selling the goods based on the customer choice and needs, on behalf of various organizations that produce such goods. (Gilbert, 1999) It is the concept of effective management of resources based on the needs and aspirations of the customers. (Davies, 1993) The study conducted by Peterson & Balasubram anian (2002) puts forward the strong argument that retailing has evolved and transformed a lot since the beginning of the 21st century. As per their views, the internet revolution is the main reason for such a massive change in retailing and marketing. Internet is the foundation of new age marketing. (Hamel & Sampler, 1998) The other factors that have lead to the transformation of retailing are Globalization, development in technologies and the ever changing customer behavior. Retailing is no more a small story at present. From smaller shops in the primitive years, a present day retail store covers acres of land. Multinational corporations consider retailing as a high growth segment. (Raff & Schmitt, 2009) The authors argue that the main driving force of the retail segment are the increased scope of importing goods from low wage countries and the economies of scale due to large scale importing. The changes in the retail scenario has made evolved and transformed the customers along w ith it. Customers today are more demanding and segmented. The most advanced form of retailing in the present age is internet marketing in which goods are traded through digital interface. It is also called internet marketing or e-marketing by which goods as well as services are rendered online to the customers. (El-Gohary et al., 2008) Chaffey (2010) defines it as â€Å"achieving marketing objectives through applying digital technologies†. Online marketing is advantageous to the customers as well as the traders especially on the price front. However, Gallagher & Gilmore (2004) argues that the benefits of online marketing have not yet been used completely by small businesses. The culture of an organization has a very vital role in determining how well an organization successfully adapts to internet marketing. (El-Gohary et al., 2008; Hofacker, 2001; Luna et al., 2003; Nantes & Glaser, 2008; Yasin & Yavas, 2007; Gong, 2009). The other important factors that determine the succes s of internet marketing are trust (Wang et al., 2009), security (Seounmi & Lee, 2009), customer acceptance and involvement (El-Gohary et al., 2008). Among these, trust plays a major role as online marketing involves the purchase of a product without physically feeling the product. In countries like UK, the online sales are backed by the specialization of major logistics companies like

Management Essay Example | Topics and Well Written Essays - 500 words - 8

Management - Essay Example ause the nature of the relationship is a subjective one, the leader is unable to determine whether any progress is being made, despite the fact that he is responsible for accountability. One of the things that a manager has to teach his sales representatives is the ability to bend and flex and adapt their sales pitch and styles to suit the needs of different customers. In the insurance industry in particular, there are certain standardized packages that are available, however a sales representative needs to be able to tailor his sales talk in such a manner that it suits the needs of the particular customer. Therefore, the most important lesson that a manager can teach his representatives is how to ask customers the right questions, by formulating at least 20 different types of questions that the customer can be asked in order to determine their needs. Once such answers have been obtained by the representatives for these key questions, they will be able to do things that are inexpensive, thoughtful and also inexpensive at the same time. (Acuff and Wood, 2004, p 190). The manager must teach the sales person how to understand what the customer desires by asking the necessary questions and then try to determine how best a particular product can meet that need, or how it can be tailored or modified slightly to meet the need. Therefore sales people should not focus exclusively on the customer or exclusively on the product but rather focus on bringing about a synergy between the two and managers should teach their salespeople how to achieve this.(Acuff and Wood, 2004, p192) The manager must also teach the sales person that his or her goal is to help customers understand that the company’s product is worthwhile. In the insurance business, the manager must therefore teach the sales people how to emphasize and focus upon the benefits of the products, in that it provides insurance against accidents and liabilities. By teaching sales people to focus upon the attributes of