Globalisation, competition and market saturation have initiated organisations to acknowledge the importance of marketing strategies to anticipate the needs and want of customers, the tangible quality being customer retention. In order to reach this organisation’s must employ a number of key marketing concepts to achieve levels of satisfaction and loyalty. The theories herein will look to illustrate the available strategies to achieving marketing’s recurring theme attracting, enhancing and retaining using the circle of satisfaction, undertaking a systematic study of methods that can be applied. Introduction
Modern day society now demands organisations undertake marketing strategies to ultimately reach a sustainable competitive advantage. This entails organisations satisfying society material wants with an economic response. To proceed first an organisation must determine their competitive strategy, which would require an analysis of the fundamental characteristics of the industry. Hence” knowing your market”. Not wanting to understate the importance of an organisation knowing their market and in line with the beliefs of (Porter, M, 1985) to be effective an organisations goals, objectives, culture, and the day to day activities must be in harmony with their competitive strategy. Meaning their approach to sustainable success must have a clear focus and structure in how they do business. On establishing cost verses differentiation an organisations focus should switch to the customer management, meeting and building on a customers need. Thus bringing us to the purpose of the essay, on how to best manage a customer’s needs while also satisfying and mutually benefiting the needs of the organisation. To explore the relevant concepts and strategies available one must seek to avail scholarly sources to iterate and support subsequent theories. Discussion
Central to sustainability for an organisation is setting out its core values and highlighting their purpose as a company this will become the framework for their relationships building thrust and integrity. Modern marketing philosophies implore organisations to be successful they must look to transcending the exchange and look to build value through profitable relationships that requires the customer to be become central to the business. Under the umbrella of Profits4 relationships become mutually beneficial and present marketing opportunities, sharing of promotional costs and product development it also allows smaller companies to build creditability when exchanging business with larger organisations or market leaders. Growing the relationship beyond the transaction requires loyalty from within channel partners; no longer can a customer be seen as a one of transaction now they must be looked upon as a conceivable relationship prospect. From this point on organisations should look to strategically build the relationship remembering customer loyalty represents a competitive asset. Hence the circle of satisfaction Key ingredients for marketplace success is how an organisation best serves the needs of their customers while satisfying their own needs, and this requires delivering the three principle statutes for customer satisfaction, quality, value and satisfaction statutes which are the foundations of organisation success and profitability. From within the confines of a mutually beneficial relationship arises both an organisation and a customer perspective of transaction expectation, an organisation must provide a minimum acceptable standard and quality controls, a customer must evaluate their experience through the time zones of purchasing an act accordingly. Quality is a product born out of organisation meeting the needs of their customers in a competitive market. It requires organisation conforming to appropriate industry standards, and in monetary terms the failing to conform and supporting the theories of...