The Heart of Your Strategy: Article Summary
“The Heart of your Strategy” article summary
Grand Canyon University: MKT 450
‘The Heart of your Strategy’ article deals with how an industry can increase its sales in market and get better revenue as compare to its competitive industries. In this article the customer loyalty factor has been considered as one of the strategy of business. Customer Loyalty deals with giving customers what they actually want in their product and how a company can fulfill the customers’ needs by giving them the product they want. If any company gains the customer loyalty then that makes their sales, profits, revenue etc. at a level that they can compete or beat their competitors who also has the same product. Coca-Cola is most common example of customer loyalty as their products gains the customer trust and loyalty which has brought them to the top of the market unlike their competitors like Pepsi. Even though Pepsi has the same kind of products that Coca-Cola (caffeinated soda) their sales are not as high because Coca-Cola has a higher customer loyalty then Pepsi. Once a company loses the customer loyalty it becomes very difficult to gain that loyalty again.
Key Points The first key point that the authors made was the customer loyalty is mandatory and the most important need for any company to gain profits in business. Without customer loyalty the marketers are not able to stand in the market. According to him customer loyalty is the major strategy of business. The second key point that was added in this article is that a company or industry can gain customer loyalty. It’s very hard for the marketers to gain the customer loyalty due to the increasing competition in the market. To gain the customer loyalty marketers need to give everything that a customer really needs at very genuine price, because that is the only way how they can gain the customer loyalty faster than from other marketers. Also marketers have to change their way of gaining customer loyalty because as
Grand Canyon University: MKT 450
‘The Heart of your Strategy’ article deals with how an industry can increase its sales in market and get better revenue as compare to its competitive industries. In this article the customer loyalty factor has been considered as one of the strategy of business. Customer Loyalty deals with giving customers what they actually want in their product and how a company can fulfill the customers’ needs by giving them the product they want. If any company gains the customer loyalty then that makes their sales, profits, revenue etc. at a level that they can compete or beat their competitors who also has the same product. Coca-Cola is most common example of customer loyalty as their products gains the customer trust and loyalty which has brought them to the top of the market unlike their competitors like Pepsi. Even though Pepsi has the same kind of products that Coca-Cola (caffeinated soda) their sales are not as high because Coca-Cola has a higher customer loyalty then Pepsi. Once a company loses the customer loyalty it becomes very difficult to gain that loyalty again.
Key Points The first key point that the authors made was the customer loyalty is mandatory and the most important need for any company to gain profits in business. Without customer loyalty the marketers are not able to stand in the market. According to him customer loyalty is the major strategy of business. The second key point that was added in this article is that a company or industry can gain customer loyalty. It’s very hard for the marketers to gain the customer loyalty due to the increasing competition in the market. To gain the customer loyalty marketers need to give everything that a customer really needs at very genuine price, because that is the only way how they can gain the customer loyalty faster than from other marketers. Also marketers have to change their way of gaining customer loyalty because as
References: Crosby, Lawrence A.; Johnson, Sheree L (2005).The Heart of Your Strategy. Marketing Management, Vol.14 Issue 5, P.12. Retrieved from http: http://library.gcu.edu:2048/login?url=http://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=18509257&loginpage=Login.asp&site=ehost-live&scope=site