Thursday, May 23, 2019

Rethinking Marketing Essay

Companies today have technology that enables them to interact directly with guests. Firms must make intention of this technology to focus on node needs and develop into customer-oriented companies rather than product oriented ones. In order to facilitate this interpolate a change in the companys strategies as well as structure be screws necessary. This change includes reinventing the organizations marketing department entirely. One such change in dodge involves customer cultivation. Companies must move from being traditional companies to customer cultivating companies. A customer cultivating company is one that focuses on individual or small groups of customers as opposed to a traditional company that focuses on the mass. Many firms today are trying to make this dodging work. For example IBM, Tesco and American express.Next we come to change in structure, which involves reorganizing the marketing department. * Firstly CMOs must be replaced by CCOs (chief customer officer). The C COs job is to plan and implement the firms customer relationship strategy and supervise all customer- approach functions. * Secondly under the CCO will work the customer managers who identify the customers needs and direct brand mangers to fulfill those needs. * Customer- facing functions some functions such as the customer relationship management that forms a part of the IT department must be made a part of the customer department. CRM (a tool for gauging customer needs and behavior) contains the data needed to implement customer cultivation strategy and hence essentially forms a part of the customer department.* mart research market research changes to become more customer focused as well. * Research and Development marketing and R&D must be integrated so that the customer itself can be brought into the process of designing products. * Customer service the customer department must handle this service to look into both quality and expression long-term relationships with customers .With change in strategy there comes a need to change the measures that gauge the effectiveness of the strategy as well. These changes in measures are as follows* Product profitability to customer profitability* Current sales to customer lifetime value* Brand equity to customer equity* And lastly market share to customer equity share.All in all the article considers reinventing the strategies and structure of companies to make them focus on building lasting customer relations rather that building brands.

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