Importance of consumer centric approach marketing Essay

           A consumer centric approach is a method in marketing that focuses on the needs and wants of an individual consumer (Kaufmann & Mohammed 302). The approach does not deal with customers like the mass market. It makes constant interaction with the customers. This is done so as to get information that makes a business understand what are customers’ expectations, perceptions and desires. By acquiring all the necessary information the business is able to design new and best strategies to increase its loyalty in the services and products. The businesses also use this approach to increase the customer’s satisfaction. The customer centric is like focusing on what the customers’ value in life. After finding that value is when the business can dedicate its efforts on a particular high value customer segment. Internal and external factors associated with consumer-centric             According to Jham & Puri (3) there are internal and external factors that affect the consumer- centric method from identifying the customers’ behavior. They make it difficult for a business and its consumer to have an interaction. The external factors are the environmental influences and the internal factors are the individual differences. The external factors such as social class, personal influence, attitudes and family: complicate the consumer’s decisions (Jham & Puri 3). The internal factors include; motivation knowledge, personality, attitudes, lifestyle, consumers’ resources and values. They also affect the consumer’s decisions. The consumer resource as part of internal factors; reflects on time and money. It is difficult to establish an interaction with the consumer if he or she is not financially stable. The most crucial factor is behavior. Most of the customer’s can buy the product out of convenience not because they bel ieve in the brand. Why do we need to focus on consumers?            The customers are very important in a business. They are the ones who determine the success of any organization. When an organization focus on consumer satisfaction; it becomes easy to find some metric that it can use to improve its business. However, it also becomes easy to manage the selling of the products and services. Concentrating on consumers has advantages to the business. It helps the business identify the consumer’s loyalty (Beard 1). The consumers’ acts like advocates in a business. They can help the business grow. A satisfied customer is able to share with others the goodness of the product or a service. This help increase the rate of consumers in a certain business. They are like small marketers or â€Å"evangelists.† Unhappy customer results to a risk of losing many consumers in the business. This is because of the negative word of mouth.               Concentrating on consumer help bring differentiation (Beard 1). A market is a competitive place that every business fights to get more customers. In order to succeed in this kind of environment one need to focus customer satisfaction. The customer can only choose to associate with the business that satisfies them. They find that kind of businesses unique and different from others. Customer satisfaction reduces Churning. Poor services make customers want to experience products from the competitors. A certified customer does not find it necessary to experience the quality of other products. In a business, it is very expensive and difficult to acquire new customers. The organization may spend resources on marketing and adverts so as to acquire more customers. The best option to avoid these circumstances is by retaining customers through satisfaction. It is the only way for a business to succeed. Consumer-centric in companies          Customer centric marketing is used by many companies in the world today. The companies that use this approach become knowledgeable on ways to enhance their products and services. However, the consumer-centric companies have more qualities compared to others. They are accessible. The customers find it easy to connect with them. They are responsive. They are able to reach out to their customers by different channels and respond to their suggestions and needs. Customer centric marketing (CRM) has been upgraded into eCRM in many companies (Kaufmann & Mohammed 302). The advances in the technology have changed the way consumers such for information of the products they need. The old CRM did not satisfy the needs of all consumers.             With the help of the new technology both eCRM with traditional CRM are now used by companies to enhance consumer quality service standards. The eCRM is a new tool being used by many companies to enhance their marketing skills. This is because it allows transferring of information across channels through the data driven tools. The companies that use eCRM are able to increase consumer satisfaction, their services and loyalty. However, some of them have increased online sell through this new technology. Customer centric companies have large market share compared to others. This is because they are able to reach out the market through â€Å"customer satisfaction.† This is very important thing. Other companies that do not have CRM have small market share. The business can only have a large market share by being the heart of the consumers. Concept of relationship marketing in consumer-centric approach            Relationship marketing is a concept in the business related to Consumer-centric marketing. Its main agenda is to achieve the consumer’s loyalty. The approach makes sure the businesses have interaction and long term engagement with the consumers (Learning business 1). The approach allows open communication with customers and gives them information suited for their needs. It makes the business develop an emotional connection or relationship with the customer. This approach is same as the consumer-centric. It deals with loyalty and developing a good interaction with the consumers. It has the same agenda of satisfying consumers. The methods used in relationship marketing apply in CRM. They use methods such as; marketing campaigns. This can be used by the CRM to promote organizations, the products, special offers and the brand.             Methods such as competitive prices, excellent customer services and quality products are essential in providing a good relationship with the customers (Learning marketing 1). They lead to best buyer- consumer relationship. They are the best methods of retaining customers in a business. However, the relationship marketing monitoring methods used to ensure customer satisfaction are appropriate for CRM. Personal interview by use of questionnaires or phone calls is best to find out consumers view regarding products and services. The mystery shoppers can also be applied. They include suggestion boxes, online surveys. Customer complaints and customers’ general comments are also important. They help business know where they stand in the market. The CRM help the business to come up with the best market segmentation. It is because they can know the needs of each individual in a certain area. The fit of marketing offering in consumer-centric approach             Marketing offering is appropriate when using the consumer- centric approach. It is because it deals with additional values to the customers (Hunt 1). In order to deliver values such as availability, technical support, convenient delivery or quality service; CRM is the right approach. It deals with maintaining a good relationship with the consumers. Adding the values to CRM helps the consumers be more loyal and trust the products or services. The offering marketing fits in the CRM because before it is carried out. The business needs to understand customers’ important factors. They help understand if the products are supportive or convenient. The convenience acts like a differentiator between the values offered to that of the competitors. The offerings are determinants whether the customer can buy from a certain company or not. They also involve the customer service similar to the CRM. If a business responds to the request of customers immediately; it gives t hem confidence. Conclusion               Customer- centric is a good approach for business. It enable establish a good relationship between the business and consumers. However, it responds to customers request which a very important aspect. Customer satisfaction is a very important thing. Consumers determine the growth of the business. They are advocates. A business that practices consumer satisfaction has a competitive differentiation. However they do not experience churning since their services and products are convincing than others. CRM is related to the relationship market. All this approaches are interested in customers’ loyalty. They are approaches that help the business acquire a large market share. Customers’ are always attracted with satisfaction than any other thing in the product or service. Reference Beard, R. Why customer satisfaction is very important (6 reasons). (2014). Retrieved on 27th February 2015. < http://blog.clientheartbeat.com/why-customer-satisfaction-is-important/> Hunt, Shelby D.  Marketing Theory: Foundations, Controversy, Strategy, Resource-Advantage Theory. Armonk, N.Y: M.E. Sharpe, 2010. Print. Jham, Vimi, and Sandeep Puri.  Cases on Consumer-Centric Marketing Management. Hershey, PA: Business Science Reference, 2014. Internet resource.Kaufmann, Hans R, and Mohammad F. A. K. Panni.  Customer-centric Marketing Strategies: Tools for Building Organizational Performance. Hershey, PA: Business Science Reference, 2013. Print. Learning marketing. (2014). Relationship marketing. Retrieved on 27th February 2015.< http://www.learnmarketing.net/relationshipmarketing.htm> Source document

R – 7 Scandal – Boston Post Magazine

The breakthrough of the century could have been the Respiratory Syncytial Virus (RSV) or more commonly termed as R – 7. With two and a half years of research, Dr. Cliff Bannaker has worked on this virus from its very conception up to its ‘coming out’ at Glass-Mendelssohn laboratory. This particular drug is banked on as the possible cure to cancer. The Glass-Mendelssohn laboratory is at the heart of Harvard University’s Philpott Institute. The Director is Dr. Sandy Glass, whose given name is Sam Glazeroff, who is a descendant of Eastern European Jews. On the other hand, his co- director Marrion Mendelssohn, is a product of Franz Applebaum at Columbia. This is also where she met her husband Jacob, who in turn was a researcher – turned professor, now teaching microbiology at a local college. Dr. Cliff Bannaker is one of the most promising young doctors from Stanford. He was under the mentoring of the deceased Professor Oppenheimer. He is a son of Los Angeles store owners, who are both are college degree holders. He has been in the laboratory for three years being hired under the recommendations of Professor Oppenheimer. The laboratory is staffed with a few post – doctorate degree holders and two laboratory technicians. The doctor’s are Dr. Robin Drecker, Dr. Xiang Feng, Dr. Prithwish and the man who created the virus Dr. Cliff Bannaker. Their qualified laboratory technicians are Aidan and Natalya. The RVS was first introduced by Bannaker during his entry in the laboratory. He was given the opportunity to do his research. Such project initially showcased high potential for turning cancer cells into normal ones but it is worthy to note that this was not the only research done within the laboratory. However, even if this one has the highest prospect, there was a failure on the initial experiment with live subjects. With such, the directors had advised Bannaker to stop his experiment on RSV and work with fellow doctor Drecker, who is also Bannaker’s girlfriend. However, with intractable spirit (or frankly insubordination), Bannaker continued to inject live subjects, in this case- mice, with the virus. The RSV’s second attempt found several nude mice, which are those that do not have hair due to some disorder, that did not have the cancerous tumors after the injection of RSV. This was found by Dr. Feng who is the laboratory’s record keeper and the co-director Mendelssohn. The initial reaction is to ‘hide’ this from the director Glass. Nevertheless, this was also subsequently revealed. The restless but close to unproductive laboratory, with contagious glee probably from their director, eagerly proceeded with an announcement. With whirlwind speed, the research findings were published in a scientific journal, Nature. The laboratory gained publicity and funding for the venture. Consequently, the laboratory started its own quandary. The doctors who tried to replicate the results were unsuccessful. Thus, suspicion ignited in each in every doctor who tried unsuccessfully. The suspicions of the issue went into a full-blown investigation complete with Congressional hearing, wherein one of the doctors of the same laboratory became, so to speak, the whistle-blower of the whole charade. Drecker was also accused of holding professional jealousy against the people who strongly (though baselessly) believed in the work of Bannaker. At the same manner, such actions of the laboratory elicited commentary from the whole medical field. Not to mention, those in politics, in business as well as all people connected with what happened and the general public. How the ‘R – 7 Scandal’ violated Ethics in Research The whole ‘R – 7 scandal’ is composed of ethical and moral violations that deserve to be scrutinized both from the researchers’ ethical standards and from the perspective of the general public. Researchers have ethical standards that are built as a two way shield, as a protection for the general public and as flight leverage for the researchers. When researchers conduct certain studies, there are sets of ethical guidelines that should be followed. Although different field of studies have different sets of guidelines, there are still parallelism in such that every research should follow. Bannaker is probably an honest researcher who did not have the heart for a failed research. Honesty is a major ethical issue with the ‘R – 7 Scandal’ where the truth about the whole issue may never be entirely given light, or perhaps there will still be doubts as to the real occurrence of the whole fiasco. Not only did Bannaker twisted honestly but it also has something to do with the directors, Mendelssohn and Glass. Mendelssohn and Glass are the directors of the laboratory and their honesty is a very crucial for the integrity of the researches done under their leadership. They have the bestowed responsibility to make sure that the results are not manipulated in a dishonest way. Such actions have compromised not only themselves, but all the past and current researches done by the staff under their command. This leads to yet another issue of carefulness. Whether the scandal is a product of carelessness or dishonesty, all that are responsible have still forgotten to take into consideration this ethical virtue. As a result, irresponsible publication is observed. Responsible publication should be in line with the researchers’ openness to the results of their studies, as well as, to gear towards advancement of the field. Bannaker have apparently underestimated Drecker where some reports have said that prior to the deemed termination of Bannaker’s RSV, he was already asked to help Drecker in her research. However, Bannaker refused for unconfirmed reason where he thinks of her research as not ambitious enough. That alone is a breach of research ethics in terms of respecting one’s colleague in terms of their work. Responsible mentoring, that should also been practiced by Mendelssohn and Glass, have also failed miserably. They have forgotten to follow procedures like replicating the study just to make sure that the results are both conclusive and reliable. Apparently, key players of the scandal have all been seduced by the fame, honor and the seemingly ‘infinite’ grants for the laboratory. At the same time, Drecker, whether her intentions are due to integrity or to professional jealousy, her respect for the truth is ambiguous. In addition to this, researches now also possess legal values. Remember that anything anyone does is under laws and regulations. Consequently, such actions should be appended with legality. The same is true for those who are soliciting for grants or funding from various institutions. How the general public is mislead The public who had high hopes of finding the cure for cancer has been disappointed. In UK alone, there are approximately 289,000 people who are diagnosed with cancer every year, according to Cancer Research UK. Furthermore, there are 150,000 cancer deaths each year which actually boil down to an estimated one death every four minutes. Imagine how many people became disheartened by the revelation that the RSV is a hoax. Social responsibility is a research ethic that should have been treated with respect. Lives are being played at as well as emotions, not only of the people with cancer but the families and friends as well. Thus, nobody have the right to have been as irresponsible as what have happened in the research failure. Clearly, people have expected more ethics from doctors. Generally, people do not condemn any doctor who are ‘not producing’ any results for their studies. Most are even understanding of such, and in turn are more conscious, respectful and appreciative of those trying to come up with advances especially in the medical field. The general public has such high respect of people who have dedicated their lives for the advancement of our lives. Without such people, the conveniences that are enjoyed today may never have come into being. Nevertheless, with such trust, the doctors – researchers should always take into consideration the people, patients and families alike, they serve and not their personal gains. The actions of the individuals from the Glass-Mendelssohn laboratory have affected the lives of many around the world. The gain only belonged to those who have received the fame, grants and all other benefits associated with it, but the suffering is left to those who had tried to hold on for the sake of the ray of hope shed by the results of the failed study. Indeed, such actions have left more scars of frustrations for the people suffering from cancer as well as their families. Lesson Learned Doctors are also human beings that have rooms for mistakes. The ‘R- 7 Scandal’ is a result of carelessness, hasty decisions and hidden agendas. The whole mess serves as a wake up call both for researchers, politicians, grant agencies and the general public. The world of research should be focused on ethical and moral bases. Grant agencies, on the other hand, should be able to create a reliable system of negotiating with research organization on how these organizations can achieve support from them. Politicians should also be able to find more ways for some research laboratories to have funding so that such laboratories would not depend on grants. Thus, less pressure on ‘producing’ results just to acquire funds for continuing research. The general public should also carry at least an ounce of skepticism to avoid the disappointment brought about by failed researches. Looking into the bright side, the study only reached global fame in terms of the research scandals. However, it has not sickened the otherwise, already sick patients, or worse killed them. Far more damage and responsibility could have been the result of such. Therefore, the whole ‘R – 7 Scandal’ should be a reminder of how every single agency and group of individuals should, at least, carry common honesty, careful planning, untainted agenda and uncorrupted social responsibility in making conclusions. Probably, the next time researchers have discovered a cure for cancer or anything resembling such, they would be more responsible and critical.

Exam paper Essay Example | Topics and Well Written Essays - 2250 words

Exam paper - Essay Example The university also encourages for there to be effective communication with the community around to make sure that the policy goals are implemented. It is also very clear that the university is set to achieve the ISO14001 accreditation. The university plans to get to achieve this by working on its environmental management systems, which includes the Carbon Management Programme. To achieve this, the university is determined to work on its environmental performance. Biodiversity - The University plans to protect and enhance the biological and environmental quality of all campuses as well as pursue the Easter Craiglockhart Hill Local Nature Reserve Management Plan as a land manager. Energy – The University plans to develop and operate responsible energy management practices through the reduction of the consumption of fossil fuels whilst making use of renewable fuel technologies. Procurement – The University plans to maintain, operate and develop the entire University estate in a sustainable manner. It will also advocate for the purchase of ethical and environmentally-considerate products and services which will help minimize the use of damaging substances and processes. Transport – In transport, the University’s policy states that it plans to promote alternatives to single car occupancy and unnecessary domestic and international air travel. This will be achieved by the implementation of an environmentally-considerate Travel Plan covering all staff, students and visitors to the University. Wastes and emissions – The University policy states that it will ensure that there are sufficient facilities to allow students, staff and visitors to reduce, reuse and recycle waste with the aim of minimizing the amount of waste ultimately sent to landfill. On water - With the plan to maintain the water conservation programme the university will achieve reduction in water wastage. According to the policy statement, the University plans to

Monopoly, duopoly and barriers to entry Assignment

Monopoly, duopoly and barriers to entry - Assignment Example Thus, Q = 3 is the profit maximizing output. This is not a Pareto efficient equilibrium. Pareto efficiency requires the price to equal marginal cost. Therefore, the Pareto efficient equilibrium would have the price equalling $12 and then from the demand curve we find that the Pareto efficient equilibrium quantity would be the solution to 12 = 24 – 2Q which implies that the Pareto efficient quantity would be Q = 6. 1) Playing â€Å"Don’t cooperate† is the dominant strategy for both firms. Note when the other firm plays â€Å"Collude†, playing â€Å"Collude† yields a payoff of $9 whereas â€Å"Don’t cooperate† yields a payoff of $10. Again, when the other firm plays â€Å"Don’t cooperate†, playing â€Å"Collude† yields a payoff of $7 whereas â€Å"Don’t cooperate† yields a payoff of $8. Therefore, playing â€Å"Don’t cooperate† yields a higher payoff irrespective of the rival firm’s strategy. Hence, â€Å"Don’t cooperate† is a dominant strategy for both firms. 2) The Nash equilibrium strategy profile is {Don’t cooperate, Don’t cooperate}.This is best seen by noticing that since â€Å"Don’t cooperate† is a dominant strategy, neither player has a unilateral incentive to deviate from this profile. Hence, it is the unique Nash equilibrium in this game. 3) The Nash equilibrium strategy profile leads to aggregate profits of $16 ($8+$8). The highest aggregate profits are earned in this game from the {Collude, Collude} profile, where both players earn $9 so that the aggregate profits are $18. Therefore, the Nash equilibrium strategy profile does not maximize aggregate profits. 4) The monopolist prices the good at $18 and sells 3 units in equilibrium. Its per unit cost is 12. Thus the monopolist’s total revenue is TR = 3 x 18 = $54 and its total cost is TC = 12 x 3 = 36. Therefore the monopolist’s profit is $54 - $36 = $18. If the firms successfully collude, their total aggregate profits are equal to the monopolist’s profits. But since they

Healthcare tourism Dubai versus London Research Paper

Healthcare tourism Dubai versus London - Research Paper Example Market Penetration Market experts have predicted a massive projection in the market share of Dubai in the global medical tourism market. It has been reported that in 2010, the total value of the medical tourism industry was to shoot up seven percent in comparison with 2009. It was expected that the total value of the market by the end of 2010 would be Dh 6.1 Billion. Further, in 2014, the government approved the Dubai Medical Tourism Strategy. This suggests the dedicated aggressive marketing done by the industry to have increased presence in the market. It is interesting to note that in the initial years of establishment of the concept of medical tourism, UAE was considered more as a consumer than a service provider. The paradigm shift in the scenario suggests market penetration as an intensive strategy. â€Å"The healthcare services market in the GCC is expected to grow from AED 66 billion (US $18 billion) in 2008 to AED 175-202 billion (US $47-55 billion) by 2020† . Market Development It has been reported that in 2010, Dubai Health Authority entered into a Memorandum of Understanding with Medical Tourism partners across the globe to fortify Dubai’s presence as major medical tourism destination. Dubai hosted the Medical Tourism Congress in 2011. These steps could be analyzed as market development intensive strategies of the Dubai medical tourism industry. There has been substantial improvement in healthcare infrastructure and technology and focused changes in the policies and regulations so as to comply with the market development strategies. Dubai has an investment friendly environment. It has established Health Care Free Zones (Tax free trade zones) and Health Cities.

Are national service frameworks and quality standards necessary for Essay

Are national service frameworks and quality standards necessary for improving services, and is there any evidence that they are working - Essay Example However, neither the concept nor the implementation ÃŽ ¿f an acute-based, multidisciplinary older persons outreach and support team (OPOST) has been reported in the literature to date. The 2004 report, Better Health in Old Age, from the national director for older peoples health, provides an impressive range ÃŽ ¿f comments, with supporting evidence, on the success ÃŽ ¿f the National Service Framework for Older People (NSF) as seen through the eyes ÃŽ ¿f various stakeholders. This attractively presented document looks back over the three years since the launch ÃŽ ¿f the NSF and forward to a vision ÃŽ ¿f the future. Readers ÃŽ ¿f Nursing Older People may find it somewhat irritating that the image chosen for the cover is in stark contrast to their own experiences ÃŽ ¿f caring for older people. The photograph ÃŽ ¿f older people canoeing, and clearly enjoying it, on the reports cover may have encouraged some newspapers to adopt the theme ÃŽ ¿f taking responsibility for personal fitness as a spur to better health. Tai chi is an increasingly popular form ÃŽ ¿f exercise, suitable for many older people, and given the imminent publication ÃŽ ¿f the White Paper on public health it was no surprise that it was used as the focus, and to illustrate news reports. While adopting such a theme is undoubtedly a positive approach it may also mask many ÃŽ ¿f the other significant achievements. My chosen theme is climate change. Let me explain what I mean. The NSFs first standard is aimed at eliminating ageism and that must, in my view, start with the language and attitudes we use to express ourselves. We have all come a long way from the days when a report describing the pressures emerging as a result ÃŽ ¿f longer life expectancy, and the growth in the number ÃŽ ¿f older people experiencing mental health problems could be published with a title as pejorative as The Rising Tide (HMSO 1983). The health secretary, writing the foreword to the new

Channel marketing Essay Example | Topics and Well Written Essays - 500 words

Channel marketing - Essay Example Nevertheless, this paper will assesses the service outputs supply of Wal-Mart and Costco in the food section, hence identify what the firms offers and their structures. Wal-Mart and Costco purchase products from manufactures and producers in large quantities and they are gradually broken down as they reach the consumers. The products of high value are squeezed in to small volumes, since it is cost effective to ship to end-customers compared to the cost of shipping a bulkier product (Perner, 1). Convenience has been identified as a significant factor used to influence the consumer food choices, by Wal-Mart and Costco, since they have changed ways in which the nature of products are provided in grocery stores, and the time consumed to prepare a meal. Wal-Mart focuses on responding to the demand by offering more in-store delis and ready to eat prepared foods such as chicken, salad and sushi, while Costco has introduced an increased selection of frozen and prepared meals for consumers seeking a quick meal from their grocery stores. Wal-Mart has made a substantial investment in information technology and logistics, which facilitates commitment in taking a risk of placing large orders in advance of customer, needs in order to focus on the reducing the waiting time and delivery time. On the other hand, Costco has developed an efficient distribution system, which is based on its information system and enormous demand, though they have short channels for perishable products. Moreover, Wal-Mart and Costco have to incur additional costs in order to ensure that merchandise is distributed quickly. Wal-Mart and Costco consolidate goods by carrying a wide assortment of goods from different manufactures to provide a breadth of assortment, whereby their stores carry different kinds of food from different suppliers. In this case, this makes