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Contemporary Issues in Marketing Management Essay Example

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Contemporary Issues in Marketing Management

Of executing a near perfect CRM strategy has enabled it to attain a higher level of repeat purchases customer loyalty, and customer retention rate (Ndubisi, Nataraajan and Lai, 2014).The organization should organize focus groups with loyal customers in order to gain a valuable insight regarding their expectations and demands. Not even a single customer should be taken for granted. Feedbacks from each of those customers should be applied while designing products and services accordingly (Miquel-Romero, Caplliure-Giner and Adame-Sánchez, 2013).The organization should make sure to stand up to the premises and commitments made to the customers. In that way they will able to establish a relationship that is based on trust and respect which in turn will allow the organization to win over their customers and thus attain a higher level of customer satisfaction. The organization should be very attentive about not making any false claims as it may tarnish their reputation (Hoots, 2004).Virgin trains should give a lot of emphasis on the complaints lodged by their customers as it will enable them to recognize the areas that need improvement and work on these area subsequently. By doing so, the organization can respect and value its customers and henceforth increase their level of satisfaction (Powell, 2011).Majority of the marketing methods adopted by private and public sector banks are by and large similar. The main marketing methods adopted by the banks include advertising, sales promotion, personal selling. The advertising methods adopted by private and public sector banks are quite similar. It suggests that marketing communication do not vary from banks to banks. Their main agenda is to grab the attention of as many audience as possible with the underlying intention of converting them into potential customers. There is huge difference in the way public and private sector banks does their sales promotion. While private sector banks adopts aggressive strategies in order to spread information regarding their products, change attitude of customers and enhance their brand image in front of the customers, public sectors banks are adopt a more conservative strategy. A similar pattern of marketing method can be observed in case of both the banks as far as personal selling is concerned (Manisha, 2012).Creating awareness and driving the traffic: Before a company is able to generate leads for its sales teams to convert them into

Reference

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Manisha, 2012. Marketing Communication Strategies of Public and Private Sector Banks- A Comparative Analysis. International Journal of Computational Engineering & Management, 15(6), pp, 16-22.

Goliger, S., 2012. 5 Major Challenges Marketers Face (And How to Solve Them). [online] Available at: <http://blog.hubspot.com/blog/tabid/6307/bid/33820/5-Major-Challenges-Marketers-Face-And-How-to-Solve-Them.aspx> [Accessed 16 June 2014].

Miquel-Romero, M. J., Caplliure-Giner, E. M. and Adame-Sánchez, C., 2013. Relationship marketing management: Its importance in private label extension. Journal of Business Research, pp.1-6.

Powell, S. M., 2011. The nexus between ethical corporate marketing, ethical corporate identity and corporate social responsibility: An internal organisational perspective. European Journal of Marketing, 45(9/10), pp. 1365-1379.

Hoots, M., 2004. Customer relationship management for facility managers. Journal of Facilities Management, 3(4), pp. 346-361.

Ndubisi, N. O., Nataraajan, R. and Lai, R., 2014. Customer perception and response to ethical norms in legal services marketing. Journal of Business Research, 67, pp. 369-377.

Virgin Trains, 2013a. The National Passenger Survey. [online] Available at: <http://www.virginTrains.co.uk/about/national-passenger-survey/> [Accessed 16 June 2014].

Virgin Trains, 2013b. Select your travel date. [online] Available at: <http://www.farefinder.virginTrains.co.uk/BestFares.aspx?orig=BHM&dest=EUS&out=20140114&monthview=outbound> [Accessed 16 June 2014].

Koenig, M. E. D., 2012. What is KM? Knowledge Management Explained. [online] Available at: <http://www.kmworld.com/Articles/Editorial/What-Is-.../What-is-KM-Knowledge-Management-Explained-82405.aspx> [Accessed 16 June 2014].

Boljanović, J. D. and Stanković, J., 2012. The role of knowledge management in building client relationships. Singidunum Journal, 9(1), pp. 16-28.

Herrenschmidt-Moller, A., 2006. Case study: ICT in support of CRM at Godiva Chocolatier Europe. [pdf] e-business watch. Available at: <http://ec.europa.eu/enterprise/archives/e-business-watch/studies/case_studies/documents/Case%20Studies%202006/CS_SR01_Food_5-Godiva.pdf> [Accessed 16 June 2014].

ITC, 2014. ITC enduring value. [online] Available at: <http://www.itcportal.com/> [Accessed 16 June 2014].

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preview essay on Contemporary Issues in Marketing Management
  • Pages: 12 (3000 words)
  • Document Type: Essay
  • Subject: Marketing
  • Level: Undergraduate
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