A paper which explores how a company strategically changes from a traditional marketing approach to customer targeted marketing.
Written in 2002; 2,495 words; 10 sources; APA; $ 75.95
Paper Summary:
In today's society it is critical that every business possesses a strong marketing plan that incorporates the best interests of the firm in order to promote profitability. This paper shows that in the wake of the volatile economic conditions that the United States is currently experiencing, it is increasingly important to concentrate marketing efforts towards the customer rather than the traditional brand-focused arrangement. This paper provides insight into the traditional and customer targeted marketing plans and how they work in organizational efforts to increase profitability. Furthermore, an analysis of the need for customer-focused marketing is established. Finally, a viable transition plan is determined and evaluated for its feasibility in the achievement of growth and the sustainability of a firm.
From the Paper:
"In many firms, it is often believed that the primary key to success in the marketing area is to establish a strong recognizable brand or series of brands that promote customer interest in the product because a strong brand image denotes quality and longevity. For example, the Martha Stewart brand of home d?cor products has been very successful since its inception and promotion at Kmart stores throughout the United States. However, it is only natural that this brand interest will eventually wane with the onset of new products and unique marketing efforts raised by other firms. Much of this activity can be attributed to the relative ease of starting new businesses for new entrepreneurs and the amount of capital available for promoting growth and sustainability. As a result, it has been determined that the Martha Stewart brand requires a boost in order to sustain its image and profits. The brand is already recognized and is synonymous with the Martha Stewart television show and magazine. However, in order to enhance customer relationships, new strategies must be developed that will deliver value to the franchise and optimize and leverage the customer base while simultaneously extending the brand image (Davis 10). These activities will provide a new direction for the firm to promote its quality and attractiveness to a new and existing customer base."
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