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Harley-Davidson 1. Customer Perceived Value (CPV) is essentially a consumer's evaluation of total benefits less total costs of a product or service compared against a perceived alternative (Kotler & Keller, 2012). There are a few ways for a company to take to improve CPV on a specific product. First, it may focus on expanding total customer's benefit by improving its product’s image. It may also invest into functional characteristics of the product as well as provide a better and more personalized service. Second, a firm may choose to reduce the time, energy and psychological costs bared by the consumer. Arguably one of the best received approaches would be a monetary costs' reduction technique (lower prices). Harley-Davidson (HD) has taken a number of steps to deliver a higher value to clients. One of the core activities in that field is establishing personalized relationships with their customers by face-to-face and social media channels. Harley Owners Groups (H.O.G.) alongside with the riding clubs were founded all over the world setting up multiple types of membership based events like major destination rides, rallies, local charity events, and etc. There is a significant personal benefit offered through such events in the face of socializing and bonding with fellow bike enthusiasts, fostering closer ties between them, sharing a spirit of freedom and adventure. Another significant achievement in increasing value to the costumers is a thorough and diligent feedback follow-up. HD's management listened to the buyer’s preference and saved the authentic qualities of the bike, keeping it to be a unique product on the market. Finally, the firm spends a great deal of effort in training its staff, providing the best possible service a... ... middle of paper ... ...ey buy. Nordstrom’s loyalty Fashion Rewards Program splits the customers into four levels according to their annual spending. Different types of complimentary services and experiences are offered to the customers of various levels. Those services differentiate from small, pleasant things, such as free shipping or a glass of champagne together with live piano music, to the more extraordinary ones like personalized travel and fashion packages to major events. Nordstrom is constantly tracking the customers’ specific preferences and uses this information to further adapt its products to the buyers and personalize their shopping activities. As many other big retailers Nordstrom stays in touch with its customers in social media (Pinterest, Facebook, Twitter). The company creates structural ties with its clients by building a long-term relationship and providing discounts.
The company takes great effort in nurturing and developing all of its employees in its quest for delivering superior customer service to its patrons.
Nordstrom can continue providing their exceptional online experience and client focused approach using their online system by offering an unmatched online experience that copies their in-store customer service. This would allow Nordstrom to raise its revenue considerably as well as further improving their brand image. I will also discuss specific ways of successful execution, and the steps required to provide Nordstrom a stunning picture of how to execute strategy.
Although he still has considerable work ahead of him, Eyler's efforts appear to be paying off. Total sales were up two percent for both the second quarter and the first six months of 2002, compared to the previous year, and results for the entire year should likewise prove relatively strong. The company credits "careful attention to inventory management combined with very strong expense controls" for the positive numbers. Customers, however, are impressed with the improved service, remodeled stores, and price cuts on hundreds of toys.
Harley’s fourth strength is that they have a strong brand equity. Brand equity is the value of a company that is calculated through the brand’s popularity. Having a strong brand equity is great, because it means that the company is in good standing. The company’s fifth strength is that they have a strong brand loyalty. Brand loyalty occurs when a customer repeatedly buy products from the company, even though they could bring their business someplace else. This is especially importantly for Harley Davidson because customers that have experience with the company are more likely to purchase new products that are released. Having brand loyalty also creates an image to prospect customers that it must be a good company if people are continuously buying its products. Harley’s sixth and last strength is that their products are incredibly durable. Because their products are so well made, they last a long time. Customers want to buy a product that is well built, so they don’t have to buy a new one. Since Harley Davidson has this strength, they attract more
The growing interest in cycling this is result in magazine coverage and the using of bikes and accessories in window displays that related to cycling.
This method also empowered the employees giving them an opportunity to increase their skill levels and an opportuni...
For us, value is a combination of fashion, brand, quality and price. The Buy Our stores are constantly changing as we offer a continual flow of fresh and rapidly changing merchandise. Each store receives several deliveries per week, with
Customer value is defined as "the perceived benefit of a product, used by customers to determine whether or not to buy the product" (Lussier, 2006). I do believe that most customer's focus on creating customer value. It is an aspect needed in order to sell anything. A customer would not buy something if she or he did not see the benefit in buying it, therefore, organizations strive to create customer value because they need the customer to see a benefit and to buy the product.
Soman,D & Marand, S (2009). Managing Customer Value: One Stage at a Time.: World Scientific Publishing. p9-14.
Nordstrom’s has a particularly well-known marketing strategy based around its costumers. In a world of cutting prices to get consumer attention they maintain profitable prices while profiting much more than those who cut prices. This is due to the fact Nordstrom’s carefully tailors itself to the customer experience it wants to give to all its customers. The way the people in Nordstrom’s definitely differ in the way employees treat the customers. At Nordstrom’s it is felt the customer should feel a personal connection they help you out specifically to you, they remember repeat customers. Nordstrom workers do not just simply tell you where an item is located they bring you there personally to make sure you get what you wanted. Where as in a store
...can be key in improving customer sales. If a customer does not see the value of an organization's product, that customer may begin to shop for a competitor's product based only on price. Price is not the only competitive advantage an organization may have, but if it is not able to articulate the non-price value, it can significantly lower the organization's competitive advantage.
Many scholars believe that customer satisfaction has a crucial role in the success of a business, and is pivotal in increasing the overall profitability of the business (Kotier, 1991). Customer value is gained through the experience they receive from the goods or purchases they have obtained from a certain business. Customer value has various definitions and concepts, Holbrook (1999) stated that it is a kind of “interactive, mutual, and preferred experience”; but simply said, “the term customer value has many meanings.”
Harley-Davidson’s management had much to be proud of as the company wrapped up its Open Road Tour centennial celebration that began in July 2002 in Atlanta, Georgia, and ended on the 2003 Memorial Day Weekend in Harley’s hometown of Milwaukee, Wisconsin. The 14-month Open Road Tour drew large crowds of Harley owners in each of its five stops in North America and additional stops in Australia, Japan, Spain, and Germany. Also during its 2003 centennial year, Harley-Davidson was named to Fortune’s list of “100 Best Companies to Work For” and was judged third in automotive quality behind Rolls-Royce and Mercedes-Benz by Harris Interactive, a worldwide market research and consulting firm best known for the Harris Poll. The company’s revenues had grown at a compounded annual rate of 16.6% since 1994 to reach $4.6 billion in 2003—marking its 18th consecutive year of record revenues and earnings. In 2003, the company sold more than 290,000 motorcycles, giving it a commanding share of the 651+cc motorcycle market in the U.S. and the leading share of the market in the Asia/Pacific region. The consistent growth had allowed Harley-Davidson’s share price to appreciate by more than 15,000% since the company’s initial public offering in 1986.
Value has different aspects which include company values; which relates to new innovations, job growth, reducing costs, as well as long term production and so forth. Value must meet customers’ needs which they benefit from the product or service.
...shed these devices with added features and improvements. However, they are still the same basic devices. These products, built upon incredible foresight and attention to detail, carried tremendous customer loyalty and high margins.