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Consumer buying behavior
Consumer buying behavior
Consumer buying behavior
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Developing a Relationship Strategy
The Relationship between salesperson and customer in this field.
Relationship selling is one of the best technique for maintaining consistency in business. However, Samsung is doing business with Best Buy before. Samsung is trying to increase subsidies paid to Best Buy, in order to help its retailer and to increase the publicity of its products. (Grush, 2013) Moreover, Best Buy is making a strong relationship with two companies and Samsung is one of them, Best Buy is trying to do partnership in order to strengthen the relation. (Bailey, 2015)
Developing a personnel selling philosophy.
Marketing setting.
We are doing the marketing setting in retail business, in the sense of doing business with retail seller.
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(Manning G. , 2013).We don’t want to spend much effort to make the prospects about the new product .But, we are using printed broachers’, graphic presentations and company’s specially trained sales people for creating brand value awareness among customers. However, quality of Samsung products is certified by ISO 14001 and OHSAS 18001, this will reduce the risk for buyers of Samsung product (Samsung , 2016).
Price or value-added product strategy
We are mainly using a premium price strategy for the product. This high price will help to create a positive image among the customers even it shows a higher position from the competitors too (Marketing, 2016).We are using high price because of the quality and the unique facility with the new television. Apart from this, to some extent we are focusing on value-added strategy too, like: free shipping and installation and credit options too.
Customer Strategy
Buying motives of prospect.
In business to business, the buyers have certain specific motives which help them to maintain such relationship and make it a long term. Nowadays, in order to have a successful selling, you as a salesperson should clearly identify the buyer’s motive so that you can have a presentation keeping the needs and desires of the buyers. Certain motives of buyers
Pricing Strategy: We are going to take into consideration inflation, benchmarking and customer trade off. The pricing strategy for the new products/line extensions will be a penetration-pricing strategy to gain customers from other competitors and increase market share. Further, the volume discounts are going to be in the range of 25-40%. Taking into consideration Product lifecycle, those will be raised in the time where new products/line extension are launched.
Marketing is the process of searching for options for accumulating profits by identifying the demands of the people and satisfying their needs with appropriate products. In today’s globalized business world, marketing can play a vital role in establishing trade blocks all over the globe with competitive and cutting edge market, research, policies, strategies and activities.
Philip Kotler, Kevin Lane Keller. (2009) Marketing Management (13th Edition). Upper Saddle River, NJ : Pearson Education, Inc. pp.510-513
Samsung’s cost advantage is clearly visible from the comparison of costs (and their elements) that were borne by the company and its competitors in 2003 (Tab. 3): Samsung’s overall cost was 24 per cent lower than the weighted average cost of the other four producers; two most significant elements of the cost structure, i.e. raw materials and labour, were 36 and 27 per cent lower respectively. When expressed by means of a relation of average selling price to costs (“productivity” of cost elements), the differences are even more visible (comp. Tab. 4 ): overall superiority of Samsung over its competitors exceeded 51 per cent!
Marketing is a form of communication between a seller and a consumer. During this conversation, the main objective of the seller should be to communicate the value of the service or the product that he or she wants to sell, and convince them that they either need or really want this product. Having the appropriate skills to transmit this message to the buyer is the key to a successful marketing carrier. Marketing is made of the four Ps, which are: the identification, selection, and development of the product, the determination of its price, the selection of a distribution channel to reach the consumer’s place, and the development and implementation of a promotional strategy. The basic focus of marketing is thinking about their clients and what are their need and desires. This is why the VALS method gives the advertisers an extra advantage when it comes to targeting the buyers because by dividing them in groups, they understand what each group of buyers looks for in a product.
Marketing In this day and age is vital for a company to perform at its possible best. Marketing’s main focus is to give great satisfaction to a customer. There are many aspect of marketing, these aspects give marketer’s the tools to help strive for the best possible success they can achieve. They hope that they can create exposure for their brand, product or service.
Marketing is the common procedure by which entities and organisation gain what they need and want through making and replacing price with others. (Kotler & Armstrong, 2010). The marketing process of accompany typically involves identifying the viable and potential marketing chances in the environment, emerging strategies to operative utilize the opportunities, developing appropriate marketing policies, and supervising the operation of these marketing efforts. (M. Patidar, 2012).
They expand the reach of the internal and external business communications by making use of the various platforms available to allow a swifter and interactive communication. Research and Development is the foundation of what Samsung works on to build on its products. It plays a critical role in the products and services that it delivers to its consumers. It also cuts down on production costs and improves its product quality. Samsung is recognised for its advanced technology that is the driving force behind its inventions. However, Samsung has once tried to cut corners by imitating Apple’s product design that brought lawful and supervisory inspections and troubles for the company. Therefore, Samsung has to work on its own technical foundation to come up with more trouble-free innovations in the
mindset this price is relatively low. The markup or profit margin is set high at 48.6% for the LG Pro. This is due to the product is new and cornering the market with no competition. The total cost of the product for sale to organizations will be $520.00.
For these outcomes, the team has chosen three possible options for alternatives (1) recall, (2) no recall or (3) delay of release. As for the aforementioned list, the group examined there values alongside the fixtures of corporate social responsibility and the consumer sovereignty test. The team analyzed the alternatives with the former under the following four criteria; economic, legal; ethical, lastly philanthropic responsibilities. For the latter concept, the following criteria was utilized, consumer capability, information and choice.
Unlike traditional selling, businesses focus on the importance customer value and keeping customers' loyalty. With that, businesses are willing to work with customers this buyers of goods and services understand and admire the value provided by the organization's offering, rather than trying to influence immediate purchase by pushing and forcing customers. With this approach, chapter one of the sells book mainly focuses on personal selling and trust- based relationship.
For this assignment, I chose McDonald’s Singapore, as the product I am going to examine the marketing materials of and reflect on. I will subsequently attempt to construct a value proposition for it.
In selling, there are three different types of selling. They are consultative, transactional, and strategic. The consultative selling process takes place in which the salesperson determines the problem a customer is having by spending time with the person and trying to solve and recommend a solution that will specifically address that problem. This involves meeting customers’ needs by asking specific questions, listening actively and giving feedback, understanding their problems, creating the appropriate solution, creating a sales presentation, and following through after the sale. To be most successful, a salesperson should think of the sales presentation as a four-part process. This process includes discovering the needs of the customer,
Samsung used the “new product development” strategy. According to Kotler/Armstrong new product development is defined as the development of original products, product improvements, product modification, and new brand through the firm’s own product. Samsung also unveiled a new strategy, which is called “new management,” a top- to-bottom strategy for the entire company. Lee Kung Hee, CEO, hired young designers to produce new ideas that could get the company in the direction that he wanted it. New designs .Sleek, bold and beautiful products, so that they could target high-end users to the company. Samsung also was testing new product concepts.
This case study analysis is on Samsung Electronics Company (SEC) and how it has climbed up the ranks in the past decade via calculated marketing strategies, extensive market research and analysis, and a risky bet on how the market will evolve. Samsung’s principle outlook took time and education from within and thereafter the general market.