ANSWER TO QUESTION NUMBER 1
The firm's long term growth does not only rely on the performance of every department but also on the coordination of departmental activities to conduct core business processes. Hence, the four core business methods are underpinned below-
Marketing sensing process-
The primary process involves a process of obtaining the market brilliance with the assistance of interviews, questionnaires, surveys, and focus groups and then introspecting and working on the obtained information hence, understanding the external forces that may impact an organization.
Example- Body shop marketing sensing method would require an insight into consumer’s preference to BS in comparison with its rivals for instance- Boots (Thomas, & Maine, 2019)..
New-offering realization method-
It is a method in which new core products/services are developed with research and development assistance and then finally offering the company’s product in the market for checking its viability hence, with budget capability product is made available to the target consumers in the market.
Example- iPhone 11 product launch with distinctive features that assisted in revenue generation.
Customer acquisition process-
The third step in which the customer segmentation and bringing up the potential and target consumers to one's business is undertaken hence, the main motive behind such process is a creation of chronological and sustainable acquisition masterplan which can emerge with current external changes and trend (Thomas, & Maine, 2019).
Example- Amazon’s personalized and customized email campaigning.
Instagram's focal point on the social media community.
Customer relationship management method-
One of the vital methods of building a robust relationship with the target customers through CRM strategy which assists the company in addressing their issues promptly and establishing connections with their end-consumers.
Example- MAC CRM strategy by Apple for building robust relations with current customers through automated interaction on IOS.
ANSWER TO QUESTION NUMBER 2
It can be defined as a process that emphasizes a collection of required data through methods such as questionnaires, observations, case studies, and interviews. Hence, the qualitative research approach focuses on understanding the exploratory grounds and to ascertain why particular phenomenon functions in a way it's functioning. Hence, qualitative research delivers a primary motive of gathering textual information for a particular purpose or analysis. Ironically, it does not deal with quantitative information as gathered in quantitative research therefore, it can be said that qualitative research is exploratory and involves gathering of non-quantifiable data for a specific purpose. Moreover, this research method is an effective tool for introspecting behaviors controlling the social environment, issues, or concepts through reasoning and rationale of a phenomenon. Hence, it can be useful to marketers as it's cost-effective, and assists in checking the feasibility of new products/services and gaining feedback from individuals (Dzialo, 2018).
Qualitative research relies on the researcher's experience involved in the investigation. Hence, the researcher/investigator must possess robust communication and interview skills to gain relevant information. Moreover, the lack of research and gathering of unrequired data will ultimately ruin the purpose.
The inaccuracy of data-
Under qualitative research there can be chances of less accuracy of gathered information in comparison with quantitative research which gives accurate data. Moreover, results can be manipulated as per researcher convenience, hence truthfulness and accuracy can be less observed.
Such kind of research is costly in terms of time and efforts therefore, the data gathered by the researcher requires time, patience, and immense efforts to meet the expectations.
The major demerit under qualitative research is the possibility of bias by the researcher or even respondent to get consequences which they desire.
ANSWER TO QUESTION NUMBER 3
Yes, customers have become half time marketers they are changing rapidly and are well aware of the current trends and fake marketing tactics used by top companies such as Facebook, Lego in which automatic replies occur for addressing customer's issues. On the other hand, delayed reply or unseen messages by firms makes customers unsatisfied and aggressive which in turn leads to losing faith and trust in such companies. Moreover, it can be observed that 2020 customers will be highly-demanding and well aware of the latest products/services offered to them. Additionally, another issue which disturbs consumer is dishonesty and fake advertising by companies to fool them and capture market share, therefore, customers drive for transparency, honesty and prompt replies so that their issues can be quickly addressed. Moreover, the smartphone era has made users relied on online shopping therefore, marketers must keep in mind consumer's current behaviors and preferences regarding products to remain competitive in the market (Thomas, & Maine, 2019). Additionally, price comparison online with similar goods assisted them to select cheap alternatives among all therefore, marketers need to understand consumer's behavior. Although, it cannot be denied that consumers don't only demand prompt reply honest, personal, and viable solutions so that they remain satisfied and don't switch to other companies. Furthermore, fake branding and repeated branded content online are another major factor that upsets consumers therefore, marketers must keep in mind the honesty and representation of true and honest content online. Additionally, the smartphone revolution is fastening consumer behavior's change and attitude towards branding and goods offered online. Hence, it can be said that 2020 consumers have become half-time marketers reflecting as a red flag for marketers in reaching the target audience thereby marketers must be fully aware of current changes and behavior and implement them to gain competitive advantage.
ANSWER TO QUESTION NUMBER 4
The family of acclimation comprised of parents and brothers/sisters, therefore, from respective parents, an individual possesses an acclimation towards factors for instance-politics, religion, people from distinctive cultures, love and self-acceptance, or denial. Therefore, even is the user/consumer does not communicate much with his/her parents, the impact on buying behavior can be remarkable (Copulsky,, Richardson,, & Simone, 2017). In addition to this, people who have a direct impact on consumer's buying behavior are the family of propagation namely children and one's partner/better half. Although, it can be observed that consumers prefer brands whose portrayal reflects them. Moreover, from a family point of view, parents are the ones who look after his children's spending and provides him a certain amount on a monthly or weekly basis hence, under his influence he can either purchase or can't afford to buy that product. Therefore, a family is believed to be the most influential primary control group.
Therefore, the following two family categorization influences consumer’s buying behavior-
The family of propagation-
Normally, post-marriage people buying habits and patterns change in comparison with his/her purchasing behavior earlier. Hence, under spouse/partner's influence the buying habit, preferences, and patterns modify. In addition to this, under patriarchal families, husband dominance can be highly observed and even many scholars stated the fact that spouse is more influential in the buying habits and finalizing the decisions concerning the purchase of a particular product in comparison with his wife. Therefore, it cannot be denied that under family categorization, spouses play a significant role in the family buying decision making (Lewis, Chajewski, & Rupp, 2018).
According to researchers and scholars, children influence their families purchasing behavior and patterns and act as future adult customers. Hence, children possess some amount of authority as the customers/buyers and their impact on family buying goes above games and toys. Hence, they play a major role in family's consumer buying behavior.
ANSWER TO QUESTION NUMBER 5
a) Tesla’s marketing strategy of zero investment in paid advertising is a great marketing strategy to remain dominant in market. But, from a futuristic scenario, lack of visibility on social media platforms may disrupt an industry and can be taken over by its rivals such as Honda and Ford. Therefore, to strengthen up competition games and stay in lead, its social media game needs to scale up. Moreover, an affordable marketing campaign can be boosted by compelling large market auto cars to existing market soon. Additionally, the CEO of Tesla needs to pay more attention to social media marketing which will save its cost.
b) Tesla's customer segmentation is targeted on individuals/buyers who possess technological knowledge, loves eco-friendly products, and who wills to purchase luxurious and expensive goods. In addition to this, Tesla’s products are highly expensive in comparison with its rivals therefore, it cannot be denied to say that the consumers that Tesla targets must belong to well-to- families and must be rich enough to be able to purchase Tesla's products. Furthermore, Tesla's main target is youth and individuals aged in young '40s. Therefore, it can be said that high-status consumers/individuals, technologically aware and youth is the main target of the Tesla company (Ananda, Hernández-García, & Lamberti, 2016).
c) The future of the mobile industry named Tesla has a chance to even shine more in future in its high-end cars. Moreover, it was observed that Tesla's growth is likely to expand by the coming years. In addition to this, ecofriendly products/services offered by the company to its target consumers will assist it in remaining dominant and competitive and thereby, gain lucrative opportunities in the automobile industry. Furthermore, its strong footing and dominance from its rivals such as Honda mark its immense presence. Hence, it can be said that Tesla's future in cars is bright and victorious.
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