Summary
Summary 6 Markets Model
- Module
- Business management
- Institution
- University Of Brighton (UoB)
A chapter summary of the 6 market framework
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6 Market framework. Customer market
o Focus on customer retention
o Orientation to customer value
o Long time scale
o High customer service emphasis
o High customer contact
o Quality is the concern of all
Existing customers are more profitable and easier to sell
It is only when some breakdown in service quality occurs, and the customer leaves or is on
the point of defection, that the spotlight focuses more on the existing customer
Organisations need to know what the customer is buying- and every customer is different
its offering.
Referral Markets
o Customers are not the only source of referrals. There are also other group which
can help with that such as:
Names
Intermediaries
Connectors
Multipliers
Agencies
o Examples: bank: real estate brokers, accountancy and law firms
o Organisations need to consider both existing customers and often intermediaries
as a source of future business
o These efforts should also be made to monitor results and cost benefits.
Supplier Markets:
o Where companies try to squeeze its suppliers to its own advantage- is giving way
to one based much more on partnership collaboration.
o From the marketing point of view, the concern is to sell new attitudes implicit in
such a collaborative arrangement both to suppliers and equally important, inside
the company as well since in the past reward systems may have been geared to a
traditional antagonistic relationship
Recruitment Markets:
o The scariest resource is not raw materials, but it is skilled recruitment
o University recruitment examples
Influence Markets
o s
Internal Markets
o Internal customer and internal supplier
o Ensuring the operations of the org is optimised by ensuring that every individual
and department both provides and receives excellent service
o Making sure that all staff work together in a way that is aligned with orgs mission,
vision and goals.
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