Exam (elaborations)
Unit 10
- Course
- Institution
Fully written A+/D* version of unit 10
[Show more]
Seller
Follow
george2
Content preview
M3 Analyse the research findings and make recommendations on how marketing strategiescould be adapted or implemented.
Introduction
From the research results analysis I was able to describe and explain what the findings have
displayed and the potential routes for Cyberzone. The results constructed are the key to unlocking
great business growth and development, by taking the feedback from the target market and creating
methodologies that influence their views of the organization and products. The market research is
used to collect the essential and desirable qualities that they demand from Cyberzone. Afterwards,
the responses are analysed, and strategies can be constructed, these strategies will build the
business a pathway to deliver the expectations of the consumers. Analysis of the research findings
can be an immense task requiring focus and skill, the methodologies that are created from the
findings are supposed to alter and influence the practices of the organization. Therefore, analysis can
take some time to complete to the highest degree, to guarantee great company performance and
better satisfaction rates. I will be making some recommendations for Cyberzone to increase the
validity of marketing research and contribute to the development of their marketing plans.
Recommendations for marketing strategies
My first recommendation would be to revaluate the product variation that Cyberzone is thinking of
introducing, from the questionnaire results it is evident that the target market uses a fluctuation of
technologies in their everyday lives. The question showcased that the target market would also
appreciate the addition of other products alongside the specialized pc. The question asked what types
of tech that the target market uses daily, and the highlighted answers said that tv’s and phones were
the most popular within the market. Cyberzone had decided that phones were not going to be
considered as more people would have a phone so there is no point investing in a product that
everyone has. Having a variation of products installed will increase the customer base as Cyberzone
are appealing to both highest responses from the questionnaire//attracting more attention because
they are adhering to market requirements. If this action were to be administered Cyberzone would
have to consider the following factors: the cost to implement both types of technology (both operating
costs and initial cost) and maintenance care (cost to care for the products over time). The overall cost
to install both forms of technology would be a cheaper alternative than primarily having one style of
technology, as the price band to build Cyberzone’s specialized pc would amount to the same cost as
3 70-inch tv’s. Moreover, by appealing more to the market and implementing more of their feedback
the increased chances that satisfaction rates will grow much higher, this is because Cyberzone are
listening and responding to the market, they are not just listening to what they have to share, they are
using it to implement into their practice to make it a more enjoyable environment for customers to be
in. Strategies must be formulated though for how this action can commence to begin alternating for
positive change, having a plan in place is a common business activity that will assist in management
of change and understanding what must be done. In the marketing mix this would fall into the
development of the product, changing it to fit the needs and desires from the market research
previously conducted. By using the marketing mix it allows Cyberzone the efficiency to construct a
thorough strategy in revising how the product can take an improved form and reaching this outcome
with a plan. The data that I collected in my research backs up my suggestion because the data had
displayed that tv’s and laptops were the most popular option and used most. Therefore, by adhering
to these results and installing both forms of products Cyberzone will satisfy double the number of
consumers that they were previously, which will also double the revenue, but costs will remain the
same.
, My next suggestion for Cyberzone to improve their marketing strategies is to introduce and involve
relationship marketing with the consumers. Relationship marketing is all about having connections
with the customers and building trustworthy bonds and loyalties for the organization and the
employees. This marketing strategy is a very effective marketing technique because creating a good
relationship with the customers is one of the most important aspects of a business in order to be
successful. If customers have a good relationship with the business, it will lead to repeat purchases
and a good reputation for Cyberzone because people will tell their friends and other people about the
business and how it operates. In addition, adapting a bond with the consumers will make them feel
welcomed into the business and appreciated for what they bring. This activity if properly sanctioned
will create enhanced trust in the relationship and loyalty, having the customers trust enables
Cyberzone to continually serve them/provide for their needs and wants. A business’s customers are
their biggest assets. Without them, no business would thrive, and no business would succeed in their
endeavours; in fact, there would be no purpose for business at all. Therefore, the trust is a key factor
that stabilises a relationship between business and consumer. The same can be said about loyalty,
working on loyalty in a business and customer relationship is all about retaining those consumers to
come back and purchase time and time again. Whatever the reason may be for that consumer to
come back is what Cyberzone is locating to adapt and work on. The most effective way to implement
a relationship marketing strategy is to analyse customer data, using details and information to create
a more personalized experience for those particular customers will successfully formulate the
beginning of a relationship. For example, birthday emails can go a long way in boosting customer
retention and increasing satisfaction. Small gestures like this can be effective relationship marketing
strategies, this data can be collected from a number of sources like, social media campaigns and
surveys. Although this marketing strategy is extremely beneficial it also has its negative features, one
being that new customers could be seen as neglected or secondary commodities, the general
consensus behind growth is to retain the current customer base Cyberzone is attracting, which could
mean that newer consumers are ignored and treated unfairly in proportion to loyal customers.
Cyberzone needs to find a balance and a scheme in which they can continue the care for loyal
returning consumers whilst introducing and welcoming new ones. Another disadvantage is that
relationship marketing can take some time to have its full accentuated effect. A strong relationship in
any circumstance takes time to develop and improve, it would be like getting to know one another and
understanding each other's needs. Not only does it take time to develop the relationship, but many
workers will also be asked to increase their 1-on-1-time commitments to continue the process.
Another recommendation I have to suggest in making marketing strategies adapted and improved is
alternating between distribution applications when sending marketing material. It is crucial for any
business to include promotions as part of their practice, without marketing materials being sent to the
consumers they would miss out on opportunities to increase revenue over a given period of time.
Promotions exist to entice and draw in customers with deals and discounts on specific aspects of the
organization which will get them to spend more time and money using or purchasing from a brand.
Cyberzone should take immediate interest in fluctuating between various applications that provide
communication with the market, by sending communications via one method, Cyberzone would be
constricting the number of impressions and reach potential. If Cyberzone decides to implement email
marketing and SMS marketing they are widening their search for a greater customer base and selling
their products and services to larger communities of people. This is one reason as to why Cyberzone
should adapt this marketing strategy, to gain a better reach and more impressions from the
customers. However, one way in which Cyberzone needs to be safe is if they are not careful, email
marketing can hurt the brand image for Cyberzone. For example, if they are sending out hundreds or
thousands of emails indiscriminately to people who aren’t already on their mailing list, they will rightly
consider their emails to be unsolicited spam. Buying email lists and sending emails indiscriminately is
the easier path of least resistance but can be harmful to Cyberzone’s reputation in the long run and
also illegal if the user did not agree to receive emails from them.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller george2. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $4.57. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
62491 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now