Table of Contents
One can say that marketing is a leading force in the process of creating market based needs, and marketing is not only used to create the customer value, it is also an important tool to deliver the share-holder value. There are a number of marketing metrics that are seen in different sectors, and all processes try to increase the market share for the organization.
For a UK based SME Company, there are some quite important marketing metrics avail. In the first place, the organization has to decide what will be the total cost of the marketing campaign, and what will be different required skill levels that will be needed in the marketing process. After that management has to put all intangible factors successfully in the financial statements. There is no copy book way to market a product and it is important to find out the most appropriate approach to value the brand. It is important to have a clear idea about the industry type and sector, the industry life cycle, and most importantly, the product type. Critical success factors are important in the process.
In today’s world, there is a large number of brands operating in every market, and in the consumer market, the high availability of goods sometimes create some information processing problems for consumers. That is why consumers have to develop a simplified process of the decision-making. This is known as the ‘evoked set’, and it says different brands which the buyer goes to consider when one thinks of purchasing one single unit of the product. Campbell was the first to study the aspect in an empirical way. The evoked set has a growing interest from the angle of consumer behavior.
In many cases, the individual, that is the buyer, is not aware of all available brands or the ‘total set’ in the time of purchase. Conceptions of ‘awareness set’ and ‘unawareness set’ are quite important in the case. However, finally, all evaluations of products should be on the basis of the consumer’s choice behavior.
In general, one can say that evoked sets are formed by considering all brands in the set awareness at the same point at the same time, and all linear compensatory brands are quite important in the aspect. Here, one can mention an experiment with the selling of beer, in case the operational universe is restricted to male beer drinkers in a given part of a city. The area was chosen, as beer was the most popular drink in the place.
Also, one can say that the product is only bought in a matured level, and the basic purchase decision can be classified as an example of ‘routine Response Behavior’. Here, one can notice that purchase decision is based on a habit. It is a consumable product and, hence, the taste and addiction is much vital here. However, this can also be true for other cases. One can say that aspects like brand loyalty, knowledge of market, price etc., are some key aspects of the evoked set.
SWOT Analysis of Two Service Organizations
In this discussion, one will now look into two different types of service organizations, one is the health service, and other is transport service organization. Both organizations have immense importance in the modern urban life.
The health service is provided to some special diseases, like dental care, eye care, ear care and orthopedic cases. It is one of the most prominent health clinics of all UK. On the other hand, the transport service specializes in renting automobiles for different occasions.
SWOT Analysis of the Health Service
The health service does have some vital strength. It specializes in some healthcare features, like eye care, ear care, dental care and orthopedic problems. This gives them an opportunity to concentrate their workings on some specific aspects of healthcare, and if we look at today’s scenario, all these body parts regularly need a checkup. They have a steady patient flow, and numbers of patients are increasing every day.
In a modern context, some people believe that every health center should have departments for every type of patients. Here, the center lacks in that case, and some other health centers close to this one do have all kinds of health facilities. The health center might renovate itself to a complete healthcare destination. This weakness can be a immense opportunity for the center. This can give them an edge over other health service centers. However, one has to remember that every center has loyal customers, and it might be a potential threat to the center.
The transport service is old and popular, and it is the most vital strength of the center. They also have a large number of cars in their disposal. However, their main weakness is that cars are not that developed, and they do not have many modern models. It has been seen that the younger generation always loves to rent new models of cars, and in case they are losing a certain number of customer. The service can renovate them and add some more cars, preferably new models. It can brighten their opportunity to reclaim the market again, but still, there will always be threats of new competition.
Every organization, be it commercial or non-commercial, employs certain strategies to make them visible in the market to customers or clients. For any organization, tools like marketing, promotion, market research, etc., are extremely vital strategic tools. These tools go on to help the company and decision-makers about the real condition of the market, and on the information they try to penetrate the market.
Hotpoint is a kitchen appliances company, and it is one of the most popular companies in UK in the market of kitchen appliances. They do have a strong grip in the market, and still, they need to expand it. They can target counties and set up shops over those parts of the country. In some cases, that can be a costly affair for the company. They might set up their range of kitchen ware in big shopping malls in places. It will increase the visibility of the product range. Initially, it will promote the chain, and after a large amount of promotion, they can set up their marketing channels in prospective places. This can be vital in increasing revenues.
Public Libraries are one of the most vital characteristics of UK. These libraries more or less functioned as commercial subscription libraries, but still both libraries have some different aspects. Popularly, private libraries are known as the ‘gentleman’s only library’ while everyone has access to public libraries. Public libraries do not have control over the subscription. Basic changes in the working procedure of public libraries changed in the Mid-19th century England, and when the Public Libraries Act was formed in the year 1850. At that time, there was a rule that any borough with a population of more than 100,000 will have a half penny rate in Public Libraries.
Public libraries are an integral part of the culture of the UK. It is one of extremely vital tasks for the Government, and the local authorities to develop all public libraries. At the beginning, one will have to do a survey among readers what will be the different books that are being expected by readers. Most importantly, the library should be online, so readers could be able to see the contents of the library, as well as order books from their homes. This will surely catch the attention of new readers, and it will make the work process of the library more effective. Libraries should keep more books on up and coming subjects and different subjects that are being researched in recent times. It will bring researchers and students to libraries. All these aspects will surely work together to make libraries more and more futuristic.