Your customer awareness percentage is impressive since my company is only at 78%. I guess I need to increase the marketing promo budget to get more product awareness. Your customer accessibility for the high tech companies is comparable to mine, but my low tech customer accessibility is quite low due to the unit price being outside the criteria of the low tech companies. Reading about how well your company is doing, increases my incentive and enthusiasm for my company.
You're right in that marketing helps increase product awareness. I focused on the price because by doing so, it increased sales/cash in finance. I also find by reducing the size of the product, increases competitive advantage for the high tech companies.
I like the plan you have set up for your R&D department. Pointing out that the R&D department can drive product improvement (in products that dont have to be entirely new) or innovation. Offering help developing unique products and/or services. This will help your company get rid of those items left over in your inventory from previous years. You did a very thorough job at discussing the core competencies and the competitive advantages of your simulation. The society for Human Resource Management defines core competencies as differentiating an organization from its competition and creates a company's competitive advantage in the marketplace. With that being said, I think the three you chose are very good choices and are very important for a company to be successful. Customer service in every industry that comes to mind is vital in how that company is regarded. Providing good customer service can increase customer loyalty, increase money spent with your business, how often a customer buys from you, and a positive reputation (Business.gov). Also, quality and awareness are equally as important as customer service. Your competitive advantages of trending in the right direction for customer satisfaction and being in the top 5 of performance, size and reliability are all areas where you can gain ground on the competition. I like and agree with your positioning strategy. I think that you hit the nail on the head when you discussed that fact that your product fits the quality and customer satisfaction factors. If you can capitalize on this part of the market, your company stands a very good chance of being successful. Good work on your post this week and I have enjoyed working with you and reading your work.
The society for Human Resource Management defines core competencies as differentiating an organization from its competition and creates a company's competitive advantage in the marketplace. With that being said, I think the three you chose are very good choices and are very important for a company to be successful. Customer service in every industry that comes to mind is vital in how that company is regarded. Providing good customer service can increase customer loyalty, increase money spent with your business, how often a customer buys from you, and a positive reputation (Business.gov). Also, quality and awareness are equally as important as customer service. Your competitive advantages of trending in the right direction for customer satisfaction and being in the top 5 of performance, size and reliability are all areas where you can gain ground on the competition. I like and agree with your positioning strategy. I think that you hit the nail on the head when you discussed that fact that your product fits the quality and customer satisfaction factors. If you can capitalize on this part of the market, your company stands a very good chance of being successful. Good work on your post this week and I have enjoyed working with you and reading your work.
The competitive advantage you listed was product design and you stated that "company can design high end products which cannot be duplicated by other business". Is this the case because your company has a patent on the design or what? Also, brand awareness is a good advantage to have especially since you stated you wanted to take over the high-end market segment. Lastly, performance is a must, if you want the high-end market.
Dawar & Bagga (2015) states that marketers have always had to juggle two seemingly contradictory goals: making their brands distinctive and making them central in their category. With that being said, Your positioning strategy if implemented correctly should help your company reach the goals that have been established. Good work on your post and I look forward to reading more in the coming weeks.
References
Dawar, N., & Bagga, C. K. (2015, March 17). A Better Way to Map Brand Strategy. Retrieved from https://hbr.org/2015/06/a-better-way-to-map-brand-strategy
Competencies: How can our company determine its core competencies?. (2019). Retrieved from https://www.shrm.org/resourcesandtools/tools-and-samples/hr-qa/pages/corecompetencies.aspx
Customers. (2019). Retrieved from https://www.business.gov.au/people/customers
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