Essay Title: 

Marketing and the Virtual Market Place

April 3, 2016 | Author: | Posted in marketing, mathematics and economics

Marketing and the Virtual Market Place

How can IPT use technology such as Internet , CRM tools , and databases to develop long lasting profitable customers ? Think not only in the present , but also in the future , keeping in mind potential partnerships and regional to national expansion . Consider both retail and commercial markets

IPT has been experiencing rapid growth in the market place . It is offering products like flavored popcorn , Snack sized pretzels and cookies and new products . It has an existing distributor ‘s network which can be utilized for new products or [banner_entry_middle]

extended products . Company is looking for new market opportunities to expand its business and operations

The market is growing . It will attract number of competitors . The existing players are always threat to business as they can play around marketing mix and other strategic tools . Suppliers of raw material or distributors may also think of operating in the same industry as they are part of it and they already have industry knowledge . In such competitive environment company needs to change with time and technology and utilize the benefits of tools like internet , CRM and database

Internet : Internet can offer an easy and cheaper option to reach customers and stakeholders for various strategic purposes . Internet can be used as a platform to inform customers about range of things like company ‘s history , products its offers , companies operations , company pro , about various interesting facts and details about popcorn and other food item which company sells . It can help in achieving management objectives and goals to explore new market opportunities with existing products i .e . Flavored popcorn , Snack sized pretzels and cookies and new products i .e . shoofly pie , horehound candy , and various jams and jellies which company will sell once the contract with Amish food manufacturer It will be a platform to get instant customer feedbacks . The e-commerce section can be added to the same which will offer another opportunity to the consumer to and track their s with the internet interface

CRM tools

Various customer relationship management (CRM ) tools can support the company in various ways like collecting and storing customer information and details on consumer behavior , managing customer relationship by wishing customer on special occasions like festival and their personal occasions like birthdays and anniversaries , deciding on various promotional and advertisement strategies and many others . Tools like interactive voice response can help customer to help themselves about various routine queries . It will also reduce the cost of people for the company

Databases

Databases can be used for various purposes . Database will offer company a tool by which company can maintain the history of customer and their buying patterns . Information stored in database will help in forecasting sales on the basis of sale of particular product in a particular period This will also provide distribution of the buying behavior of consumer in particular region . Demographic profiling of the consumer will be possible with accurate database management systems . Billing and other issues can also be handled with it

Figure : Internet , CRM… [banner_entry_footer]

Author:

This author has published 9453 articles so far. More info about the author is coming soon.
Did you like this essay sample?

You must be logged in to post a comment.