Marketing and Management Solution

Market share: The percentage that a company has of the total sales for a particular product or service The way of increase market share: Obviously, quality – both quality of product and service – is paramount. But there are a number of tactics you can use to increase your market share, and each involves increasing your company's relative power, uniqueness, or indispensability in the customer relationship. In our experience, you should concentrate on tactics that fall into any or all of these four general categories: 1. Customization of services or products -- When you build a high-end, custom-built service round the additional commodity-like product or services you're commerce, then you'll produce shift prices that increase the customer's temperament to still modify you instead of bidding out the contract at each chance. Ideally, you'll lock the client into a "learning relationship," however typically terribly price-oriented customers are cautious

How to Make Management Decisions Managers are required to make hard decisions that support a company's short and long-term goals. Management decisions are usually made after employees' proposals and preferences have been heard. They must be made with a team, department or company in mind. The best management decisions are made with evidence, examination and input from other leaders. However, managers must keep a balance between receiving input and being decisive. Be prepared to make difficult decisions and review them for accuracy in the future. Learn how to make management decisions. Identify the purpose of your decision.  What is exactly the problem to be solved? Why it should be solved? Gather information.  What factors does the problem involve? Identify the principles to judge the alternatives.  What standards and judgment criteria should the solution meet? Brainstorm and list different possible choices.  Generate ideas for possible solutions.  Evaluat

Strategy  “A plan of action designed to achieve a long-term or overall aim” Strategy in Business World, “Strategy consists of the combination of Competitive moves and business approaches that managers employ to please customers, compete successfully, conduct operations and achieve organizational objectives” Strategic Management  “It consists of analyses, decisions and actions of an organization undertakes in order to create and sustain competitive advantages” Strategic management can also be defined as a bundle of decisions and acts which a manager undertakes and which decides the result of the firm’s performance Key Characteristics of Strategic Management: There are 4 key attributes in strategic management: 1.Directs the organisation towards overall goals and objectives 2.Includes multiple stakeholders in decision making 3. Needs to incorporate short term and long term perspectives 4. Recognises difference between efficiency and effectiveness

Market segmentation & Bases for segmentation of customer market Market segmentation: Normally market segmentation means divide the entire market based on different characteristics. Like Demographic Geographic Psychographic etc. Market segments can be characterized in different ways on way is to characterize the preferences of the target customers; homogeneous preferences, referring to customers that roughly have the same preferences. Secondly there are diffused preferences which mean that the customers vary in their preferences and finally clustered preferences which mean that the natural market segments emerge from groups of consumers with shared preferences (Kotler and Keller). Bases for segmentation of customer market: The group who consume product or service for final consumption from customer market. The bases for segmenting customer market are as follows: 1. Demographic segmentation: The demographic segmentation is often used in market segmentation