Essay Marketing principals

Submitted By aly1111
Words: 579
Pages: 3

Question 1. Using real life example of a company outline the key components of a customer driven marketing strategy. Illustrate how these components are utilised by your selected company in implementing a customer driven marketing strategy.
The company I decided to select is Elegance Eyewear Boutique which has been open since 1994 and have two stores located at Campbelltown and Liverpool which runs as a company with a high reputation to provide excellent services in the eyewear & eye care industry in their respective communities. The target market is “a group of customers has been identified for whom the offering should be “right” and to whom the firm will direct the majority of its marketing time, resources, and attention to”( Cahill, D J 1997). The main target market for elegance eyewear boutique are females, age from 25 – 55, earning a salary of $50,000 – $100,000 and with a lifestyle of a middle to upperclass who loves shopping and wants to spend money.

One of Elegance Eyewear Boutique main competitors is Specsavers the difference, is that elegance eyewear boutique sells more of a high end product like high end brands such as Fendi, Maui Jim and Christian Dior etc. However
The marketing concept determines the need and wants of the target market. The need and wants of the customers is getting the perfect glasses that would make them comfortable to wear. The main marketing used is Word of mouth advertising, networking with other health professionals eg doctors, also exciting customer service where the owner will interact with the customer make them feel a part of the family which they feel they would want to come back and let other people know about the business. Specsavers do have a better marketing system due to a higher budget. They have celebrities designing glasses. Whereas Elegance Eyewear don’t have the resources to do the same as specsavers and would reply on customer service and interactions to make them want to comeback.

Question 2. Discuss how your selected company has been capturing value from customers.

(week 2 Lecture notes pp 8)

“The first four steps in the marketing process involving building customer relationship by creating and delivering superiors customer value. The final step involves capturing value in return in the form of current and future sales, market share and profits” (Armstrong, Adam, Denize and Kotler 2012). I have chosen the third step…