Professional Documents
Culture Documents
Coming up with new products and services can take a lot of work. It
also takes an understanding of how to set up - and we may
think why bother doing this. One reason is that we could
actually avoid losing our potential customers. If we don't offer
them other new products and services, they may seek out other
places that offer similar services related to yours. That's right!
If we don't offer new products, we can lose customers! So don't
just think of making a one-time sale only from our customers.
We have to think about keeping our customers for LIFE. It is
actually easier to resell to an existing customer than to close an
initial sale. Since our customer already trust us and provided
they have been satisfied with our after-sales service, they will
have no problem in buying from us again. So we know what we
must do to keep our existing customers happy and attract new
traffic to our site. Creating backend products and offers is much
easier than it looks - especially if we can watch someone else
showing the way.
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Marketing Management
Observation method
Observation method is a method under which data from the field is
collected with the help of observation by the observer or by
personally going to the field. In the words of P.V. Young,
“Observation may be defined as systematic viewing, coupled
with consideration of seen phenomenon.”
Interview Method
This method of collecting data involves presentation or oral-verbal
stimuli and reply in terms of oral-verbal responses. There are
different types of interviews as follows:
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Marketing Management
Questionnaire Method
This method of data collection is quite popular, particularly in case
of big enquiries. The questionnaire is mailed to respondents
who are expected to read and understand the questions and
write down the reply in the space meant for the purpose in the
questionnaire itself. The respondents have to answer the
questions on their own.
Survey Method
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Marketing Management
Panel Method
In this method, data is collected from the same sample respondents
at the some interval either by mail or by personal interview.
This is used for studies on:
Expenditure Pattern
Consumer Behaviour
Effectiveness of Advertising
Voting Behaviour and so on.
Statistical Tools
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Marketing Management
Multiple regression:
For finding best fitting equations of a dependant variable
which varies with changing values in a number of independent
variables. The inference obtained can estimate how unit sales
are influenced by changes in the level of company advertising
expenditures, sales force size and price.
Cluster Analysis:
A statistical technique used for seperating objects into a
specified number of mutually exclusive groups. For eg: This
can be used to classify a set of cities into a definite number of
groups.
Factor Analysis:
It is used for determining a few underlying factors of a larger
set of interrelated variables.
Models
Markov-process model:
This model shows the probability of moving from a current
state to any future state.
Queuing model:
This model shows the waiting times and queue lengths that
can be expected in any system given the arrival and service
times and the number of service channels. This can be used to
determine the waiting times involved in queues given the
number of service channels and service speeds.
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Marketing Management
E-Eye Contact
R-Reaching Out
V-Viewing Each Guest as Special
I-Initialing Pro-Active Service
C-Creating a Warm Atmosphere & A Genuine Concern in Satisfying Guest
Needs
E-Excellence in Everything We Do
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