The present key business strategy eyes on keeping the current customers and developing relationships with the new ones. Providing services to the customers or the consumers is very difficult. Unfortunately the services provided to the customers can never be perfect, the failure can be due to unprompted employee actions, failure to respond to specific customer needs or also due to core service facilities. Hence the companies try their best to reduce the mistakes from repeating again and in satisfying the customers needs. This article discusses about the “service recovery paradox” steps that is being followed by the organizations to recover from their service failures.… Read the rest
The word ‘luxury’ derives from the Latin word ‘luxus’ , which according to the Latin Oxford dictionary signifies ‘soft or extravagant living, indulgence’ and ‘sumptuousness, luxuriousness, opulence’ .
There are two aspects to consider when defining luxury, the psychological value and the value of the product/service itself. The psychological value of luxury comes from its function as a status symbol and from a highly involved consumption experience that is strongly congruent to a person’s self-concept. From a product perspective, luxury brands are frequently defined in terms of their excellent quality, high transaction value, distinctiveness, exclusivity and craftsmanship.
In his paper on International Retail Marketing, T.B.… Read the rest
Ethics are defined as the set of principles that guide a person’s conduct towards being morally right. When a person is faced with some moral dilemma, the choice that the person makes largely depends upon the values and ethical principles that person holds. It is over and above just being legal. Due to being dependent upon the personal values and principles a person holds, an ethical code of conduct cannot be described in absolute terms. Like in all the disciplines of life, recognizing and quantifying what is ethical in marketing and what is not is difficult. In a broader sense, ethics in marketing mean implementing standards of moral rights and wrongs and of fairness in the marketing practices of an organization.… Read the rest
When thinking of marketing and sales and what the difference is, we tend to scratch our heads. Both activities that go into this topic have the same result, generating an income base for the company. What is the definition of marketing? Marketing refers to the events that take place in a company connected with buying and selling a product or service. Depending on the size of the company, typically depends on the approach in reaching its audience. A baker in a small town just starting out may use the newspaper. Whereas a restaurant owner of a major food chain may utilize television, and the internet to reach its clientele. … Read the rest
Marketing includes a very important concept that is marketing mix; it has four major components that are promotion, people, price, and place. Nevertheless, in the marketing mix after the product, the second most important factor is the kind of price that is being used. This is because the distribution and the promotion mix can be modified by the kind of pricing being used. It can be an enormous job to set up the correct price for products and services while establishing a new company and it could be equally for a company that has a year of existence on the market.… Read the rest
The concept of winning customer confidence has received much attention among various stakeholders such as customers, shareholders, investors, and the government as they strive to establish whether their interest is being taken into account. Companies use multiple tactics to convince potential and existing consumers concerning why their products stand out from that of other competitors. Various customer confidence winning strategies such as celebrity and expert endorsement, attitude changing, low involvement, and high involvement approaches to make the advert more appealing, hence, this helps in boosting sales. Companies invest a substantial amount of resources in employing these criteria to keep the targeted audience hooked, in turn, this aids in increasing sales as well as the market share.… Read the rest