Subject: Marketing Management project The project Subjects: - Customer satisfaction. - Social networks. - Loyalty. - Strategic Marketing. - Brand Management. (15 - 20pages) Project Design: 1- Cover page. 2- Introduction 3- Paper significant: - Theoretical Importance . - Practical Importance. 4- Outline: 1234etc....... 5- Summary 6- Reference: Marketing Management Customer Satisfaction Student ID University Name 1 TABLE OF CONTENTS Introduction........................................................................................................................3 Paper Significance..........................................................................................................3 Theoretical importance.................................................................................................4 practical importance......................................................................................................5 Definition of Services.....................................................................................................8 Customer satisfaction....................................................................................................8 Risk Management..........................................................................................................9 Impact of ROI on customer services and their satisfaction.....................................11 Summary......................................................................................................................12 References.........................................................................................................................14 2 INTRODUCTION Marketing management is an important tool or function of managing business operations that must closer to client to get positive response from customers. In this project of marketing management, the researcher should has develop certain orientation within organization to emphasize on the customer in order to develop core components within organization for the success. In this project, firstly discussed the business goals and monitor certain strategies for progress of whole paper. Customer satisfaction based on customer services that are considered an integral part of industry that define the future prospective of an organization. According to Sakthivel et al, (2005) customer services and customer loyalty are proved to be a major instrument for survival of company for long term in certain consideration and determine financial performance for company in order to judge the quality level of products and services that are being afforded. The improvement in standard of quality bring positive outcome for company so that company can well understand the fact in order to continuous improvement in services quality as well as offer a standard of allocation of resources to retain quality in order to meet customers' expectations. The major purpose of this project is to determine the information of these terms in particular life. PAPER SIGNIFICANCE The aim of this project is to investigate the link between service quality and services of customer satisfaction in order to develop a method through evaluating services of firm and manage the process of delivering a quality standards for their customers. The major analysis of this project is to determine the customer satisfaction and help to discuss their relationship with highlighting a factor for developing the impact of customers and their contracts on firm. In additional to, the improvement in techniques 3 are examined through a quality of services in order to improve the organization and achieve the quality services from company. The objectives of this project are The service quality should have an effect on customer satisfaction The service quality can improve the organization that mainly focuses on certain services and achieve the broad terms within organization The marketing strategies for improvement of management system in business can help to evaluate the access of company's projects. As we know that hospitality industry is a fast growing organization in which other sectors can need limitation of information therefore it is possible to evaluate the direct impact of quality services and possible some of information that directly related with quality customers that could expect to monitor the subjects. THEORETICAL IMPORTANCE The biggest threat is the company's highly competitive market, provide products at very low cost and has lot of competitors in international market. Moreover, as people still feel under the influence of recession from Greece and the euro zone, and salary cut, certainly luxury products like clothes are highly in danger of substitutes as seen by Johnstone, (2009) as one of the five key threats to a company's competitive advantages. The company has invested into new technology, chosen to provide excellent quality goods that are certain to achieve the business goals. Furthermore, company has recently employed consultants to propose short term decisions in order to improve the profitability of company. It has been decided by the board of directors that a long term finance scheme will be beneficial to sustain company expenses such as utility expenses, supplies, outdated machines, and promoting operations. This is based on internal and external sources of finance which retained profit, personal saving, and 4 consider new contract with new suppliers namely negotiation for interest while bargaining for discounts (Kotler & Keller, 2009). The strategy of company is to deliver productivity for long-term duration as per earnings and improving Next products range in order to get success due to increase sales volume. The company focuses on increasing sale performance and volume of sales which can increase profitability of company as well as focuses on increasing profitability ratio, meeting financial needs of company, store before investment based of certain level of success in order to measure profitability and volume of sales. It is important to increase target, number of customers to manage net and gross profit margin of company. Apart from that, company focuses on maintaining the financial strengths by developing structure and consider balance sheet for planning their share. The revenue evaluation considers financial performance that will help to calculate return of organization and accessing revenue which consider value of sale. In order to evaluate the revenue of company, group of people can recognize products and assure due to collection of certain amount. A massive challenge of creative margin is to consider decline in value of dollar over different years and reduces wages and salary to increase social security and other pension cost that is nearly based on equality (Kaplan, 2010). PRACTICAL IMPORTANCE The main marketing management aim of companies is to ensure long term returns from customers by using a mix of sustainable growth with customer 5 loyalty and customer satisfaction. In order to achieve marketing management functions, the company should adopt the following strategies: Improving and developing product ranges, success in which is measured by sales performance. Profitably increasing selling space. New set up appraisals must meet demanding financial criteria before the investment is made and success is measured by achieved profit contribution and return on capital against appraised targets. Increasing the number of profitable Directory of customers and their spending pattern, both in the UK and through international online sales. Focussing on customer service and satisfaction levels in both stores and Directory. Maintaining the Group's financial strength through an efficient balance sheet and secure financing structure. Generating and returning surplus cash to shareholders by way of share buybacks or, more recently, special dividends. Afterward, the company will show its healthy financial position and can compete high competition in market and considers the production process for promotion. Therefore, business profit can be used to develop the operations, enhance advertisements, and premises for new investments (Hangel & Armstrong, 1997). Adaptability is one of the major strength of companies that can ever determine changing of business world in international market. Examples of this can be seen through the company's strategies where emphasis is laid on their online sales rather than just traditional sales. Companies should have an identified the increasing demand for online purchasing and has ensured that the new business initiatives are center around key themes such as quality, customer service and satisfaction. The business has excellent performance and a powerful design to 6 create a philosophy for success of business. Company is increasing advertisement for promotion of business. An overpriced item which can reduce profit and decline overall performance, are looking as the threat, it can be debated that company has little power to change its own profits as the company cannot control either the price or the demand for their products due to uncertain market caused to the disposable income people spend on such products which are highly dynamic due to seasonal cyclical implications. Through their business strategies evolving around the key themes will contribute in creating a trusting atmosphere with their online service where trust is one of the biggest concern in online retailing. This will further ensure customer loyalty and meet their business strategy of maintaining a good sales level (Bargh et al, 1982). Keeping action in line with business strategy, the business gives a stance on corporate responsibility by keeping focus on efficient production, this will help in energy reduction and reduce abnormal loss cost. This adds to the company culture where an environment of support and respect is cultivated which ultimately motivates staffs. The company optimizes new space for people consolidates internet marketing which can increase buying pattern of customers. DEFINITION OF SERVICES 7 According to Zeithaml, (1988) quality is a broad term that shows superiority and excellence of project in order to measure the certain terms. A major agreement about the service quality is most important to determine lack of consensus in marketing management. According to Cornin and Taylor, (1992) the concept of service quality is most important for developing a theme because it offers difficult and complex evaluation of practices, monitor perception of outcomes from actual service performance, and quality evaluate that do not solely focuses on certain outcomes on basis of providing services. It is also involve in evaluation of service delivery process and many other personnel intensive protection to customize the suitable heterogeneous preferences and needs to join production for both products and customers. The concept of service quality is most important debate which helps to evaluate the quality of products and their outcomes to improve the dimensions. CUSTOMER SATISFACTION Customer satisfaction is a major tool where company can build positive relationship with customers in order to acquire target customers and keep them for whole life of business. Many firms do not identify the customer's profitability and program to communicate with potential customers in order to get loyal customers in certain company in future. The potential customers are important consideration for developing the relationship within certain business management practices and get the success that is important between new customers and can change the position of products available in existing customers. The customer has to find different features in a single product and get certain level of satisfaction in order to compete into market. Different possibilities of purchasing products generally consider observations and monitor influences for delivery of customer's preferences and get business risk with a single framework of business preferences. Due to focuses on certain acquisition, marketing is an important tool to manage business operations and consider the customer relationship management system to cope with changes and evaluate the caption for success of certain business responses. 8 Customers are particularly provide variety of information and share their expectation about products in order to evaluate the efficiency and effectiveness of products in the market and develop a pattern for changing customer preferences. Social networking offers services to interact with people and hare information through a virtual mode of communication that is important indicator for people who share information and make friend list to promote the products and services of specific organization. Evans et al, (2009) customers enjoy interaction with other people who may or may not know the products and evaluate the through sharing through a perfect information goal and evaluate the brand performance within certain social media where people are using words of mouth for sharing information. Words of mouth are major indicator through which company can share preferences of a certain project with evaluation of certain goals and monitor perfection of strategic bars for considering goals. RISK MANAGEMENT Risk Control Poor communication Reschedule the whole with all members process if the project manager feels uncomforted with communicational techniques. Project goals Monitor the project plan How to manage risk? Develop better communication system Develop new goals for launching the project into commercial market Personality conflict and Find out solution of Develop personal plan disagreement with certain problem and for training employees internal stakeholders immediately identify and capture the attention practices of customers The accessibility of monitoring and evaluating the process it should take some measures that helps to design the framework and develop logical definition especially monitor evaluation tool for identification of different outputs and basic activities that will generate 9 the project specification for facilitating the collection of data as whole. It is important consideration to monitor the role of business strategic in various activities. Measure 1 Project manager identifies the time for evaluation of the project on basis of expected workload and consider assessment for developing nature of outcomes and programs that expected to contribute for indicating progress and success of business outcomes. To evaluate the current monitoring tools that are being used in project for contributing different outcomes such as focusing on different issues, consider efficiency, coordinate with team members, analyze the comparison for information practices Find out needs for products in market and specify the scope of different tools that suit for the project. The mechanism for significant analysis is to close down the gap and identify resources with certain information Measure 2 Measure 3 Measure 4 IMPACT OF ROI ON CUSTOMER SERVICES AND THEIR SATISFACTION In today's fierce business world, competition is a common phenomenon in all markets. Money is the universal lubricant which keeps any enterprise sustainable. Almost every decision in the business is taken in the light of its profitability and in view to increase shareholders wealth. For many industries, new product development is now the single most important factor driving a firm success or failure. New product development is one of the 10 four basic directions from Ansoff Matrix where product development is referred to product improvement and innovation (Johnson, et al, 2010). The international journal of management reviews supports that: \"the continuous development and market introduction of new products can be an important determinant of sustained company performance\" (Ernst, 2002). This report aims to assess the impact of Capital Investment at Next Plc. The company has recently invested into new technology in order improve and develop new product ranges which is in line with their business strategies for bettering their sales performance. As such the report has looked at Group of business and all the analysis has been taken from the corporate activities and position which is the company's main product area. The company that primarily operates in UK can cope within international market with excellent practices of customer satisfaction and brand management practices. The companies offer range of products operating in more than 50 countries all around the UK and activates worldwide international websites for promotion. The brand introduces the online working criteria that makes possible to do business in various parts of the world as with the assistance of this latest technology where company operates in more than 50 countries of the globe. Due to stylish and reliable working, the brand start progressing quickly and soon recognized in different parts of the world. Due to high affordability of the brand with excellent quality and standard the brand flourished and in the current time there are more than 500 products of brand. SUMMARY 11 The main purpose of this report aims to critically appraise the actual strategic decision and marketing management functions in an organization. As such it provides an assessment of the new product development investment to give a deeper understanding on the company's financial performance. For this reason the report has taken in to account different financial tools linking investment and financing to demonstrate how shareholders wealth can be maximised. This has been possible by firstly looking at marketing analysis which is an important tool when considering effectiveness of the company, either company is able to invest in new project, either investors get profit or not. Secondly, practical method uses to evaluate the performance of company as well as consider success of business. Thirdly, appraisal methods for marketing use to evaluate two machines in which company wants to invest. Lastly, strategic management analysis has conducted where different activities were discussed which has greater impact on performance of company. Findings of this report revealed an array of interesting points such as determining if this has been a good strategy adopted. 12 REFERENCES Sakthivel, P.B., Rajendran, G. and Raju, R. (2005) TQM implementation: TQ implementation and students'satisfaction of academic performance, The TQM Magazine, 17 (6), p. 573-89. Zeithaml, V.A., Berry, L.L and Parasuraman, A. (1988) Communication and control processes in the delivery of service quality, The Journal of Marketing, p. 35-48. Cronin, Jr. J.J. and Taylor, S.A. (1992) Measuring service quality: a reexamination and extension, The Journal of Marketing, 56(7) ,p. 55-68. Johnson, G., Scholes, K., and Whittington, R., 2010. Exploring Corporate Strategy.London: Prentice Hall. Ernst, H., 2002. Success Factors of New Product Development: A Review of the Empirical Literature. International Journal of Management Reviews, 4(1), pp.140. Evans M, Jamal A, Foxall G, (2009). Consumer behaviour. 2nd ed. John Wiley & Sons Ltd Hagel, J., & Armstrong, A. (1997). Net gain: expanding markets through virtual communities. United States of America: Harvard Business Press. Bargh, John A.; Pietromonaco, Paula.1982. Automatic information processing and social perception: The influence of trait information presented outside of conscious awareness on impression formation. Journal of Personality and Social Psychology 43 (3): 437-449. Johnstone, D. B., 2009. Worldwide Trends in Financing Higher Education. In J. Knight, Financing Access and Equity in Higher Education. Rotterdam: Sense Publishers. Kotler, P., & Keller, K. L. 2009. Marketing management. Upper Saddle River, N.J: Pearson Prentice Hall. Kaplan, Andeas M. and Haenlein, Michael 2010. Users of the World, Unite! The Challenges and Opportunities of Social Media. Business Horizons 53, 59-68. 13 14