Quiz 10: Marketing Research in the Era of Big Data
Relationship marketing: The type of marketing that focuses on developing, growing and maintaining an enduring beneficial association with individual suppliers, consumers and other acquaintances for mutual benefit is called relationship marketing. Benefits of relationship marketing: The benefits of relationship marketing over traditional marketing are: • Focus on long-term relationship with customers, ensuring long-term benefits for the company. • Customer centric approach ranks customer service as the highest priority. • Emphasize on retaining customers over making a sale, ensuring satisfaction of customers. • Ensure frequent customer contact regarding offers and discounts to increase sales. • Commit all employees to provide high-quality products for the satisfaction of the customers to in turn make them repeated buyers.
Summary: M is a software company that is trying to invest $5 billion to build a profitable online business. One of its products, B, has managed to earn only few profits. Therefore, M has decided to buy Y which has 17 percent market share, in order to compete with the market giant G which has approximately 67 percent of the market share. The acquisition would provide M a substantial stand in the market with 30 percent share in search engine market. Inference: The partner Y would be benefited from the M-Y deal. This can be said because the net worth of M is higher than Y. The reputation or the goodwill that M has in the market is also considerably high as compared to Y. This deal is a great benefit for Y because it will increase the share value of Y.
Employee satisfaction in restaurants: Employee satisfaction or the job satisfaction is the measure that depicts the how satisfied or content the employees are with their jobs. The quality of the service offered at the restaurant will be a measure to evaluate the satisfaction of the employees in the restaurants. A satisfied employee will only be able to provide a pleasing service for the customers. In order to get a clear picture on the level of satisfaction for the employees, a detailed survey can be taken. The survey must include the question regarding the level of satisfaction on their job role, working environment, dignity of the team members, effectiveness of the leader, effectiveness of the management and more. This would help the restaurant to determine the number of employees willing to work with the organization thereby facilitating them to invest only on the potential employees. Frequent hiring and training of employees will incur unnecessary cost to the company. Satisfaction among employees is necessary in order to retain them with the organization.