Mkt501 GDB No. 1 Solution

Semester “Fall 2010”

“Marketing Management (MKT 501)”

This is to inform that Graded Discussion Board (GDB) will be opened according to the following schedule

Schedule

Opening Date and Time: November 02, 2010 At 12:01 A.M. (Mid-Night)

Closing Date and Time: November 04, 2010 At 11:59 P.M. (Mid-Night)

Topic for Discussion

“Competition/ Competitors”

You have been recently hired as a marketing manager in a Shampoo manufacturing organization.There is only 20% market share of your organization while your competitors having 45% and 35% market share respectively. CEO has given you the target at the time of joining this organization that Market share should be 40% within a year.

“How do you upgrade your market share”?

Solution:

1. Reallocate marketing budgets from branding to direct-target marketing for a higher return on investment.

2. Know your customer. Build a marketing database designed to gain insights into customer value, vulnerability and potential.

3. Get smart about your customer data. Hotel sales and marketing teams should profile their best customers on highest value and target others that look like those best customers. Hotels attracting conventions or meetings need to prioritize prospects into A-B-C lists and provide value-added incentives for A-list prospects, focusing the majority of the budget on those.

4. Leverage new customer insights on customer value, vulnerability and potential into campaigns that maximize ROI.
5. Test creative and offers to measure and redeploy what works best.

6. Track and report campaign response and conversion effectiveness.

7. Grow relationships with current customers. Use social media and electronic communications to increase loyalty and reasons to communicate with customers.