4 discussion questions of MKTG305

Question 1: Do you feel that it is important for a brand to establish a relationship with a customer?

In all businesses, customers are considered to be their heartbeat. This is the reason as to why I would strongly agree that creating a healthy relationship with the customer is the best thing that would happen to a business. It is always guaranteed that when a business has a good relationship with its customers, its performance will always be sustained. This is not only in good times but also during the bad times of the year which are often seen. Since this has proven to work effectively for the big organizations, they tend to create wonderful customer business relationships so that their businesses could thrive well. This does require a lot of time and expertise for the businesses so that they come up with brilliant strategies which would promise them good performance (Pearson, S., 2016).

There are some other particular reasons as to why the businesses require a good purchaser relationship. These reasons are: a good relationship diminishes the cases of customer churning. Churning has been proven to be caused by poor customer care services at either the foundation or in the website. Good customer relationship between the service provider and the consumer acts as a differential point. This is a strategy that is used by the producers to maintain their customers because they have realized a competitive environment. It also creates loyalty between the two parties as well as assures repurchase. This is only seen in strong relationships where they trust each other and besides that, the customer might give the producer a seven out of ten in a rating of one to ten (Scultz, D. E., Barnes, B. E., Schultz, H. F., & Azzaro, M., 2015).

Question 2: What are some of the pros and cons to a brand making "building customer relationships" a part of their marketing strategy? 

I will begin with the pros of putting customer relationship as part of the marketing strategy. First, it is positive that the returning customers get more goods compared to the first time customers. The first time customer has not yet built a stronger relationship with the producer. Therefore, when the producer finally builds a relationship with the first timers, they end up being regular customers hence creating more revenue for the business. This style of marketing also boosts the sales volume within a short period and minimal investment. These customers with relationships with the business enterprises tend to purchase new product as soon as they come out. This is because they had great experience with the previous product and so the only effort that would be put by the organization is making them aware of the latest product.

Moreover, building relationships with customers creates a personal connection. Customers tend to make connections with brands quickly. The best thing about this is that as they do this, they also connect with the employees. This makes the producers the representation of the brand in the entire community as well. When the customer interacts with the employees, the feel like they also interact with brand and this increases the chances of them purchasing product again. Another merit is that the business together with the brands obtains authentic insights from the people. Since it is only small things that lead to the fall of great companies, such people trash talking a certain company, this situation can be eradicated by the relationship which the business generates with the customers. These relationships also enable the enterprise to resolve complications instantaneously (Bowen, G., 2014).

Question3: Why is it important for a brand to pay attention to changing laws, the environment and new competitors entering the market?

One of the most significant aspects in a business is awareness. The business should always follow the trends, stories and changes that take place in the economy so that they can as well adjust to them. Business owner should pay attention to the laws most importantly. Laws are what govern every single business. Sometimes laws may change that don’t favor a product that the business deals in and that might affect them. They may end up closing, but when they don’t follow this up and look for court orders to sustain them they might end up getting arrested. Some laws might also require a business to maybe take something into consideration, or may demand the ban on a certain product, which they should always be ready to adhere to (Ammerman, W., 2019).

The environment is also an aspect significant enough to the company. The social environment puts the business up to date with the trends. Political environment puts the business in a political mood so that the business doesn’t lag behind. In general, it is the responsibility of the business to cop up with the day to day activities so that nothing misses them. In the recent world, it is most recommended for the business to employ social media which has its pros such as a faster customer approach. Competitors are also a significant part of businesses. They are what put the business in the pace that makes them thrive much more. Competitors make the business owners to actively participate in the competition so that customers get exactly what they need at affordable prices.

Question4: Why is it more important than ever that a brand be aware of social responsibility?

Social responsibilities are important to business since they perform certain responsibilities to the company. When a brand takes into account social responsibilities, they tend to have some advantages in them. These advantages are that they build trust between them and the customers. It also raises attentiveness as well as emboldens social change. Consumers also feel that when they use products or services of a company that adheres to social responsibilities, they feel like they are doing their part. This is far more important for the business. The community and consumers becomes more supportive the more the company becomes socially responsible (Schaffmeister, N., 2015).

References:

Bowen, G. (2014). Computer-Mediated Marketing Strategies: Social Media and Online Brand Communities: Social Media and Online Brand Communities. Hershey, PA: IGI Global.

Schaffmeister, N. (2015). Brand Building and Marketing in Key Emerging Markets: A Practitioner’s Guide to Successful Brand Growth in China, India, Russia and Brazil. Basingstoke, England: Springer.

Ammerman, W. (2019). The Invisible Brand: Marketing in the Age of Automation, Big Data, and Machine Learning. New York, NY: McGraw-Hill Education.

Scultz, D. E., Barnes, B. E., Schultz, H. F., & Azzaro, M. (2015). Building Customer-brand Relationships. London, England: Routledge.

Pearson, S. (2016). Building Brands Directly: Creating Business Value from Customer Relationships. Basingstoke, England: Springer