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"Share of customers" refers to the market share your product has captured. Example: let's say that Apple as 80% of the market share -- or "customer share" -- of digital music players with its iPod line, while Microsoft has 7% with Zune and all other companies split the remaining 13%. Apple has a huge advantage for future products due to their customer share -- when they release new iPod models or new iPod accessories, they already have a massive install base to market the new products to. It's far easier to sell things to people who are already your customers than it is to acquire new customers. Another example is internet search -- Google has 80% of that market, and people tend to stay with what they have... it's difficult to take established "customer share" away for this reason. When someone releases a competing search product it needs to not just be perceived as "as good as Google" -- which doesn't make people feel the need to switch -- but it needs to be perceived as "much better than Google". Very difficult.
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Which type of customer do business marketers NOT serve?
which type of customers do business marketers not service
Explain the difference between share of customer and customer equity. Why are these concepts important to marketers (?
Share of customer refers to the portion of a customer's total spending within a category that is captured by a specific brand or company, while customer equity represents the total value a company derives from its entire customer base over time. These concepts are important to marketers because understanding share of customer helps in strategizing to increase sales from existing customers, and customer equity provides insights into the long-term profitability and value of the customer relationship. By focusing on these metrics, marketers can tailor their approaches to enhance customer loyalty and drive sustainable growth.
What are the importance of price sensitivity to marketers?
Price sensitivity is crucial for marketers as it helps them understand how changes in price can affect consumer behavior and demand for their products. By analyzing price sensitivity, marketers can optimize pricing strategies, segment their target audience, and enhance promotional efforts to maximize sales and profitability. Additionally, understanding price sensitivity allows marketers to identify opportunities for product differentiation and value proposition, ensuring they appeal to both price-conscious consumers and those willing to pay a premium. Overall, it informs strategic decision-making and competitive positioning in the market.
How do marketers use VALs?
Marketers use VALS to understand the costumer's. The more consumers know about customers they can market products that appeal to the customers. Consumers use VALS so they can cut down on advertising because they already know what the customers wants and needs. Are you asking this for school? I hope not because this info is on line without having to ask someone else.
How does urbanization create opportunities for marketers?
The process where people move from rural areas to cities is called urbanization. Urbanization creates opportunities for marketers through having potential customers in a close proximity. Reducing costs of transport and costs of advertising.
Which type of customer do business marketers NOT serve?
which type of customers do business marketers not service
Explain the difference between share of customer and customer equity. Why are these concepts important to marketers (?
Share of customer refers to the portion of a customer's total spending within a category that is captured by a specific brand or company, while customer equity represents the total value a company derives from its entire customer base over time. These concepts are important to marketers because understanding share of customer helps in strategizing to increase sales from existing customers, and customer equity provides insights into the long-term profitability and value of the customer relationship. By focusing on these metrics, marketers can tailor their approaches to enhance customer loyalty and drive sustainable growth.
What are the importance of price sensitivity to marketers?
Price sensitivity is crucial for marketers as it helps them understand how changes in price can affect consumer behavior and demand for their products. By analyzing price sensitivity, marketers can optimize pricing strategies, segment their target audience, and enhance promotional efforts to maximize sales and profitability. Additionally, understanding price sensitivity allows marketers to identify opportunities for product differentiation and value proposition, ensuring they appeal to both price-conscious consumers and those willing to pay a premium. Overall, it informs strategic decision-making and competitive positioning in the market.
How do marketers use?
Marketers use VALS to understand the costumer's. The more consumers know about customers they can market products that appeal to the customers. Consumers use VALS so they can cut down on advertising because they already know what the customers wants and needs. Are you asking this for school? I hope not because this info is on line without having to ask someone else.
How do marketers use VALs?
Marketers use VALS to understand the costumer's. The more consumers know about customers they can market products that appeal to the customers. Consumers use VALS so they can cut down on advertising because they already know what the customers wants and needs. Are you asking this for school? I hope not because this info is on line without having to ask someone else.
What is share of customer?
　 Share of customer is the percentage of customers that buy a company's product of all customers purchasing in that product category
How is the study of consmer behavior useful for marketers?
Studying consumer behavior allows marketers to understand why people make the decisions they do when purchasing products or services. This understanding helps marketers create more effective marketing strategies that resonate with their target audience and influence their buying decisions. By knowing what drives consumer behavior, marketers can tailor their messaging, product offerings, and promotions to better appeal to their customers.
How does urbanization create opportunities for marketers?
The process where people move from rural areas to cities is called urbanization. Urbanization creates opportunities for marketers through having potential customers in a close proximity. Reducing costs of transport and costs of advertising.
Why does Nike require these skills to compete in the marketing place?
Firstly, the need of customers is very important. Satisfying the demands of the consumer is easier to occupy more market share. Secondly, creating more value and long term relationships with customers is also important for companies.
What is the name of the process in which marketers present an accurate description of a new product to potential customers and ask if they find the idea appealing?
test marketing
Why do marketers study consumer behavior?
Marketers study consumer behavior to understand why people make certain decisions when it comes to purchasing products or services. By understanding consumer behavior, marketers can tailor their strategies to better meet the needs and preferences of their target audience, ultimately leading to more successful marketing campaigns. This knowledge allows marketers to anticipate trends, create effective messaging, and build stronger relationships with customers.
What have channel marketers discovered causes success in today's market?
Channel members learned that success comes from anticipating the needs of one's customers before they do.
