Question
Explain in detail , the method of assessing the services marketing opportunities and the customer expectations. (Assume any service of your choice).
Answer
Introduction
Marketing opportunities abound for businesses of all sizes. With so many different channels and marketing vehicles available, it can be difficult to know where to start. There are many customer expectations that businesses must meet in order to be successful. Some of these expectations may include being available 24/7, being able to handle large orders quickly, and providing a high level of customer service. In order to meet customer expectations, businesses must have a well-developed marketing strategy. This strategy should include a plan for targeting customers, developing marketing materials, and executing the marketing plan.
Marketing opportunity and customer expectation in Today’s Economy
There are many marketing opportunities today because customer expectations are skyrocketing. With the ever-growing demand for convenience, many consumers now expect products and services to be available immediately. The concept has created a race to the bottom for businesses as they scramble to meet the needs of their customers. Additionally, the rise of social media has created new opportunities for businesses to connect with customers. Marketing opportunities and customer expectations continue to be important in today’s economy. Many businesses are trying to find new marketing opportunities to meet customer demand.
Research on customer expectation
Recent studies have shown that customer expectation is one of the most important aspects of a company’s marketing plan. The key is to be aware of these expectations and meet them satisfactorily for both parties. There is no doubt that marketing is a vital part of any business, and it is essential to ensure that you meet customer expectations. It can be done through several different marketing strategies. The most common are advertising, public relations, and direct marketing. Selecting the right strategy for your business is important as ensuring that you use the right tools for the job. There is a lot of talk about marketing these days. Companies are always looking for ways to increase their reach and improve customer retention.
Market Research and Customer data
A business opportunity evaluation is a method of synthesizing market research and client
data to discover potential possibilities in a given market or company sector and developing an
executable strategy to realize this development. Opportunities occur in various shapes and sizes,
therefore recognizing them is the first and most crucial step toward success. It frequently poses a
fundamental problem to both organizations and enterprises. Understanding and capitalizing on
possibilities in a continuously changing environment and market necessitates an inherently
creative, adaptable, and systematic approach (Hales, 2020). Few organizations have the time,
money, or experience to undertake a comprehensive business opportunity evaluation, whether
start-ups or multinationals.
Market opportunity and customer expectation Evaluation
A nuanced market evaluation will take a measured approach that is customized
particularly to the client and the market in which they operate while using tried and tested
research and analytical techniques that are supported by a complete and up-to-date grasp of
economic principles. Market opportunity evaluations may (and should) be done by any
organization, whether a corporation – large and established or young and ambitious – a non-
profit organization, a charity, a public or government institution, Business to business, or
Business to customer (Lovelock & Patterson, 2015). Identifying chances for where and how to
contact more individuals and prospective customers can assist any organization.
A solid market opportunity evaluation is always suited to the objectives and goals of an
organization or business. It attempts to give as much objective data as possible to validate or
indicate growth plans with the highest potential for each organization (Hales, 2020). Furthermore, market opportunity evaluations that incorporate market analysis and strategic
management will uncover growth potential and give a clear roadmap for achieving them.
Client Expectations
Client needs are the primary reason or necessity that leads a customer to contact a service
provider. For example, a person may go to a restaurant mainly for the food. That is the
consumer’s need. On the other hand, the client wants courteous service, attentive yet unobtrusive
treatment, and a friendly atmosphere. If these expectations are not met, the client will leave the
restaurant unhappy, even if his fundamental necessity is filled (Hu et al., 2019). As a result, any
service provider must be aware of and comprehend the expectations of their customers.
Surpassing customer expectations is all about adding value to the customer’s experience.
The hotel sector focuses on delighting customers. For example, most five-star hotels keep
customer databases that document their visitors' room order preferences (Hu et al., 2019). So, if a visitor requests that orange juice be maintained in their room’s mini bar, the next time they make reservations at the hotel, the staff guarantees that the juice is already maintained in the room. Such simple actions go a long way toward making consumers feel essential and delighting them.
Travel businesses frequently exhibit another new approach to surpassing guests expectations
(Lin & Lekhawipat, 2016). They often send out an email greeting to their visitors to wish them a happy birthday because they generally have information on their clients' birthdays. It makes an impression on the visitor, but it also helps the firm maintain top of mind retention with the customer.
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