1) As a trend is more durable than a fad, it provides more opportunities for business and often defines its future. Thus, the current trend to live a healthy life and engage into various sport activities creates a perfect chance for the development of sportswear and equipment. The fact that the demand for these products is supported by the quickly spreading global trend ensures the success of the companies, which specialize in such products.
2) Ethics, values and social responsibility are becoming more and more important in the global economy. If some centuries ago economist believed that business should only aim at maximizing profits, today social aspects have just as much impact on the business development. Employees, customers and investors get more and more involved into the social policies of the company and expect high standards of business in this fields. Therefore, only a company which incorporates ethical behaviour and social responsibility can win over customers, attract young and talented employees as well as assure investors in the high standards employed in their business.
3) Achieving customer loyalty is not equivalent to satisfying customers. The experience of the product/service should be such, that it is hard to duplicate, thus people will unlikely switch to other products. Therefore, in our company we try to build a strong brand through clear definition of value proposition and customer expectations. Our sportswear is not only clothes, but a lifestyle, a means to show one’s identity. Such positioning and highly individual approach to the clients helps to gain loyal customers, who are not likely to switch to the competing brands.
4) The four key constituent in the scope of the relationship marketing are employees, customers, marketing partners and financial partners (Kotler and Keller, 2009). Our company strives to create and maintain mutually satisfying long-term relationships with the customers through constant monitoring of consumer wants and complaints. Training programs and socially responsible behaviour towards employees ensure their satisfaction. Financial partners are satisfied with our cooperation as our company always considers the interests of the shareholders and investors with the highest priority. Marketing partners benefit from long-term relationships, which are based on close cooperation, problem-solving and flexibility.
5) Acknowledging the difference between the objectives if management and salespeople, our company has developed a mixed compensation plan, which consists of the fixed and variable components. While the former satisfies the desire of the salespeople for a certain stability, as well as simplifies the task for management, the latter gives salesmen an incentive to perform better, striving for better results not only for him but also for the team and the company as a whole.
6) Although preferential treatment might be a good strategy to attract bigger customer, it is, however, not always beneficial in terms of profit. Of course, any company should concentrate on the biggest customers and offer some special treatment. Such offers, on the other hand, reduce profitability per account, thus making the largest customers less profitable. Therefore, the most optimal segment is the medium-size customers, who pay the full price for a product/service, while purchasing enough to decrease the cost per transaction.
7) It is hard to ignore the fact that family often defines our shopping habits. While the “family of orientation”, our parents and siblings, impacts preferences indirectly and often by personal example, the “family of procreation”, the spouse and children, influences purchasing decisions directly. Moreover, recently the decisions are made by men and women equally, therefore marketers should target both categories in their campaigns. Additionally, the power of children and teenagers cannot be underestimated. Their wants often shape the purchasing behaviour of the parents, while their long-term preferences are formed in the early age. Therefore, if marketers target children already now, they are likely to get loyal customers later, when these children grow up.
References
Kotler, P., & Keller K. L. (2009). Marketing Management. Harlow, England: Pearson Education Limited
