Budgeting and customer satisfaction Essay Example | Topics and Well Written Essays - 2250 words

Budgeting and customer satisfaction - Essay Example There are some factors and approaches that Duma may need to focus on/adopt in order to maintain or even increase its market share in terms of attracting more customers. Discuss these factors and approaches and how they may be used by Duma corporation. In order for Duma to expand on its market, Duma Corporation has to adopt strategic management in its operations. With strategic management, the company has to start with setting a mission, vision, and corporate objectives, and then crafting a strategy in order for the company to thrive in its chosen industry. Strategic management entails application of strategic marketing, strategic finance, strategic human resource management and other functions of the company's operations. Strategic marketing will be the front-runner of the company's efforts in order to attract more customers, and increase its market share in the process. How does the company do this' It has to assess the current level of the demand in the market, as well as the supply. Given the gap in the market, it can set a certain level of market share which it aims to capture as its marketing objective. This target market share is transformed into sales objectives. After determining its marketing objectives, the ... This target market share is transformed into sales objectives. After determining its marketing objectives, the company can craft its marketing strategy. It must set criteria to segment the market, such as profitability as it cannot please all the customers (Duncan 2005). After knowing the segments and targeting a segment where it want to operate, the company must know what the attributes are customers give premium on when choosing specialist photocopiers. Armed with this knowledge, the company can position itself according to the preferences of consumers. This positioning, or what the company stands for as regards its offer should set a level of expectation for the market. Satisfaction of its current customers is key to retaining its market share; satisfaction occurs when the level of expectation of the customers is exceeded (Pickton & Broderick 2001). Thus, Duma corporation must exceed what customers expect of its product in order to satisfy them, make them loyal to the brand or product of the company, or in extreme cases, advocate the brand which can help the company acquire more customers in the process. It is very usual that positive word of mouth can accompany high levels of customer satisfaction (Duncan 2005), and this positive word of mouth is a very powerful marketing communications tool in order for Duma to reach and convert other customers to joining its customer base. Customer satisfaction by providing satisfactory product and services is key for Duma to maintain its market share. This customer-centric approach to marketing is can only be accomplished by investing in consumer research in order to probe for the preferences of the customers (Pickton & Broderick 2001). Without knowing what the customers