Critically Analyse the Role of Customer Satisfaction and Loyalty in the Strategic - Essay Example

?Critically Analyse the Role Satisfaction and Loyalty in the Strategic Marketing Planning Process Table of Contents Table of Contents 2 Introduction 3 Literature Review 4 Strategic Marketing Planning Process (SMPP) 4 The Steps of Strategic Marketing Planning Process (SMPP) 5 Role of Customer Satisfaction and Loyalty in the Strategic Marketing Planning Process 12 Discussion 19 Conclusion 23 References 25 Introduction Strategic Marketing Planning Process (SMPP) is identified as a procedure in accordance with which companies formulate plans in order to accomplish the set business objectives effectively. It is often argued in this context that strategic marketing planning assists companies in conducting their business operations efficiently rewarding the scope of better competitiveness and sustainability. Moreover, companies in order to be successful in their marketing objectives are required to provide services or products in accordance with the requirements and needs of consumers applying incessant innovation. Additionally, companies are required to be able to satisfy customers as well as acquire the loyalty of consumers for developing a better competitiveness and image in the market segments which makes the task more challenging (Pajunen, 2012). It is worth mentioning in this context that SMPP of a company comprises of certain specific steps on the basis of which companies should formulate as well as implement plans for accomplishing its objectives in an effective manner. These steps or procedures are required to be adopted by the management of companies with the objective of attaining a better strategic marketing plan inculcating the values of customer tastes and organisational profit objectives. There are usually four phases in an effective strategic marketing plan, which include determination of goals as well as objectives, analysing the situational position in various market segments, formulation of strategies and allocation of resources as well as monitoring process which should be followed in an appropriate manner with the aim of performing business activities effectively (Pajunen, 2012). Emphasising on this particular understanding, the paper will intend to discuss the SMPP strategies current practiced by companies to obtain high degree of customer satisfaction and loyalty. In this respect, the notions as well as perceptions of various authors will be interpreted through a rigorous literature review. Literature Review Strategic Marketing Planning Process (SMPP) The concept of SMPP is identified to be a vital element for companies to improve its competitive position in the global market segments (McDonald, 2006). As stated by McDonald (2006), SMPP is formulated as well as implemented by modern day organisations with the intention of acquiring better competitive advantages in relation to its products and/or services which are offered in the market segments. Companies should also identify their capabilities and business opportunities for conducting their business activities efficiently with the application of SMPP. McDonald (2006) stated that companies should determine market competitions as well as requirements of consumers in target market segments when focusing on SMPP implementation. Companies with the examination of all these factors will be able to perform their business operations effectively and competitively (McDonald, 2006). Moreover, McDonald (2006) also stated that there are certain advantages in accordance with which SMPP is adopted. For instance, with the virtues of effective SMPP implementations, companies will be able to identify opportunities as well as threats which are emerging in the worldwide market segments. Companies with the assistance of strategic plans will be able to adopt changes in the business environments in a rapid manner. Furthermore, companies will also be facilitated with the opportunity of allocating its resources in an appropriate manner with the implementation of an effective SMPP approach (McDonald, 2006). In a similar perspective, the article published by Fuchsia Focus LLC (2009) signifies that strategic marketing plans are formulated with the objective of determining the position of a company in the worldwide market segments. These marketing plans are devised in order to improve the performance of a company. Notably, these strategies are framed with the objective of improving the competitive position of a company in its various market segments. Companies acquiring better competitive advantages are therefore perceived to be in a better position as compared to their competitors (Fuchsia Focus LLC, 2009). The report of Fuchsia Focus LLC (2009) also implies that companies with these strategies will be able to acquire better competency for conducting their business operations in an effective manner. It is owing to the fact that these strategies facilitate companies to identify the needs of consumers in the target market segments and devising strategies accordingly in order to meet the requirements of target market consumers (Fuchsia Focus LLC, 2009). The Steps of Strategic Marketing Planning Process (SMPP) The SMPP is a set-by-step procedure which involves numerous essential steps for formulating effective marketing plan in order to accomplish the objectives of a company. The steps which are commonly followed by modern day companies when applying the SMPP process are as follows: Mission Statement According to Kriemadis (2007), the principal step in the formulation of SMPP is to determine the mission statement of a company. A company is required to determine the mission in accordance with which it intends to be conducting its business operations maintaining a balance between its ethical commitments and profitability concerns. The framed mission statement of companies, further act as the purpose or motive for the organisations to conduct its operations in a strategically competitive way. Stating precisely, the corporate mission thus signifies the aims as well as objectives which a corporate sector has planned to accomplish (Kriemadis, 2007). Corporate Objectives The next step of a SMPP is to determine the objectives which the company intends to accomplish in obtaining the value of its establishment. It is in this context that the objectives as well as goals of a company are ascertained on the basis of its business operations and requirements (Kriemadis, 2007). Kriemadis (2007) stated in this regard that these objectives and goals of organisations are determined in accordance with the level of profitability which they desire to earn. Moreover, the management of a company ascertain the products or services which are to be offered in the market segments abiding by its norms as specified through its organisational objectives. Kriemadis (2007) also stated that in the modern day phenomenon, the corporate sectors also determine the objectives in relation to Corporate Social Responsibility (CSR), brand image and financial requirements for conducting the business operations efficiently (Kriemadis, 2007). External Environment Scan External environment scanning is often regarded as an essential step in the SMPP implementation. As stated by Kotler & et. al. (2008), the management of companies are required to conduct an analysis of the external environment with the objective of ascertaining the extent of competition which exists in the market segments. Moreover, the scanning process of the external environment also assists companies in recognising opportunities as well as threats which prevail in the market environment (Kotler & et. al., 2008). Kotler & et. al. (2008) also stated that an examination of the external environment tends to aid in recognising the level of competition and the number of potential competitors in the different market segments and thus widens the scope for future development of companies. Furthermore, companies are also able to recognise the availability of distributors and suppliers in this step (Kotler & et. al., 2008). In this respect, corporate sectors are required to perform an analysis of both the macro as well as micro environment factors. An analysis of macro environment aspects comprise of political, social, technological and economic aspects. On the other hand, an analysis of the micro environment is required to be conducted on customers, competitors in the market segments and market conditions. To be precise, an analysis of the external environment facilitates companies in acquiring adequate knowledge as well as understanding of the market conditions and business environment. Internal Environment Scan In addition to external market scanning, companies also need to implement an internal scanning process when applying a SMPP approach. According to Kotler & et. al. (2008), the corporate sectors are required to conduct an internal analysis with the objective of recognising the strengths as well as weaknesses it possess in order to perform the business activities (Kotler & et. al., 2008). Kotler & et. al. (2008) also stated an internal analysis shall facilitate an organisation in identifying the adequacy of resources and employees in order to accomplish the determined objectives as well as goals. It is also quite likely to aid the management in recognising the effectiveness of the communication system adopted (Kotler & et. al., 2008). SWOT Analysis The major factors which are identified from the internal as well as external analysis are required to be assessed with the assistance of SWOT analysis while applying the SMPP approach. Kriemadis (2007) stated in this regard that the important factors from the internal as well as external analysis will be categorised in four segments which include strengths, opportunities, weaknesses and threats. The determination of the four segments is quite likely to assist corporate sectors in recognising its position as compared to its competitors in the market segments. Kriemadis (2007) also notified that in accordance with this analysis, corporate sectors will be able to ascertain their capabilities to meet the requirements of customers and market trend related alterations obtaining a better scope for competitive growth. Corporate sectors will be able to ascertain the strengths as well as weaknesses which it will possess while performing activities in the market segments. Furthermore, organisations, with the virtues of effective SMPP, shall further be able to identify opportunities as well as threats which are prevailing in the business or market environment. Additionally, this analysis will also assist companies in determining the extent of satisfaction among customers from the purchase of the products or services offered. These aspects are further stated to aid in assessing the customer loyalty as well as image of a company in the targeted market segments (Kriemadis, 2007). Marketing Objectives Kriemadis (2007) stated that marketing objectives are formulated on the basis of SWOT analysis of the company. The marketing objectives are thus determined to be the most essential element in SMPP. Companies devise marketing objectives on the basis of products or services which companies offer to its customers in different market segments (Kriemadis, 2007). Kriemadis (2007) also stated that these objectives also depend upon the market segments where a company has planned to offer its products or services (Kriemadis, 2007). Marketing Strategies According to Kriemadis (2007), marketing strategies are devised in accordance with the marketing objectives. The management of a company is therefore required to formulate strategies with the objective of accomplishing its determined marketing objectives (Kriemadis, 2007). Kriemadis (2007) stated that companies usually adopt marketing mix strategies with the intention of accomplishing the marketing goals or objectives in an effective manner. The marketing mix strategies generally comprise of 4Ps which include product, promotion, price and place. The 4Ps, in this context tend to assist corporate sectors in determining products to be offered to its customers. Moreover, Kriemadis (2007) also stated that companies should adopt appropriate pricing and promotional techniques for developing greater impact in the market segments. The 4Ps can be therefore stated to aid in identifying suitable distribution channel as well as market segments to target (Kriemadis, 2007). Action Plan According to Kriemadis (2007), management of a company devises a detailed plan to be implemented with the objective of accomplishing the business objectives as well as strategies taking into account every minor and major step involved in the ultimate execution of the strategic initiative. The strategies of a company are segregated into sub parts with the intention of entrusting responsibilities for executing the tasks to various individuals in order to accomplish the desired outcome in an efficient manner. Furthermore, Kriemadis (2007) stated that in this stage, requisite budgets are also allocated with the motive of attaining the desired outcome in an effective manner. Plan Review and Control The marketing strategies as well as plans which are formulated are thus required to be scrutinised with the intention of ascertaining that the marketing objectives as dictated in the organisational goals have been accomplished proficiently (Kriemadis, 2007). Such measures are expected to assist organisations in identifying the limitations persisting within the strategic planning and implementation or final execution performances. Identification of such limitations at the earlier stance of plan execution is further deemed to be helpful in re-organising and re-structuring the strategic planning as per the requirements and thus contributing towards the overall strengths of the company (Kriemadis, 2007). Role of Customer Satisfaction and Loyalty in the Strategic Marketing Planning Process Customer Satisfaction According to Ries & Pena (2000), meeting the demand of customers as well as satisfying them with better and superior products or services is quite essential in the current day context with the intention of performing operations successfully in the market segments. Companies perceive that offering better quality products or services and satisfaction of customers are considered to be the most important aspects for a company to survive as well as develop effectively in worldwide market segments (Ries & Pena, 2000). In this respect, Ries & Pena (2000) stated that companies are required to formulate better strategies for marketing activities in order to improve its competencies as well as effectiveness within the industrial context. Moreover, companies with appropriate analysis of business and market environments is also quite likely to be assisted with the opportunity of ascertaining the preferences or needs of customers. Additionally, companies offering products or services in accordance with the requirement of customers can also provide them with better satisfaction. All these will aid companies to generate more profitability as well as grow on a long term basis (Ries & Pena, 2000). Companies devise marketing strategies in accordance with the requirements or need of customers in order to create greater impact in the market segments (Chiu & et. al., 2006). Chiu & et. al. (2006) further stated that companies are required to formulate strategies and program to provide customers with innovative as well as superior quality products. Moreover, these products or services should be offered at a competitive price in order to attract more customers. In this respect, customers with better value added and quality products at competitive prices will acquire greater satisfaction with the virtues of effective SMPP (Chiu & et. al., 2006). In this respect, Chiu & et. al. (2006) also notified that companies are required to devise marketing strategies on the basis of the requirement of market segments and preferences of customers for enhanced future performances and profitability. According to the report published by Omega Management Group Corp. (2002) signifies that companies are required to offer innovative products or services in the market segments with the objective of better growth and performance in today’s competitive market conditions and scenario. A company with better satisfactory level in relation to customers with regard to products or services offered has been argued in this context to develop its ability by a substantial extent to perform their business operations successfully in worldwide market segments (Omega Management Group Corp., 2002). Furthermore, the article of Omega Management Group Corp. (2002) also implies that companies should formulate effective marketing strategies on the basis of preferences and requirements of customers with the intention of better growth as well as profitability on a future prospect. Companies are therefore required to adopt appropriate marketing strategies in order to satisfy the expectations of customers (Omega Management Group Corp., 2002). The first and foremost attribute of a company is to provide products and/or services in accordance with the expectations of consumers in worldwide market segments with the objective of improving its effectiveness and profitability level by a substantial extent through the application of SMPP (Ferrell & Hartline, 2013). For instance, with the application of an external environmental scanning process, the company is likely to grow its ability to identify the exact demands of its customers and accordingly obtain requisite information regarding the consumer buying behaviour. In accordance with its strengths and limitations identified through the SWOT analysis, the company will be able to develop strategies effectively to obtain maximum customer satisfaction. Emphasising on a similar concern, Ferrell & Hartline (2013) stated that companies formulate strategic marketing plans with the intention of improving the performance and growth of a company in the targeted market segments. Moreover, these strategies will also assist companies in improving their competitive position in the worldwide market segments. The marketing strategies which are formulated are also required to be scrutinised with the motive of improving the effectiveness of these strategies which can be possibly accomplished with the effective application of the SMPP approach. It will also assist in determining if a company is able to meet as well as satisfy the needs or requirements of its customers and the alternative changes required to obtain such a position (Ferrell & Hartline, 2013). Furthermore, Ferrell & Hartline (2013) stated that companies on the basis of internal as well as external analysis are required to formulate strategies with the objective of conducting their activities in a competent manner. Feedbacks of customers should also be acquired in order to determine choices as well as preferences of customers in its various market segments. Moreover, it will also assist companies in ascertaining the level of satisfaction customers obtain from the products or services offered (Ferrell & Hartline, 2013). Customer Loyalty Companies offer superior quality products or services with the intention of developing a significant position in the market segments which can be effectively accomplished through the implementation of a SMPP approach (Falcon Writing, 2010). The article published by Falcon Writing (2010) implies that branding is one the important part of promotional tool which conveys the message that the products or services offered are reliable as well as of enhanced quality. Moreover, companies are also perceived to be acquiring various promotional tools or techniques with the objective of developing a better awareness of their products or services in market segments with the assistance of the well-organised and illustrative SMPP approach. In this regard, companies with effective promotional and marketing strategies will be able to create a better image in markets. The article of Falcon Writing (2010) also signifies that customers are attracted towards quality and branded products which can be accomplished with the application of SMPP. Furthermore, with more loyal customers facilitated by SMPP, companies will be able to perform their business operations with better growth and profitability in worldwide market segments (Falcon Writing, 2010). Therefore, companies with better quality and branded products or services through the assistance of SMPP will be able to acquire more loyal customers. Additionally, this aspect will also assist in developing better competitiveness in market segments as compared to competitors. According to Farhat & Khan (2011), customer loyalty is perceived to be the attitude of customers towards certain brands. Companies formulate as well as implement strategies with the objective of offering better quality product or services in the market segments. Moreover, companies with enhanced quality services or products are often argued to be more competent in satisfying the preferences of customers. Apparently, the products or services on satisfying the demand of customers will be able to acquire a better position or image among customers and thus facilitate sustainable growth of the companies applying the SMPP approach (Farhat & Khan, 2011). Farhat & Khan (2011) stated that companies on the basis of the requirements of customers should formulate strategies and plans in order to improve their effectiveness over the long-run. Furthermore, developing strategies and plans on the ground of preferences of customers, companies will be able to perform their operations proficiently and successfully as well (Farhat & Khan, 2011). Customer loyalty is perceived to be an important aspect for companies to grow as well as develop in an effective manner (Li & Green, 2010). Li & Green (2010) stated that loyalty of customers towards a product or service of a company is observed to be a steady source of income. Moreover, companies with more loyal customers towards its branded products or services will assist in minimising the promotional expenditures which in turn shall result in the improvement of the profitability of such a company. Li & Green (2010) also stated that customer loyalty is demonstrated to be the outcome of effective market strategy which is apparently facilitated by the SMPP approach. Thus, marketing strategy is considered to be a significant facet for companies to perform their business operations proficiently in the targeted diverse market segments. Furthermore, these strategies will assist companies in offering better value and quality products or services to the customers (Li & Green, 2010). According to Vrontis & et. al. (2006), companies develop marketing strategies with the objective of developing better relationship with customers. These strategies are also perceived to be effective in ascertaining the desires of customers in the different market segments. In this regard, companies are required to formulate marketing strategies as well as objectives to meet the demand of customers appropriately. Companies are also required to formulate appropriate communication or promotional strategies with the motive of creating better awareness among customers in the worldwide market segments (Vrontis & et. al., 2006). Vrontis & et. al. (2006) also stated that companies with effective marketing strategies facilitated with SMPP will be able to develop better relationship with its customers. Moreover, companies with better relationship with customers will be able to recognise the amount of loyal buyers who are conceived to be an important aspect for continuous generation of revenue. Additionally, these loyal customers will assist companies to enhance sales as well as its profitability margin and conduct their business operations competitively over a long-run period (Vrontis & et. al., 2006). Therefore, it has been observed that satisfaction and loyalty of customers are seemed to be playing an important role in the SMPP approach for companies. Moreover, these two aspects are considered while formulating marketing strategies for companies as customers are often regarded as the most important factor for a company to perform effectively in the market segments. Hence, it can be affirmed that companies with the assistance of SMPP formulate as well as implement strategies with the objective of meeting the demand of customers and build competitiveness. Discussion A literature review has been conducted in the above section with the motive of acquiring the knowledge as well as understanding of the various aspects which are coherent with the SMPP approach in generating customer satisfaction and loyalty. As observed in the above literature review, companies attempt to formulate marketing strategies with the assistance of SMPP in order to build competitiveness and to improve its growth in the worldwide market segments. It can be comprehended from the above review of literature that SMPP is a procedure in accordance with which companies are observed to devise marketing strategies in order to conduct their business operations effectively. Moreover, strategies which are formulated through SMPP are deemed to be improving the competitive position of a company in the global market segment. These strategies further attempt to assist companies in conducting business operations competently as compared to its competitors (Kriemadis, 2007). It has further been observed that there are a number of procedures or steps involved in the SMPP approach. The main objective of the SMPP is to seek that whether a company is able to perform its business operations in accordance with its determined organisational as well as marketing objectives. With this concern, companies formulate strategies with the aim of accomplishing the goals as well as missions in an effective manner. Additionally, these strategies are formulated on the basis of organisational and marketing objectives (Kriemadis, 2007). It is in this context that customers are perceived to be the most essential element for companies to accomplish the determined objectives in an effective manner. It is owing to this particular reason that companies are required to formulate strategies on the basis of their strengths as well as weaknesses to meet the requirements of consumers. In this respect, companies should conduct an internal as well as external analysis of business and market environment as specified in the SMPP procedure. The internal analysis hereby assists a company in determining its strengths as well as weaknesses which signifies the capabilities of a company to perform its business activities proficiently in the market segments. A company on identifying its strengths as well as weaknesses will be able to reform strategies with the objective of mitigating its weaknesses in order to serve its customers efficiently (Kriemadis, 2007). A company is also required to conduct an external analysis of an organisation in order to determine the market conditions and its characteristics of the business environment. An external analysis shall further assist companies in recognising the business environment in relation to political, social, economic and technological conditions of target market segments. The external analysis is also quite likely to aid a company in identifying the extent of competition which prevails in the market environment. Moreover, the number of competitors in the target market segments can also be identified with such an approach. A company with the assistance of this analysis will also be able to recognise the need as well as preferences of customers. Furthermore, the internal analysis shall also assist in measuring the extent of satisfaction and loyalty perceived by the customers with their ultimate purchase of the products or services offered (Kriemadis, 2007). A company on the basis of internal as well as external analysis determines the marketing objectives to be accomplished for better growth and development in the market segments. These objectives are ascertained with the assistance of SWOT analysis which tends to assist companies in recognising their internal strengths as well as weaknesses in accordance with which a company can perform its business operations effectively in the worldwide market. The SWOT analysis also assists in identifying the opportunities as well as threats which prevail in external environment of the target market segments. The main objective of SWOT analysis in the SMPP is to determine the appropriateness with which a company can conduct business operations successfully in target market segments and meet the requirements of consumers (Kriemadis, 2007). A company usually adopts a marketing mix strategy i.e. 4Ps to create a better influence about its products or services among consumers. The 4Ps of a company are required to be formulated in an appropriate manner which renders due significance to customers’ preferences. These strategies will also assist companies in developing a better image in the market segments and will attract more consumers towards their products or services. Additionally, companies will be able acquire more customers who will be loyal towards their products or services through the implementation of 4Ps strategies. It is worth mentioning in this context that companies on acquiring more satisfied and loyal customers will be able to perform their business operations with greater profitability or revenue. Furthermore, with the assistance of these strategies, companies are quite likely to become more competent in acquiring a greater market share (Kriemadis, 2007). In the real life contexts, it has often been observed that companies implement the formulated marketing strategies with the intention of acquiring a larger customer base. These strategies also assist companies to expand their business operations to more competitive and growing market segments. Moreover, companies must essentially review that products or services which are offered in the market segments are able to meet the requirements of customers efficiently through frequent assessments (Ries & Pena, 2000). In this respect, while formulating policies as well as strategies as per the SMPP approach, companies are mainly required to emphasize on the needs or demands of customers to satisfy them to the highest possible extent. Moreover, customers on obtaining better satisfaction from the products or services which are offered is often argued to assist companies in building better image in the targeted market segments as well as to acquire more loyal customers. Thus, companies with better satisfied and loyal customers shall be able to perform their business operations in an effective manner (Li & Green, 2010). Thus, it can be affirmed that through the SMPP approach, companies are required to formulate effective marketing strategies in order to meet the expectations of customers for their satisfaction as well as loyalty. Moreover, loyal and satisfied customers are determined to be the most vital assets as well as are regarded to be an important aspect for the survival of a company. In this respect, companies with more satisfied and loyal customers will be able to enhance their strengths to perform successfully in the targeted market segments. Additionally, companies will also be able to generate more profits with the virtues of its enhanced competitive positioning for acquiring more customers in the market segments. A company will also be able to reduce expenditure by minimising promotional costs which will increase its profit margin with the effective application of the SMPP approach (Vrontis & et. al., 2006). Conclusion Business organisations are required to formulate more effective as well as competent strategies with the intention of conducting their business operations in an enhanced manner keeping in mind the incessantly increasing competition not only in the national but also in the global periphery. Contextually, the worldwide market environment is observed to have become more competitive due to the rapid development of technology and increased globalisation effects. In this respect, companies are required to develop effective strategic marketing plan with the motive of performing their business activities competitively in the worldwide market segments. SMPP, in this context, is identified as a set of procedures framed in a well-organised model, in accordance with which companies can formulate as well as implement their marketing strategies to impose a stronger influence upon customers and worldwide market segments. The notion operating behind the SMPP approach states that the plans as well as strategies which are to be formulated should be on the basis of customer’s requirements. The SMPP approach is further considered to be comprising of various steps or procedures which are to be followed by companies in order to ascertain that the strategies formulated are effective in meeting the requirements as well as demands of customers. Through the SMPP approach, companies are perceived to be conducting an analysis of both the internal as well as external environmental factors in order to ascertain the strengths as well as the weaknesses of a company in conducting the business operations deciphering greater competitiveness and sustainability in the worldwide market segments. As observed in throughout the study conducted, the analysis suggested with the SMPP approach is quite capable to assist companies in recognising the opportunities as well as threats which are prevailing in the market segments. On the basis of these competencies possessed by the SMPP approach, companies should ascertain their marketing objectives and strategies concentrating towards providing better satisfaction to customers with quality and innovative products or services. It has been apparently observed in this context that companies offering better quality products or services are able to acquire the trust and loyalty of customers. These attributes accumulatively tend to assist companies to possess a large customer base as well as to expand their business operations in other market segments with greater competencies. References Chiu, Y. & et. al., 2006. Marketing strategy based on customer behaviour for the LCD-TV. International Journal of Management and Decision Making, Vol. 7, Nos. 2/3, pp. 143-165. Falcon Writing, 2010. The Contribution of Market Research in Marketing Planning. Files. 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Journal of Business & Industrial Marketing, Vol. 21, No. 4, pp. 250-261. Read More