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Content research topics include:1.Explain the role and significance of services in the modern economy.2.Answer the following:a/The marketing planning process.b/Monitory marketing plannin
SERVICES MARKETING - CRM (customer relation management) CONTENT I INTRODUCTION: After studying marketing management disciplines, I decided to present topics 1, (marketing-Customer Relation Management Services) because this is a fascinating subject for those who want to create added value, satisfying day more and more customers' needs Helping businesses more efficiently Content research topics include: 1.Explain the role and significance of services in the modern economy 2.Answer the following: a/The marketing planning process b/Monitory marketing planning and services 3.Answer the following: a/Service market segmentation b/Customer loyalty 4.Answer the following: a/Planning and branding service products b/New service development 5.Write a detailed note on pricing strategies for services II BODY: Question I: Explain the role and significance of services in the modern economy: * The modern economy: Following the former viewpoints, the products are divided into two different kinds that are goods and services Products are made with high cost that its major cost is materials Formerly, Services were understood as the intangible products, and known as Electricity , Banking, Transportation, Communication services, etc Nowadays, The advances of science and technology have promoted globalization trend of every aspect of social life which created condition to form modern economy that there are many opportunities but also serious challenges in competition In contrast to classical economic viewpoints , the modern economy made product with low cost that its major cost is knowledge of people who made it The modern economy is the economy that based on knowledge for economic growth, in which the products are understood in more widen meaning, they are not only the tangible goods but also the intangible goods (services) that can be separated or survived in the tangible goods when customers used it, and then the services will make the tangible goods more valuable For example: A customer buy a smartphone instead of buying a cellphone, he or she wants to use it in order to satisfy his or her simple need which is only calling and receiving call With scientific and technologic progresses, smartphone supported more benefits and values than his (or her) expectation, such as: _ The utility softwares support global positioning, roadmap, trade-banking, movie service, video call, etc and by these utility of services not only increase customer's satisfaction but also make smartphone more value than its real value In addition, design services created a fashionable style for cellphone that helps to increase the style and value of the users _ Passenger transportation services will gain competitive advantage if it is augmented extra services as meal service, watching movie, massage, magazine etc _ Especially in information technology and communication technology Products were made in that are the product "intelligent" It is the product not only contains a high information content but also a high knowledge content than classical industrial products, making it capable of using, infor mation processing, to meet needs of individual customers In 2000, the smart products (eg, personal navigation system) has created 30% of the value of a type of luxury cars and become increasingly competitive factors in the cars manufacturing sector.(source: "http://haiphong.gov.vn/Portal/Detail.aspx? Organization=SKHCN&MenuID=8001&ContentID=33794") Indeed, The services influence the human life, competitive position of business and all of economic, political and societal sector, so they are very important in modern economy and they have the main role following: - Reduced operating expenses, production cost and prices - Increased profit - Created Competitive differentiation - Increased product quality - Increased used efficiency and value - Increased responsiveness - Increased market Share - Increased customer loyalty Question II: a/ The Marketing Planning Process: Planning is one of four administration functions From the viewpoint of leaders, In order to plan a marketing process, I think that we should manage to realize the following steps: 1_ Identify the objective of the marketing planning: Marketing objectives are identified based on the business objectives of the enterprise Understand this business objectives to help outline the direction and planning of marketing activities to achieve the business goals set Understanding the goal of helping planners know: where the target market is, how many revenue and market share that company have, which can calculate how much resources we need for the marketing planning, such as: the budget for marketing (How many percent of total Revenue for it ), human resource (Identify the role of some internal functional department "EX: Planning, Finance, Management, organized department "), and the fund of time for each step 2_ Identify the target Customers: When product (goods or services) is offered to the market, there is only a small group of customer who will buy it Therefore, the mission is, identifying as exact as possible the group of customer in order to focus marketing strategy The target customer is a group or individual (noted to principle 80/20,"Leave 80 percent of customers (keeping target customer) in return for 80 percent of profits."), whether it was group or individual, marketing object is still as individual In this step, classify necessarily target customer that according to place, Income, or age etc and gain a better understanding of history and habit of purchase of the target customers 3_ Identify advantage of Products Benefits of product must be the strenght or competitive advantage ( Vividness and Distinctness) 4_ Identify current competitive position of enterprise: Using the Five Forces Analysis Tool that determine competitive power in a business situation These are: Supplier Power: Enterprise should know who they are, they were big group or small group, The degree of influence and control of suppliers over enterprise to drive up prices which was strong or weak in order to change suitable strategy Buyer Power: Enterprise need to know the number of buyers, the importance of each individual buyer to enterprise and degree of influence of buyers that they drive prices down and cost to buyers when they use product of other suppliers Competitive Rivalry: Judging the number and capability of enterprise's competitors to see if enterprise is strong or weak in supply quanlity of products and services Threat of Substitution: Enterprise will be weaken if the customers can use products by manufacturing rather than buying Threat of New Entry: Power of enterprise is also affected by the ability of people to enter enterprise's market If the condition is good and easy for people enter the market, power of enterprise maybe decrease Enterprise should have strong and durable barriers to take fair advantage of it 5_ Analysis SWOT: This looks at the strengths, weaknesses, opportunities and threats facing an enterprise, in which the intrinsic environment gives information about the strengths and the weaknesses of enterprise compare to competitors such as resources, skills and qualifications of human resources, abilities response customer's needs The outside environment gives information about the opportunities and threats, which enterprise should exploit all of the opportunities and against threats 6_Marketing Strategy (Build following the results of the steps above) 7_ Marketing Planning: (Should prepare some planning for each segment in order to choose) Analysis clearly about Company's resource Current business Method of Company (Target Product and Service) Research the Customers and Consumers Research Competitors Detail Marketing Planning (judge potential markets, build communicative programs, promote the communications programs to declare the value of the enterprise) 8_ Marketing strategy Implementation 9_ ( Step by Step Controlling and Adjustment) b/Monitor Marketing Planning and service: Monitoring of a marketing planning strategy requires businesses to understand the specific targets were set for the future of the company The goal is measurable , feasible, and is assigned through budgeting A marketing strategy consists of defining the product vision ( service ), place, price and promotion details and then match enterprise's vision to the budget that has been identified Note on services of the business and its cost Additional services related to adding value to existing services to achieve sales increasing Valuation based on market and business goals Reduce costs by improving processes, adding new technology, etc For example, if a 3D movie service shop compare their services with other providers, pricing services be very competitive However, by providing a special glasses to protect the customer's eyes from harm, this is a way to provide an extra service to the old service with fees to prepare the glass and increasing of quantity of customer , which can improve profitable margin of the business Establish a marketing plan requires setting a vision based on what customers want and what businesses can provide The marketing strategy must focus not only on providing services but also on the entire business to succeed Monitoring the effectiveness of a marketing plan to ensure that the enterprise's investment is not wasted - Choose the right tools to keep track of each strategy in the marketing plan - Develop monitoring system at the beginning of each marketing campaign - Monitor the response of sales before and after the launch of a marketing campaign - Survey information specifically related to the success of marketing campaigns - Eliminate the marketing strategy is not effective Monitoring is necessary to control the entire process of marketing planning Administrators should assign specific tasks to the functional departments and a standard set of periodic reports on the progress of the work assigned , administrators need to organize parts collected feedback information from functional departments to resolve issues promptly in the implementation process ( Be prepared several plans to choose from ) Enterprises should consider : _ It is a simple marketing plan ( to follow the main target ) _ It is expressed in writing _ It must be clear (for easy understanding) _ Controlling , checking and suitable adjustment when it is going to carry out in wrong direction Question III: a/Service market segmentation: Market segmentation is method that dividing a broad target market into smaller market that is large enough and appropriate with consumers who have common needs and priorities in order to business effectively and appropriate with enterprise resource According to content that I answered in the question #1 above, Services in modern economy that have a wider significant than before and it has properties following: * Inseparability: production and consumption of service can not be separated Lacking one of it is impossible; This characteristic makes customers: • Must be present to enjoy the service; • To be difficult to recieve invariable value of service; • To be influenced by the service provider, the attitude of the service providers, and the environment where the supply occurs In this trait, service supplier need to: Use the dealer network to reach customers; Use of modern telecommunication facilities: distance learning, remote consultation ; There are human resource management policies separately (especially for staff who have regular contact with customers); Develop a friendly relationship and attachment with customers * Intangible: no clear shape Can not see before consumption; This characteristics makes: • Customers are difficult to imagine how service is; • Customers are difficult to try before buying; • Customers are difficult to assess the quality of services; • Customers need look through brand, price to assess the quality of services; • Customers seek advice of acquaintances, sellers; Noted in service marketing consist of, Increasingly use of tangible factors in the service promotion, building and maintaining friendly relations with customers, communication and advising their clients to choose services, Recruitment , maintaining sales team on skills, qualification and Imaging building good brand reputation * Inhomogeneity: services have no uniform quality; Althought, each service that has usually an uniform standard but because of its quanlity was depended on knowledge, skills, attitudes, and physical status of staff who supply services so the service quanlity had uneven For example, health and mental status of a service provider is changed every so often the service quanlity is also similar The more service providers, the more difficult ensure uniform quality The human factor is very important here Enterprise can use easily the new technologies that automate service providing, but not any services can be also automated, so enterprises need to have specific human resources management policies to the service staff because polite and affable communication of service providers is a attractive factor for customers * The simultaneity and No storage: production and consumption of services occur simultaneously and no being able to store services Because of this characteristic that enterprise should: Regularly monitor the level of customer satisfaction, Focus on Quality Management, apply the use of flexible labor, apply price discrimination policies over time, forecast custommer demand accurately, provide self-service facilities Unlike tangible goods, services are produced and consume at the same time, and then did not stored in warehouses and sell them when the need arises Therefore , producers are not easy to implement demand-supply balance For example, The power plants provide electricity to electric nets, when consumer use it at this time the process of service providing will be appear (services will be ceased if power plants stop working) the service providers involved in the process of creating service This characteristic made influence on: • Customers must be present to enjoy service; • Customers are required to provide service location; • Influenced by services providing process , the attitude of the service provider , and the environment where the supply occurs; • Provider is difficult to achieve economies of scale; • Difficult to achieve uniformity in quality ( dependent on staff to provide service); • Difficult balance between supply and demand services; • The relationship between the customer and the supplier service has a great impact on customer perception of the quality of services The market segmentation created good conditions for enterprise to prepare their own strengths and resources to business success in selected segment Enterprises will base on the market segment in order to focus on 20 percent of people to achieve 80 percent of profit with low cost Businesses can based on the following four criteria to segment its services market: _ Geographical criteria : This is the basis of market segmentation It is commonly applied for the difference of demand that is often tied to geography ( Nation, regions , rural , urban , domestic, foreign ) ; _ Psychology criteria: Basis of market segmentation that is presented such as attitude ,motives , lifestyle , interests , cultural values The use of the criteria according to psychology based on the basis that psychological factors play an important role affecting the behavior selection and procurement of consumer goods The criteria in this category are often used to support the criteria by population - social In some cases, it is also used as the main segmental criteria _ Anthropological criteria : criteria group in this category include: gender , age , occupation , education level , family size , marital status , income , social class , religion , ethnicity , race anthropological criteria mentioned above are commonly used in market segmentation because: needs , desires and purchasing power of consumers is the main base creates differences in the needs and buying behavior, and addition, the characteristics of the population - to measure social The criteria of this type of data is usually available because they are used in many different purposes Most consumer goods are required to use this criterion in segmentation However , depending on the specific services that people use some specific criteria in the group For example : age and of the family life is often used to segment markets Transportation service, Online Games, etc _ Consumer behavior criteria: Under this criteria, the consumer market will be split into homogeneous groups of the following characteristics: Reasons for shopping, looking for benefits, the amount and rate of use, loyalty, use status (used; unused, do not use) When selecting the segmental criteria, the criteria of this group have been many marketers believe that the characteristics of behavior is the best starting point to form market segments General trends, people use a combination of multiple segmental criteria because it is always in mutual relationships Figure of Five Forces Determining Segment Structural Attractiveness Source: Marketing management - an Asian perspective, 4th Edition The competitive power of supplier or strength of provider that is shown by the quantity and size of competitors versus business, it decided to competitive pressure and their negotiating power (to be reviewed in each segment separately) The competitive pressure of buyers can affect the entire business operations of the industry directly They are now pressuring prices through purchasing decisions or purchases The issue would be researched consist of Size, Importance, and Costs for customer substitute service Potential entrants are not currently available in the industry but could affect the segments in the future Potential competitor are more or less and their influences are strong or weak which will depend on: The attractiveness of the industry, barriers to entry, scientific and technical advances in the industry, capital, distribution system , branding, customer systems, materials, inventions, human resources, the protection of the government, etc Competitive pressure from alternative service; Alternative services are services that can satisfy the needs of equivalent services in the industry Competitive pressures primarily of replacement services are able to meet demand than products and services in the industry, adding another factors are the price, quality, convertible routines, the other elements of the environment as culture, politics, technology will affect alternative service for example, OpenOffice software capable replacement for the Microsoft Office software but There are few users of OpenOffice because of it is difficult to change their habits Competitive pressures in the industry ( in the segment ) ; The enterprises are in the same industry will compete directly to each other in order to create back pressure on the industry that create a competitive strength In an industry, following factors will increase the competitive pressure on rivals : + Status of the industry : Demand , high growth rate , amount of competitors and amount of dominance competitors in each segment, the factors of barriers of entry + The retreat barriers : As barriers of entry , the factors of retreat barrier making the separating from the industry is difficult such as technology barriers , investment capital, binding of laborers, bounding of involved government organizations and the binding strategies and plans Enterprise should also distinguish what service market we provide on, B2B or B2C This issue is important, it affects the establishment of criteria for the segmentation: For users are businesses ( B2B ) , they know clearly about services that they want to buy They want competitive prices in order to bring profit to their business Even though, the target market is small and concentrate but their purchasing decisions often through many comments, prolong time They wanted to get advice from colleagues , businesses that used the services (they want to buy) In the B2C market , customers are individuals They want to have good prices, and they can find information from the retail stores and many other sources of information , but they still want to buy services from a reliable provider With some of different between two kind of market above, market segmentations are also made by various criteria Although there are many different ways to segment a market However, not all market segments are always efficient way Depending on resources, the advantage of company and conditions of convenient data collection for analysis, market assessment, enterprises should choose proper ways for segmentation b/Customer loyalty: Customer loyalty is expressed through behavior and attitudes , their emotions For example , in the provision of services Air ticket through the Internet , we can evaluate customer loyalty through their work have regular access to the vendor's site or not ( expression through attitudes , emotions for wanting to buy services ) , using statistical methods we can understand that they are usually available on flights provided by the vendor or not If both survey on evaluation results that the high frequency of these, they are loyal customers Therefore, to make loyal customers with services that are provided by enterprise, firstly, we should make customers feel good about vendor's services through trademark, effective , attentive attitude of providers, prices, etc secondly, concentrate to customer segmentation about loyal factor in order to create suitable marketing strategy in each segment Customer Satisfaction,The first step towards building a base of loyal customers is to improve the customer satisfaction with enterprise's products and services In my opinion, enterprise should perform a standardized survey of the enterprise's customers using questionnaires The process of improving customer satisfaction is continuous Asking customers what they would like to see to improve Enterprise will try to make improvements and then asking customer again with the same questions In the end, satisfied customers are loyal customers Maintaining customer loyalty is really an important goal for any enterprise Loyal customers themselves are boss who help enterprise maintain profit and steady development Customers perform their loyalty in many different way that enterprise should be aware of, take care, and prolong its life This is key to the growth of a company The Policy lean to Customer loyalty - Focus on Customer and Consumer - Satisfy potential Customers, Customers (gainning step by step) - We may divide our Subjects into eight Groups and promote them by the ways above: Source: http://www.quantrimang.com.vn/5-loi-khuyen-cho-viec-tao-va-duy-tri-khach- hang-trung-thanh-86336 1 Suspect Customer: To make first impression by strengthen Ad on (TV, Event, Newspaper, and Sponsor.) Example: A company provide 3G Internet service Their target market is a rural zone where has no internet line and there was no one whom known this service, so this company built an advertisement campaign in which they didn't select ad on TV and newspaper because high cost They built the store for service providing and invited agricultural Expert to organize agricultural seminar in order to promote science and technology advance through the information on website that base on internet 3G, and addition online mathematical software that was freely provided to student in primary school and high school, and then many people known 3G internet service That farmers and parents were gradually became prospects of the company 2_ Prospect : They are people who aware of advantageous service, they visited the service store At there, the company try to make first impression in many way of face to face, service sample (e.g 3G USB ), an internet accessing place that price per hour was set higher than the case using 3G USB at home Furthermore, the store promote the Prospect tries free using in one week Result, most of them became the first time customers of the company 3 First time Customers (FTCs): In this step, the customers are increased more valuable service when they are presenters company's service to other people FTCs receive service warranty card when buying Installation is freely provided in customer's place, present gift for customer in their birthday, etc These are force that make customers to return more time 4 Repeat Customers: Company should make customers love service of company by: Give them value of service as bigger than what the company's commitment, adding interesting to customers using the company's services The customer are presented valuable gift in anniversary each year Company could express gratitude to customers that repeatly by "low level loyalty card" 5 Clients: In this step, Putting customers into the chain of bill point system, which the benefit will be increased gradually with the bill point, discount coupon, etc bring them more benefits 6 Member, 7 Advocate,8 Partner (The company will increase the level of customer care from the Member to Partner, but in these three customer segments, companies need to treat customers as well as employees of the company) Question IV: a/ Planning and branding service products: Brand’s strategy of company should be based on company goals Having a clear and concise brand strategy leads to stronger overall brand equity Enterprise should know how people feel about or perceive its product, and how much they are willing to pay for it Brand is not its product, or its name which, It’s what customers perceive about company, and how company make them feel So company need to figure out the different trait from competitor's product and extra service value beyond what company provide, and make it a part of brand strategy of company (valuable Brand) "Decide which aspect is the most important about product or service of company, and make it a part of every aspect of your brand communication." (Copyright © 2014 HubSpot, Inc.) A brand is a name , term , design , symbol , or combination of factors determine a product or service and distinguishes it from its competitors Brands include factors such as : Brand Name : A Brand , also known as a product brand , is a word , group of words, letters , or numbers that represent a product or service Trade Names : A trade or brand name of the company , identify and promote a company or a division of a particular company Brand marks : A brand mark is a unique symbol , colors , letters , or other design elements It can recognize visually and should not be pronounced Commercial character : A character is commercial signs have human form or characteristics Trademarks : A trademark is a word , name , symbol , device , or any combination of these factors is given legal protection by the federal government Trademarks shall be used to prevent other companies use similar elements can be confused with a brand There are three kinds of brands , one for each type of company that brands its products : National brands ( manufacturers ) : The brand is owned and initiated by national manufacturers , service companies ; also known as producer brands Private distributor brands ( wholesaler and retailer ) : Brand built and owned by the wholesale and retail trade; also called private brands , store brands , dealer brands , or private labels Generic Brand : generic brand is a product that does not carry a company identity They are often sold in supermarkets and discount stores The company manufactures and sells generic brands do not advertise or promote many of these products , and therefore they can pass the savings to customers Branding Strategy: Some branding strategies used to meet the sales targets and company are : brand extension , brand licensing , co-branding Brand extensions are a branding strategy that uses an existing brand name to promote a new product or improvement in the company's product line The risk of this strategy is more expanded product line and diluting the brand with too many products Brand licensing related to a license agreement that legally the company received a license fee , such as royalties, to allow another company to use its brand , mark its brand , its commercial character ( A duly authorized by the owner of the registered trademark brand allow another company ( licensee ) to use its brand name , brand mark , or trade character for a fee ) Co-branding is a combination of one or more brands in the manufacture of a product or in the delivery of a service (source : Marketing Essentials Chapter 31, Section 31.1) Brand is very important, it make products and services to increase value Therefore, the product positioning must be associated with the following attributes: Consistency: (the message announced by the company in accordance with the company's brand or not) If not careful, enterprise will have trouble differentiating itself from competitors Emotional connection: Find a method to connect at a deeper level with customers as family members who can agreed to pay more money to buy service of enterprise even though the services of competitors is equivalent but cheaper Reward and Cultivate: If products of enterprise created customer satisfaction, when the brand of products accounted for an important position in the hearts of customers Let's reward them, so they will tell their friends about enterprise, and act as your brand ambassadors Measure: The measure whether the tactics sorted well with the overall brand strategy of the company, and if they do not, you do not invest too much that you can not re- evaluated Be Flexible: If your old tactics aren’t working anymore, don’t be afraid to change them just because it worked in the past Take the opportunity to engage your followers in fresh, new ways Watch Out for Competitors: Keep an eye on competitors of company when experimenting with brand strategy of company, and keep the difference from competitors b/ New service development: The new service development process consist of recognizing chances and opportunities in a fast changing technological environment New service development relates to all the activities involved in realizing new service opportunities, including product or service design, business model design, and marketing Service development is mostly seen to make how company find, reach, and approach customers How company keep these customers satisfied with new possible services Innovative technology provides important opportunities for new service development For a company to stay competitive, it is important to keep services and processes up to date Service development is mostly seen as growing an enterprise through a number of techniques The mentioned techniques differ, but in fact all of them are about traditional marketing When supplying a solution, it is important to focus on the total offering you give instead of only focusing on the product or service The people use to chart the factors that are involved and create synergy between them, new service development draws heavily upon the fields of technology and business networks The new service development process involves recognizing chances and opportunities in a fast changing technological environment For example, Electrical equipment manufacturers should recognize that rising electricity prices are an opportunity to create the electrical saving equipments (Innovative technology provides important opportunities for new service development) The process of developing; growth, directed change Development is the application of research findings to a plan or design for the production of new or substantially improved materials, devices, products, processes, systems, or services, before the start of commercial production or use Human resource development consists of training, organization, and career development efforts to improve individual, group, and organizational effectiveness the complete process of bringing a new product to market Today, Planning and creating services consist of tangible and intangible products Enterprise should focus on core product The new service development process consist of recognizing chances and opportunities in a fast changing technological environment New service development relates to all the activities involved in realizing new service opportunities, including product or service design, business model design, and marketing Service development is mostly seen to make how company find, reach, and approach customers How company keep these customers satisfied with new possible services Innovative technology provides important opportunities for new service development For a company to stay competitive, it is important to keep services and processes up to date Service development is mostly seen as growing an enterprise through a number of techniques The mentioned techniques differ, but in fact all of them are about traditional marketing When supplying a solution, it is important to focus on the total offering you give instead of only focusing on the product or service The people use to chart the factors that are involved and create synergy between them, new service development draws heavily upon the fields of technology and business networks The new service development process involves recognizing chances and opportunities in a fast changing technological environment For example, Electrical equipment manufacturers should recognize that rising electricity prices are an opportunity to create the electrical saving equipments (Innovative technology provides important opportunities for new service development) The process of developing; growth, directed change Development is the application of research findings to a plan or design for the production of new or substantially improved materials, devices, products, processes, systems, or services, before the start of commercial production or use Human resource development consists of training, organization, and career development efforts to improve individual, group, and organizational effectiveness the complete process of bringing a new product to market Today, Planning and creating services consist of tangible and intangible products Enterprise should focus on core product, core value and augmenting the core of service of company As stated in the previous section, to develop new services, enterprises should note pricing strategy (sales penetration, concentrate price, skimming price, competitor base price) and BCG matrix applied to the strategic direction for the business operations of the company BCG Matrix consider two factors is the growth of the market and the enterprise market share in their respective markets BCG matrix applied to the strategic direction for the business operations of the company Matrix BCG consider two factors is the growth of the market and the enterprise market share in their respective markets Enterprises must identify himself in any part of the BCG matrix and should try to develop new services or not Based on the product life cycle, company should develop new services, such as added value of products when product is going to pass the peak of the product life cycle to create a new cycle of product or service Question V: (Pricing strategies for services) How to price services of company Prices of services may be more complicated than the price of a product, which tends to be driven by unit cost There are many reasons to consider the business value of their service - can the cost of business has increased , or businesses that want to finance the expansion of its business Enterprises should begin by identifying the benefits of enterprise services provided to customers , and attribute values for each benefit Market research of business The next step is to conduct some simple market research Businesses can identify competitors , the service they provide and their prices If businesses see that the current price is its expected or higher than competitors , enterprise risk losing advantage over the competitors This does not mean that businesses should reduce the price , however - if the competition is too low , businesses have added services to the enterprise value of the product is suitable Calculate the cost of the business : Enterprise calculate direct and indirect costs to your service provider customers , including labor and training costs , costs and marketing costs Enterprises should reflect the cost price of products and services There are two basic pricing models : cost-plus prices , including breakeven cost of business ; and value-based pricing , which takes into account the value of services for business customers A price match the expected benefits of the customer Enterprises may have created loyal customers by providing high -quality service or more are considered to be better than your opponent Collect feedback on the value of the enterprise : Enterprises need to understand the sense of the market value of the services now provided Find out if the customer accepts the price , acceptable reasons , knowledge content of products and services that customers want The best time to collect feedback on your services immediately after you have provided it Set a price : When prices rise , businesses need to consider product and service value worthy of the price that businesses are not recommended You should try to consider your pricing every six months to ensure proper in the market Businesses must anticipate a number of planning schemes and pricing strategies Price of business must be consistent with the plan and the plan selected III CONCLUSION: Market research can be understood as a simple public gathering, synthesizing and analyzing information about businesses or products that provide enterprise The information includes price, customer service, delivery operations, the company's new products, customer behavior, buying habits of the consumer Enterprises should master the principles of marketing , see it as the key to drive enterprise to success Reference: *http://www.ehow.com/how_6903164_monitor-strategic-marketing- plan.html#ixzz334UsqNcj, (Accessed: 23:30, May 25, 2014) *http://blog.hubspot.com/blog/tabid/6307/bid/31739/7-Components-That-Comprise-a- Comprehensive-Brand-Strategy.aspx (Accessed: 24:14, May 30, 2014) *http://www.netmba.com/strategy/matrix/bcg/ (Accessed: 20:14, May 31, 2014)