Free Business Success Essay Sample
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Sales leverage intends to make subsequent sales easier and faster than it is currently. Firms which use a leveraged sales approach uses its multipliers like reputation and economies of scale to sell their products in the same market at a more comfortable rate. The approach mainly involves establishing the needs and expectations of the customers and working towards realizing them. In addition, strong and committed sales team is necessary for the entire business success. The leveraged sales approach improves the current sales volume of a firm because it helps in maintaining the current customers and it as well attract the potential customers into their market (Armstrong & Kotler 34). It is encouraging that Costco has always endeavored to produce quality goods and services to their consumers though at a reduced price. The approach has greatly assisted the firm to increase customer loyalty and trust and thus increase its overall sales volume.
- Costco brand vision, brand personality and brand positioning.
Unlike other firms who continuously increase their marketing budgetary allocation, Costco reduces its marketing cost by increasing their brand reputation and image. As a result, they emphasize on good customer service which enhances customer return. And as Cathy Wanklin regional marketing manager said, "If you take a Costco cake to a bridal shower and there are 15 women there, 14 of them will tell their friends about this great cake for $15 that serves 40 people”, the firm has continued to build its brand personality well (Buss Para 8). This helps the firm to attain its brand vision in the market. Costco brand name and image also ensures easy identification and also significantly assist the firm to market its products and services efficiently. Costco wholesale is positioned as the market leader owing to its brand superiority in the market which likewise gives it a competitive advantage.
- Article interpretation
Marketing is everything was written by Regis McKenna and critically defined marketing strategies of the firms in the 1990s. According to the article, 1990s was a decade characterized by technological advancement in marketing strategies. I therefore do agree that advertisement is obsolete especially if it is resistant to change, as more flexible marketing tool is encouraged in the current times. Firms therefore need to embrace the power of technology as it gives a critical dimension of how business should be run. More emphasis also needs to be established in the transformation of the market into a customer oriented market. Firms should aim at designing more appealing products advertisements which specifically help consumers to identify their needs (McKenna 2).
- The best approach to connect with customers
For easy and lasting connection with customers, firms should seek to design new advertisement mechanisms which will consequently win customer supports in the market. Costco therefore needs to take a competitive approach which seeks to incorporate research and development, innovation, production and technology aspects. In addition cost effective means should be adopted in order to lower the high marketing cost that many firms have had in the past. Just as the national bicycle industry does, tailor made products should be encouraged in order to meet the varying needs of customers in the market. Such customized production will effectively enable firms like Costco to dominate the market. By owning the market firms are able to dominate in the market. For instance Apple continued move towards broadening its market has really boosted its position in the market. Costco likewise should broaden its advertisement initiatives in order to increase their market share (McKenna 4).
The global marketplace
- What is MNC/Global Company? Why relevant today?
MNC are companies which operate under large economies of scale and targets global markets for its products. They operate and produce their goods and services in a standardized manner as stipulated by the rules. Multinational corporations are important since they encourage high quality and reliable goods and services to the customers. They also encourage competition which lowers the prices of goods and services in the market. Although MNC greatly suppress the national small and medium size businesses, they significantly bring out a healthy competition which benefits the consumers (Levitt 98).
- Discuss main globalization opportunity or challenge.
Since globalization allows firms to have a wider market focus, they should seek to identify opportunities which can help them grow. For instance with the invention and wide use of internet and other online services, Costco and other firms should establish online marketing for future sustainability. Considering that future market trend seems to favor online marketing, firms should likewise embrace such techniques in their marketing. Online advertisements in the various social sites such as Facebook and twitter should also be considered as the sites are highly visited each day. And in order to ensure appropriate connections with consumers, firms should allow consumers to make suggestions and comments on these sites. After getting feedbacks and comments, firms should quickly respond to the raise issues in order to encourage future cooperation with customers. Since it is not advisable for the firms to totally disregard their local customers, firms should seek to effectively segment its market depending with prevailing market condition. Production should both target the national and international consumers for better and efficient marketing. Likewise more experienced sales people should be employed in order to assist the firm realize its dream objective. Costco should also continue improving its corporate image since that will boost customer loyalty and recognition. Firms should also create strong brand names for easy identification (Levitt 97).