Academic journal article Academy of Strategic Management Journal

A New Territory of Developing Dynamic Marketing Strategy

Academic journal article Academy of Strategic Management Journal

A New Territory of Developing Dynamic Marketing Strategy

Article excerpt

INTRODUCTION

Generally speaking, large and medium enterprises are financially capable enough of maintaining marketing departments of their own, or at least can afford to hire professional consultants to conduct various marketing research projects. When necessary, they can also set up a rather complicated marketing information management system so as to help predict customers' needs. On the other hand, as for the small companies mostly in the form of independent street shops or stores, they add up to a dominant percentage, 80%, of all the companies in Taiwan. These small companies, where most of us actually shop around, are much more closely related to people's daily lives. However, these independent street shops and stores, including restaurants, beauty parlors and barber shops, pharmacies, travel agencies, inns and hotels, bookstores, computer retail stores, so on and so forth, are usually not able to proceed with any work of systematic marketing management. Under such circumstances, if we can develop a simple workable system that organizes the customers' information gathered by the POS systems to predict customers' needs and thus to assist the business runners in settling upon most profitable management strategies, then we can help not only dramatically enhance the business competitiveness but also provide with better services to really touch customers' hearts. This is right the major purpose of our study here. To simplify the information gathering processes, the study picked out a financially independent modern pharmacy as our subject. In addition to offering qualified professional pharmacological consultation, this pharmacy also sells baby goods and nutrients. It used to be one of the contracted pharmacies with the National Health Insurance Bureau, and yet quit some time ago because the cost went too high due to the governmental failure of practicing the medicine-pharmacy division policy. So far, the pharmacy runner has been looking forward to fixing upon a new management strategy in order to get a clear picture of customers' needs so as to improve customer services, heading towards the end of making this pharmacy a permanent community drugstore. To do so, the accurate prediction and control of customers' needs is the very key point.

When a customer is making her/his decision as to whether or not to buy a certain product, the price may not be the most determining factor. As a matter of fact, besides the price, customers tend to take into consideration the function(s), brand, quality, and service as well. To successfully grasp business opportunities, enterprises may well go ahead and study the "crucial moment" of decision-making. Generally speaking, customers' decision-making procedure can be most easily recognized as including the following stages: need recognition, information search, evaluation, purchase, after purchase evaluation. If a business entity can offer suitable backup in time when customers are at their crucial moment of decision-making, it is most likely to earn business opportunities. To put it another way, settling on an appropriate set of marketing strategies (Bezerra, et al., 1996; Lederer, et al., 1996), conducting precise predictions as to customers' needs, actively adjusting management factors according to various needs, a company will see its own success. So far, although some researchers have defined IDEF upon enterprise system procedures (Lingzhi, et al., 1996), when it comes to research as to customers' needs, the discussions are usually too narrowly restricted to only one certain point without considering if the process itself is appropriate and if there are other possible ways of combining the key factors of success. In this research, the story will be a little bit different. We shall introduce IDEF0, which one can find in the IDEF methodology, into the description of the quest for the key factors of success so as to find out customers' dynamic needs most suitable for financially independent street shops. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.