- BIC has built a strong relationship with its customers. Explain in detail how BIC could benefit from this customer relationship with both customer groups. Support your answer with relevant examples. (15 marks)
They say that in business, “the customer is king,” and with customer groups in a competitive market, production mostly affects the supply chain. The loyalty of output is vital to a successful business. A positive relationship with a customer is essential to creating loyalty and customer retention. Over the years, BIC has developed positive relationships with its customers in many ways. With the launching of its website www.bicworld.com, the company has been able to promote customer efficiency, and it enables its customers to file their concerns or complain in general through their website. The provision of an additional email address is a crucial connection channel between the customers and the company. On the upper hand, BIC has extensively researched the customers’ wishes in terms of products developed by the company. BIC Through such initiatives, BIC has been able to improve the supply chain and production efficiency. It has, in turn, as a benefit, led to more production that is efficient, considering the customer’s plea. Furtherance and displaying of products are therefore engineered to these differences. With almost a million views on YouTube, the famous BIC crystal advert won may hearts as it assumed that BIC crystal pens are a key to taking notes. The winning of customers’ souls has become very important in terms of trust in capability. The benefit goes on to product as the demand grows higher. The supply and distribution chain increases the entire company production. It is said that BIC’s customers (retailers) are not the final consumers who buy from retailers. The Group has therefore built up strong relationships with its retailers to ensure that its products are placed in the most attractive and suitable shop locality and that the products are appealing and eye-catching. This suits both parties; retailers want products to sell well too. In a nutshell, a good rapport with the customers could primarily benefit the BIC Company.
BIC, through positive relations, has been able to discover new customers. It happens in the sense that most of the consumers from other companies think of BIC to be the best. This has enabled a broadening of the market
In conclusion, customer relation generally promotes the buying of products, and this should positively impact the company. Whenever a customer group feels that the supply chain is efficient, then most of them are likely to board into your company, making your company a priority. The benefit is that the production increases the supply chain, and therefore the sustainability of the company keeps on surviving.
- Identify and discuss the segmentation, targeting and positioning strategies you would use for the end consumer market for BIC’s three product categories (stationery, lighters, and shavers) (20 marks)
Market segmentation, as defined, is dividing a market into areas that target various customer needs. This could further be divided into demographic, geographic, psychographic, and behavioral segments.
The positioning of my product would majorly focus on price and quality that is ideal. My stationery would be considered as the central position since these are universal products that can fit into any market as a result of functionality. Most of the people target buying the stationery are students who are considered unemployed and with not much money. It will target segmentation that mainly revolves around average income earners, and in this matter, quality and affordability would be the key driver. The idea would promote the competitive advantage of other lighters producers.
Based on the geographical segment, I would consider targeting the use of cigarette lighters. If the intended population smokes, then I would believe that most of the smokers as a part of segmentation would require the lights. Smokers, maybe due to addiction, would not expect to spend much on the cigarette lighter. It means that the type of positioning would considerably dwell on the targeted group sine their needs are similar. If the targeted segmentation. However, the targeted position might be repulsive. In this case, I would concentrate on positioning, bearing in mind that other products such as stationery and shaver are a part of the whole marketing. Income segment would be considered in the sense that I would position my products into different qualities. This will enable both the low and the high-income earners to purchase my products. Considering the gender and age segmentation, I would look at Interest, lifestyle, and attitude toward the products.
On demographic segmentation, my target would be directed to a learning environment. In an educational setup, stationery would be my central functioning positioning. Students in school are also segmented into different levels of education. In such a scenario, I would believe that my products should come in different variables. Based on the psychographic segment, a learning environment would require writing items. The writing stationery is also based on modified academic levels, and this means that the target would major on age segmentation, which would make sure that my products are positioned to suit the target segments. On the general positioning of my products, I would consider why customers would purchase my products. Each of the sections perceives my products in a certain way. My stationery would be categorized into different segmental needs.
On considering the sale of shavers, my segmentations would dwell more on age segmentation as I know that older adults are the once likely to use the shavers as opposed to young people—the positioning targets both the quality and price.
In conclusion, my products would best suit the targeted segments in making sure that the outcome in marketing is productive.
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