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Chartered Institute of Marketing: Understanding Customer Relationships - Essay Example

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Chartered Institute of Marketing: Understanding Customer Relationships

“Type of information to be collected” Petroleum companies are organizations, which provide petroleum products to various stakeholders. According to Boone & Kurtz (2011, P, 301) petroleum products are basic commodities that are very important in driving the economy in various countries. However, with the current global competition amongst potential providers, marketers in this field require to adopt effective strategies with strong focus to recording excellent performance. They can effectively achieve this through detailed study to ascertain acute needs and wants of customers to stay relevant in the business. In marketing, customers are viewed as kings whose demands must effectively be met to achieve any meaningful market share. This is imperative for both established organizations and young co-operations seeking to advance their market share. Ideally, marketers are obligated to sufficiently identify customer needs, perception on quality, safety standards and future prospects in terms of quality, price and availability (Spors, 2011:1). This can effectively be achieved through afield study, using effective research methodologies to obtain first hand and relevant information from customers. Categorically, customers and local community members are key stakeholders that ensure success in this field of business since customers are direct consumers of petroleum products hence can adequately provide reliable information (Nolo, 2010, P, 308). Consequently, locals also provide basic information about possible expectations from the organization in terms of project support and dynamics of venturing into the field in their area (Hunt, 2008, P, 13). Therefore, these stakeholders provides appropriate sample towards facilitating the study where primary research methodology concepts is applicable to achieve relevant and effective information for decision-making. “How information is useful” According to Belk (2006, P, 5), information is power which in marketing influences decisions towards identifying and addressing customer needs. Clearly, information from customers and locals is critical since it categorically relays specific feedback based on quality issues, price element, supply efficiency, satisfactory levels, investment dynamics, safety standards and other related implications (Boone & Kurtz, 2011, P, 107). Quality information would be useful to Chevron petroleum organization since it provides clear picture on customer’s perception on the quality standards of the products supplied (Patzer, 1996, P, 103). This can be applied by the organizations in setting quality standards based on customer judgment. That is, to improve production quality if low standards are reported and subsequently to maintain good quality if reported by consumers (Knoohuizen & Martin, 1995, P, 6). Quality is a critical aspect considered by consumers and immensely contributes towards attaining competitive advantage. Its effectiveness requires innovative skills, creativity and detailed product re-launch or development to influence customer purchasing power (Hagerty, 2010, P, 75). Consequently, data collected on price element of the supplied products would ...Show more

Summary

Marketing Name Instructor Task Date TASK 1: Collecting stakeholder information Introduction Marketing requires effective strategies, which are consumer oriented with sufficient mission towards meeting customer demands and priorities. In the petroleum industry where competition is currently in the increasing end, marketing is identified as a key aspect capable of advancing organizations market share and performance…
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Chartered Institute of Marketing: Understanding Customer Relationships essay example
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