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Chartered Institute of Marketing: Understanding Customer Relationships
Pages 8 (2008 words)
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.
“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). ...
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