(PGBM71) ToolKit Development – A manager’s guide to attracting new customersMarch 3, 2022 2022-03-03 20:46
(PGBM71) ToolKit Development – A manager’s guide to attracting new customers
(PGBM71) ToolKit Development – A manager’s guide to attracting new customers
Module – PGBM71 – Management Future Projects – The University of Sunderland, UK
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In the contemporary business world, the customers have shifted and become the central concern among business enterprises. Decisions being made from design of products and services to how to market the products and services are more customer centric than before. According to Forbes (2014), the main concern of a modern manager should be how to attract new customers while retaining the present customers. Similarly, Forbes (2014) emphasises that remaining relevant to the new generation of customers is critical if at all a firm will grow its customer base.
Panda (2010) mainly advises that the process of attracting new customer is imperative to the sustainability of an enterprise. This role is further connoted as that of the marketing manager who is responsible for the right positioning of a firm in a way that it can exploit the new customer bases in the market (Panda, 2010). Aaker and McLoughlin (2009) in regard to attracting new customers attached prime importance to the use of product promotion tools noting that these tools involve the current customers and attract new ones. Egan (2014) specifically advocates for engagement of pull-product communication strategies because they easily attract new customers.
In light of the above positions, it is thusly important for any manager, especially marketing managers, to have a grasp of the promotion and communication strategies that work out. This research intends to thusly develop a manager’s kit that can be used to update managers on available promotional strategies as well as their applicability. The aim and objectives of this project is as follows;
To create a management toolkit that can be used by a manager in attracting new customers
To analyse some of the popular service and product communication and promotion strategies
To offer a step by step direction on how to implement the promotion and communication strategies
To offer recommendations to manager’s on how promotion and communication strategies attract new customers
Product promotion refers to the strategies that a firm uses to arouse the interest of customers on a product in order to attain purchase and eventual customer loyalty (Lamb, McDaniel and Hair, 2011). In regard to communication of products and services, Paley (2006) notes that promotion strategies are part of the comprehensive marketing communication mix. The specifics under promotion strategies are sales promotion, advertising, direct and interactive marketing, public relations and personal selling (Paley, 2006). Figure 1 below offers a brief summary of communication mix methods.
Korkeamäki (2014) in his research notes the indispensible nature of an integrated communication mix in attracting and retaining customers. The main element highlighted in his study is the need to tailor the communications tools to fit the current market being targeted (Korkeamäki, 2014). Pour, Nazari and Emami (2012) in their research carried out on Saderat Bank in Kermanshah Province found out a strong correlation between elements of sales promotion – as under promotion strategies – and customer attraction. The research which involved issuing questionnaires to 250 respondents using stratified sampling offers that the banks consistent and timely use of an integrative marketing mix allowed it to attract new customers constantly.
Similarly, a research by Kumar and Petersen (2005) offers an insight as to the way in which to reach customers in the right way while maximising the shareholders value. In this particular research Kumar and Petersen (2005) offer the steps to winning over customers and remaining profitable as first choosing the right customers and contacting these customers. Further, the firm need to send the right message at the right time, offer various channels to access the products, manage high-cost customers and manage customer loyalty and profitability simultaneously. Essentially, these are part of the researches addressing the fundamentals of promotion and communication strategies on attracting customers. However, there is lack of a straightforward comprehensive guide on how a manager can apply the findings of such empirical researches. This is the gap this toolkit will exploit as it seeks to focus on practical applications of promotion and marketing tools to attract new customers.
Users of the toolkit
As established earlier in this toolkit, the customer has become the central concern of business enterprises. It is imperative for every member in an organisation to operate under this perspective since the customer is the ‘boss’ all across every industry (Reiss, 2014). In light of this, it is necessary to know how to reach the right customers with the right tools of marketing. As such, this management education toolkit offers a practical guide on the promotion and communication tools and strategies that can be used to attract new customers. It is beneficial as Kumar and Petersen (2005) note the best way of sustaining competitive edges of firms is attracting new customers and retaining old ones.
Thusly, the first user of this toolkit is any firm with an intention of attracting customers. More broadly also is that this toolkit is intended to be informational on students of high learning institutions as to what they should expect to face in their careers as managers. However on the specific aspect, this toolkit is intended to serve the sales and marketing managers. Chandrasekar (2010) defines the role of a marketing manager as central to the organisation and critical for continued survival of the firm. It is the marketing manager that reaches out to new customers and helps boost product sales through constant and effective communication with the customers. As such it is prudent that the marketing and sales managers be well equipped with information on how to approach customers.
Central to the role of a marketing manager as per Chandrasekar (2010) is the analysis of the target market and tailoring the promotion tools for the specific market. This places more emphasis on the execution part of the toolkit in that despite the fact that the entire firm can benefit from the toolkit, the sales and marketing manager are the only employees in a position to execute it. Further, as Gilbert (2014) evidences, a manager may be in need to a self-directing toolkit that can be applied without many complications. This is in reference to market analysis toolkits created for managers and students. This toolkit shall serve similar purpose with specific interest in promotion and communication strategies.
Data collection refers to the process of gathering both primary and secondary data that will facilitate the attainment of the objectives of the research (Sapsford and Jupp, 2006). There are various research instruments that are used to facilitate the collection of data. These include direct observation, interviews and questionnaires (Gratton and Jones, 2004). In this particular research, the researcher will use questionnaires and interviews to inform the contents of the management education toolkits. Saunders, Lewis and Thornhill (2009) advocate for use of questionnaires in case the sample size is large and for use of interviews when an in-depth understanding of the topic is needed. In this case, a balance is established between the in-depth understanding and sample size. The researcher intends to collect data from 150 customers with a valid questionnaire probability of 80 %. The questionnaires shall be issued out to customers of a specific firm with the help of friends. Similarly, short interviews shall be conducted in the customers of the same firm. Secondary data shall be obtained from extant literature.
The design of the interview and questionnaire shall be greatly informed by the objectives of the toolkit as the researcher’s intent is to thoroughly address the objectives. The questionnaire shall be divided into parts with a part capturing the demographic data of respondents so as to ascertain data validity. A different part will capture data on the effectiveness of different promotion and communication mechanisms and another part will capture the hindrances of difference promotion and communication strategies. A similar design shall be applied to the interview protocol with a keen interest of bringing out what strategies work well for the customers. The researcher shall further consider the time available and minimise the length of each instruments as well as maintain relevance.
There are various sampling methods at the disposal of a researcher according to Saunders, Lewis and Thornhill (2009). These are broadly classified into probability and non-probability sampling techniques. This research borrows from the non-probability sampling methods and uses the convenience sampling approach. According to Saunders et al. (2009), probability sampling involves a random selection of respondents based on willingness and availability. A major attribution as to the choice of this method of sampling is the expansive nature of probability sampling methods that may need travelling to various destinations to meet respondents. This may also take a lot of time.
Saunder et al. (2009) note that questionnaire yield more of quantitative data and interviews yield more of qualitative data. As such, this research will apply both qualitative and quantitative methods of data analysis. The questionnaires will be analysed using statistical packages for social sciences (SPSS) to establish relationships of variables and the strength of these relationships. On the other hand content analysis will be used to analyse the data from the interviews. Content analysis is a method that involves coding of large volumes of information in a way that makes sense (Krippendorff, 2013). The analyses from the two ends shall be used complementarily.
Validity and reliability
Validity as a whole is concern as to the truism of the causal relationship established by the research (Saunder et al., 2009). It determines whether the research findings are about what the research intended to look for in the first place. Saunder et al., (2009) on the other hand refer to reliability as the capacity on the instruments used to replicate the findings if used over and over again. In this research, the issue of validity shall be addressed by aligning the questionnaire and the interview protocol to the aim and objectives of the toolkit. Since these objectives are inclined to developing generalised directions in promotion and communication strategies, both internal and external validity shall be established. Reliability shall be ensured by conducting a pilot study that will lead to improving element of the questions and hence ensuring that the questionnaire and interview protocol measure exactly what they are supposed to measure.
The entire project shall be divided into five parts that shall be completed chronologically. The first part shall be the drafting of the proposal then the writing of a literature review. This will be followed by explanation and justification of the methodology after which data collection and analysis will be done. Lastly, the findings will be compiled into a management education toolkit with recommendations therein.
Aaker, D. and McLoughlin, D. (2009) Strategic Market Management: Global Perspectives. London: John Wiley & Sons.
Chandrasekar, A. (2010) Marketing Management: Text & Cases. New Delhi, India: Tata McGraw-Hill Education.
Egan, J. (2014) Marketing communications. London: Sage.
Forbes, (2014) SageVoice: How To Keep Current Customers While Attracting New Business (Video) (Online) Available at: http://www.forbes.com/sites/sage/2014/03/06/how-to-keep-current-customers-while-attracting-new-business-video/ (Accessed 25 May 2015).
Gilbert, S. (2014) Forbes India Magazine – HBS Introduces Marketing Analysis Tools for Managers (Online) Forbesindia.com. Available at: http://forbesindia.com/interview/harvard/hbs-introduces-marketing-analysis-tools-for-managers/16982/1 (Accessed 26 May 2015).
Gratton, C. and Jones, I. (2004) Research methods for sport studies. London: Routledge.
KorkeamÃ¤ki, J. (2014) Attracting new customers and retaining current customers through integrated marketing communications Case: Dolce Far Niente. Bachelor. Haaga-Helia University of Applied Sciences.
Krippendorff, K. (2013) Content Analysis – 3rd Edition. Thousand Oaks: SAGE Publications, Inc.
Kumar, V. and Petersen, J. (2005) ‘Using a Customer-Level Marketing Strategy to Enhance Firm Performance: A Review of Theoretical and Empirical Evidence’ Journal of the Academy of Marketing Science, 33(4), pp.504-519.
Lamb, C., McDaniel, C. and Hair, J. (2011) Essentials of Marketing. London: Cengage Learning.
Paley, N. (2006) The manager’s guide to competitive marketing strategies. London: Thorogood Publishing.
Panda, T. (2010) Marketing Management. 2nd ed. Mumbai: Excel Books India.
Pour, B., Nazari, K. and Emami, M. (2012) The effect of marketing mix in attracting customers: Case study of Saderat Bank in Kermanshah Province. African Journal of Business Management, 74(3), pp.3272-3280.
Reiss, R. (2014) How Top CEOs Transform Companies Around The Customer, Like The New Kentucky Derby Videoboard (Online) Forbes. Available at: http://www.forbes.com/sites/robertreiss/2014/04/21/how-top-ceos-transform-companies-around-the-customer-like-the-new-kentucky-derby-videoboard/ (Accessed 26 May 2015).
Sapsford, R. and Jupp, V. (2006) Data collection and analysis. London: SAGE Publications in association with the Open University.
Saunders, M., Lewis, P. and Thornhill, A. (2009) Research methods for business students. 5th ed. Harlow, England: Prentice Hall.
(PGBM71) Management Educational ToolKit Development - Assessment Details - Prolific Tutors
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