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Novo Fogo
The market activities of silver cachaca product of Novo Fogo will be monitored in various ways. Fundamentally, the market activity will be evaluated by taking a close examination of the number of sales. It will be easy to determine whether the product is moving in the market with the number of sales that are incurred in a given period. The sales evaluation can be done either daily, weekly, or monthly. An increase in the number of sales from the wholesalers and other categories of sellers will be a positive indication of the market activity of the product. Moreover, a survey can be done on potential customers of a similar product to determine the recognition of the product. The potential competitors’ customers will be engaged in a survey that will administer a questionnaire. The responses from the survey will be evaluated to come up with a conclusion on the performance of the product in the market (Chen et al., pg 257). Questions such as the desirability and price of the product will be included. It will be essential to evaluate the market pricing of the product to understand its affordability amongst potential customers. Hence, market activity will be determined from this perspective.
Besides, the evaluation of the investment return will be essential. The basic understanding of the market changes relies on the ability to see the value of the initial investment on silver cachaca. The total costs incurred in manufacturing, advertisement, and delivery of the product to the customers are to be evaluated with the monthly or annual returns. Progressive increase in the number of returns shows that the product is doing well in the market. Besides, a comparison of various strategies with the competitor provides an important element in deciding the activity of the product. Entry to the market strategies of the potential competitors will help to understand if the product is left out of the customer’s face. The advertisement approaches by competitors are compared with silver cachaca strategies to determine the market shares.
Further, to monitor market performance at a specific time, it requires the use of graphical rating scales. The graphical rating scales will be able to provide the changes in sales that impact the profit (Chen et al., pg 259). For example, a plot of the sales in a certain month can be done in comparison with the profits to determine the exact market rate activity. Besides, the ranking of the product in the market base will be essential to tell the market its market share. If the product is ranked as the top-performing product, then the purchase is at the peak. The ranking will help the manufacture to improve on the strengths of the product while working on the threats. Hence, the evaluation of the market activity will be attained with easiness.
The best marketing audit that will be performed is a marketing function audit. The market audit function will ensure the manufacturer well understands the information concerning the product. The most important elements that are analyzed include the pricing of the silver cachaca to reveal the potential competitors. Similar brands will vary in pricing, which may offer a competitive advantage. It will be important to know what that manufacturer delivers and if it is worthy. Moreover, the auditing will help to understand why silver cachaca is a solution in contemporary society. Matters of quality of the product can be compared with competitors to ensure if it meets the expectations of the market. Further, the market function audit provided an essential understanding of why the product is the solution. The information from the market function will be important in making the market improvements on the product to ensure it remains at the top of the market. Besides, improvements can be made in a way that will make the product emerge tops at the market if the competitors are still on top. It will be performed by a person that is not an employee of the company. It ensures no bias in collecting data due to the preformed mindset on the expectations of the employee. The external auditor will be able to give credible results on the market function of the product.
Sometimes auditing can show that the marketing strategy does not meet the expectations. Various action measures are taken to ensure the silver cachaca performs well among its competitors. The first corrective measures that can be done on the product include a change of the brand name to make the brand look a new one. It will attract new customers who will have the desire to enjoy the new taste of the product. Moreover, reduction of the cost with slight changes in the size of the product will make the product more affordable (Chen et al., pg 263). Moreover, various corrective measures can be put in place as a way of creating a permanent change. The product can be called off from the market. It is one of the extraordinary measures that are taken by the manufacturer, especially when losses are too high, and the changes that can be done will not raise the profits. As such, the company will not incur losses anymore. However, the manufacturer will be forced to produce a supplement product with new designs and components before getting into the market again. Hence, the corrective measures will create a long lasting solution to the product due to the stiff competition that is experienced in the market place.
If the market performance shows a little likelihood of meeting the marketing objectives, various changes need to be made. First, dealing with the real competition will be the initial step. The market has various scaling on the competition. Some of these elements need to be managed in an effective handle the biggest threats in the market. Issues of branding need to be done. The branding of the silver cachaca can be enhanced in all dimensions to reach more customers. The TV ads can be enhanced to increase the purchasing power of the customers. Further, various endorsements can be used to increase the product’s market share. Also, proper research can be done in all ways to determine potential customers. It includes international marketing through sports and other international business seminars. As such, the global recognition of the product will increase in sales that will bring a positive market performance. The product might not be able to beat the local or regional competitors, but it can do well in other regions. It happens due to difficulties in creating a new brand within the locality of many old brands. However, introducing the brand to a new region where other local brands have not taken root will boost its market performance.
Quadrant 4
Customer relations can be managed in various ways to enhance the success of the product. To manage customer relations, the company will have to ensure it understands customer needs. A good business will work well in a way that ensures all the desires of the customers are met (Lee et al., pg 356). Some customers may demand delivery services that need to be met by the company. Besides, customizing the sizes of the product will be essential if the customers complain of small products or oversized products. As such, the needs will be managed effectively. Moreover, framing the benefits based on the customer benefits will provide an essential good approach that will ensure the customer issues are well performed.
Besides, managing customer relations requires the use of modern technology to improve the customer’s experience. Technology in recent years has been in the far end. The company does not need to be out in the exploiting technology to improve customer services. For example, making orders online through the website can be enhanced to ensure that good interaction between the customer and the company is attained within the shortest period possible. In regard, reducing technological barriers can be enhanced as a way of accommodating every customer. Older customers have issues with the use of technology. As such, it is important to ensure that the company does not operate solemnly on modern technologies only. Some old fashioned models should be put in place to cover a wide spectrum of the customers. Hence, every customer will feel appreciated by the company in the delivery of its product.
Besides, the development of the products can be customer based. The design of silver cachaca should be based on the market gap that has been studied (Lee et al., pg 363). More importantly, the quality and pricing of silver cachaca are to be based on the needs of the customer as a way of taking over the market. For example, some alignment of the market pitches is to be designed to ensure it meets the customer needs. Besides, improving internal communication can be used as the basis of improving customer needs. Some of the complaints that are made by the customers must be delivered to the relevant departments within Novo Fogo to ensure they are well solved. Communication involves all the organs within the department that need to ensure the information is channeled well. The retailers are at the frontline of ensuring the information picked from the customers is delivered to the company. Besides, the reception department must direct the information to the right personnel within the department for proper changes to be done. Failure of communication can lead to the loss of the customers as the problems will continue reoccurring.
Many keys can be employed to develop good customer relations. Fundamentally, exceeding customer expectations will be the best approach used by Novo Fogo to ensure that customers are surprised by the quality, pricing, and performance of the product. However, if exceeding the customer expectations cannot be met, asking customers on their expectations can be used to achieve good relations. Many ways, such as showing appreciation, can be used to ensure that customers have the feeling of being part of the company. Appreciation can be done through promotions of giving a discount of the product annually or over a certain period. Also, giving the customer purchase cards can be important in creating recognition, which enables the customers to shop using the card company’s card. It will keep the customers in touch with the respective product as they will be aware they can get the shopping points that can be redeemed.
On the other hand, customers can be asked to give feedback on the product. The feedback is meant to ensure that the product customers are satisfied through making changes to meet their demand. More importantly, the feedback that is given by the customers will help out to create a bond between the product and the customers. In the business fraternity, all stakeholders deserve to be treated equally. Allowing every customer to give feedback creates a sense off recognition in the company. The products are designed to ensure all the changes that are made meet the feedback from the clients. For example, customers can be asked to give feedback on the quality of the brand when compared to existing market competitors. Customers will feel appreciated in a manner that improves the relationship with the company and the employees. Hence, the ability to incorporate feedback from the customers will positively improve customer interaction.
Customer service interaction is of the product that is based on direct or indirect. The initial interaction between the customers and the manufacturers occurs during the endorsement of the product. In regard, most of the interaction tales between retailers and direct consumers. It is important to note that retailers provide important information about the services they receive from the manufacturers as it makes an essential element in pushing forward the product for consumption (Lee et al., pg 357). Through good customer service interaction, it enables enhances customer retention. Customers rely on good processes, quality, and good services that encourage them to continue utilizing the product. Very high prices make the product unaffordable in a way that makes them prefer for alternative products
Customer measure is important in evaluating the likelihood of the customer purchasing the product. It is affected by factors such as the economy and the quality of the product in the market. Moreover, some factors like culture contribute to the customer’s likelihood of purchasing the product. Existing people in society might have norms that do not allow women and other people to consume the cachaca spirit. As such, the business environment must be evaluated well to determine the new market. Besides, the silver cachaca needs to have premium prices to ensure the wealthy class recommends the product. Besides, the ability of the commodity to be advertised well helps in improving customer loyalty. As such, the loyalty of the product will rely on the premium prices and the quality of the product.
Works Cited
Chen, Hui-Chiao, and Chih-Hao Yang. “Applying a multiple criteria decision-making approach to establishing green marketing audit criteria.” Journal of cleaner production 210 (2019): 256-265.
Lee, Liane WY, et al. “Managing customer relationships in the emerging markets–guanxi as a driver of Chinese customer loyalty.” Journal of business research 86 (2018): 356-365.