milan's blog

Branding: is the "name, term, sign, symbol or design, or a combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of other sellers.
Therefore it makes sense to understand that branding is not about getting your target market to choose you over the competition, but it is about getting your prospects to see you as the only one that provides a solution to their problem.
The objectives that a good brand will achieve include:
· Delivers the message clearly
· Confirms your credibility
· Connects your target prospects emotionally
· Motivates the buyer
· Concretes User Loyalty
Branding is an important factor in first direct because first direct always wants to be unique than anyother baking business, to do that it creates an image,message to customer to interest them in their product, one of the key example of first direct comes its name("first direct") the name and the way it sounds is really easy for the customer to understand, the meassage given to customer is delivered cleary as well first might sound like it the top and direct means jus easy one way of banking, the other way first direct motivate the customer to choose them emotionally is through its colour when yu go to first direct website or its bank card yu can see the colour the business black and white its plain and simple this might make the customer think that the business is strong, does no frauds things, its good and is very straight forwards and is always loyal to the customer

Relationship marketing: concept, lifetime customer
Relationship Marketing involves using methods and skills to make a long term relationship with customers in order to retain them. The business keeps a relationship with its customers so they can have a long lasting relationship through out the customers life, relationship marketing really helps the business because the business can get more customers and persuade their customers. An organisation must exceed customer satisfaction in order to retain them and develop a healthy relationship with their customers.

first doesnt links to relationship marketing beacuse i think first direct is  really intrested in customer life and go in depths lifetime relation with them because everything done by the busineess is done through telephone and internet they get the chance to go to their established banking place and get to talk to them in reality or by the phone, first direct might convience customer or persuade them to join their business through their price offer or their liability etc and also through the useful means of friendliness of the business because most customer dont often change their bak once they join one venture they are most likely to stuck in their for life time and first direct is very good at making sure its customer always feel satisfied and happy in their business they have won sevral awards for doing this and also they are 76% good at keeping their customer satisfied.

E-Marketing: is the management process through the use of electronic communications technology. It uses the internet for marketing a brand. E- Marketing is one of the easiest ways to set business and be very well known. This is online shopping or online retailing; it’s an easy and fastest way which saves the consumer’s time for searching the product on the high street.
Branding: Branding consist of a set of activities undertaken by the seller of a product or service whose objectives are comprised in three parts: 1. improve its alleged value;
2. Unite certain attributes or merits with it in the minds of customers
3. raise the depth and breadth of general customer awareness (mindshare) about it

E-Marketing plays a very vital role in first direct its basicaly the key to the business, first direct is the only bank to have ever done their business only in telephone and their website so it directly links to e-marketing and this has proved to be very succesful as well because customer might hate to go on high street or their banks to enquire complains or draft their money in and out they want to take more use through electronics means of communicating, first direct have well thought of this idea because nowadys most of people have either telephone or internet in their home so to take this chance first direct planned to make customer life more easier by doing online banking,selling their products through internet their website and telephone where they can check their amount of credit they have remaining how much their spending and talk to people on phone and cash in their amount of money they want to put in their cards or also look into their products such as morages rates,loans, insurance etc.they also do other from of e-marketing than only banking such as they have things such

Little Black Book

Interactive

Social Media Newsroom

Talking Point

this is all where customer can have a chat or discuss their problem privately or publicly which might not be only about banking.

P5
Market segmentation: is separating a market into separate groups of potential customers who share common characteristics and interests and who are likely to be attracted to particular products or services. Market segmentation is also separating the customers into different groups, and sometimes can split up into different age groups because different age customers are interested in different things from the business. Segmentation allows you to have different customers in different groups.

first direct do segment some of their customer in some areas such as the age of the customer and through the income that customer earns, age and where they are living in uk this might matter for first direct because every group of customer have their own interest young ones might prefer things such as low morgages and olderly ones might prefer things such as high penison to take a hold of this oppurtunity first direct segemet the customer into different groups they give things such as lower morgage rates to younger customer to keep them more satisfied. they also segment their customer into the amount of income they earn and give out and advice them to take on the special products such as savings account insurance etc this mightalso persuade the other avaliable customer to join them and they take a hold on the olderly ones as well by giving them pension loans etc. this segmenting might earn first direct more customer and later probably earn more profit.

business such as tesco can use market reseach to understand behaviour of customer,competitor and the market information. they can collect this information through the use of focus groups,customer inteviews,questionares,teachnology-internet feedbacks,user groups, postal surveys etc.
later they can process this information and have a use it to improve the customer wants and needs, to stay ahead of their competitors and also have a freindly relationship marketing environment with the customer.
an example of a research would be focus gropus have identified more customer of tesco both poor and rich care about the standard of hygeine of tesco this is where they secretly watch around the market and tills.

 they also do customer interviews, postal surveys and user group questionares in which they ask customer and make a detailed informantions of complaints,enquires and compliments and identify what customer are taking hold of what their interest is most likely going on and later conclude what they are looking for and imprve it.

,they also research through the help of technology in their website people also post complaints and enquires which are called internet feedbacks later they take action on it this has work out than any other trends so now they can focus on that critea and improve it thus increase their customer and earn more profit.

Market research Uses and Limitations
market research could be used for a number of purposes such as to
identify market trends knowing what problems are in the market or what are succesful part of it.
identify market segment knwoing what each groups such as old young customer interest what they are looking.
identify competition what other market such as sainsbury,asda doing what are their usp and how can they improve their to make a better one.
identify opportunities/gap in the marget seeing the what chances can be filled up whihc are missing in the business like replacing an old product with a better one which will be more preverable to the customer
reduce risk deducting their problems from both competitors and customer dislikes.
market reseach might have a lot of advantage to it but there are also somethings that yout have to consider such as
the reliabilty of the data how accurate it is and how much extend of information it has to it,
time constraints how long it will take will the tijme be enough to seek out the problems
Budgetary constraints how expensive it can be to carry out research is it beyond their current expenditure.
Legal & ethical constraints like researchers must ensure that the data they obtain is kept secure, is only used for lawful purposes and is only kept for as long as it is necessary.

internal research
internal reseach is research that is carried out within the organisation. it looks at the past data and new data collected by the orgabnisation is itself which is more accurate, easy and reliable to follow.
whereas external reseach
external research is a reseach which is carried out by some one outside of the organisation which is more expensive to collect and even harder to generate.

primary research is a first hand research which is new information and is collected for particular purpose. it can be done by using means such as surverys, questinaresetc usually it is more time-consuming and expensive to collect.
secondary research is research which is already collected it can be a overveiw of primary research data. it can be collected through the use of internet,books, newpapers etc and it is usually chepa and unreliable.

There are two main types of market research that business have to carry out to find out customer wants and needs-
one of the research that business follows is
quantitative research this involves collecting a lot of information by using techniques such as questionnaires and other forms of survey to do business can set up their website where people can fill comments they can basically follow this research through numerical data.
another
qualitative research involves working with smaller samples of consumers often asking them to discuss products and services while they take notes about what they have to say. The marketing department will usually combine both forms of research to do this business can set up private place where customer can discuss their comment and problem directly.

milan

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