Product
A product is defined as any thing that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need. Product include more than just tangible goods.. Product is the key element in the overall market offering. Product include physical objects, services, events, persons, places, and organization.
Introduction
Mountain Dew is healthier soft drinks.
Mountain Dew is a drink distributed and manufactured by PepsiCo. The main formula was invented in Knoxville, Tennessee, named and first marketed in Knoxville and Johnson City, TN in the 40s, then by the Minge family in Fayetteville, North Carolina and across the United States in 1964.When removed from its characteristic green bottle, Mountain Dew is bright yellow-green and semi-opaque.
As of 2007, Mountain Dew was the fourth-best-selling carbonated soft drink in the United States, behind only Coca-Cola Classic, Pepsi-Cola, and Diet Coke. Diet Mountain Dew ranked ninth in sales in the same year. In October 2008, it was announced that Pepsi would be redesigning their logo and re-branding many of their products.
Product Attributes
The product attributes like shape of the bottle, color of the drink, labeling and packing are uniquely designed which actually shows the quality of Mountain Dew. The product attributes were so attractive that it really helped Mountain Dew strongly entering into the existing CSD market of Bangladesh
Quality Product
Mountain Dew is providing the quality citrus soft drink. They are strictly meeting the updated ISO standards, hence meeting the quality needs properly. Apart from this, they have hired specially trained quality employees who are always involved in the quality checking of the product through out the manufacturing process.
For example: Two soft drink Mountain Dew and Sprite, here maxi Mountain Dew customer choice the Mountain Dew soft drink. Because of Mountain Dew quality is better then the Sprite.
Feature
A product can be offered with varying features. A stripped down model one without any extras is the starting point.
For Example:
Mountain Dew creates higher level models by adding more features. Features are a competitive tool for differentiating the company’s product from competitors products. Being the first producer to introduce a valued new feature in one of the most effective ways to compete.
Actual product
Mountain Dew is an actual product. Its name, parts, styling, features, packaging, and other attributes have all been combined carefully to deliver the core benefit of staying connected. It is the crystal clear natural soft drink, Core benefit: It is the 85% healthier soft drink
Design
Mountain Dew bottle style and design is more attractive then other soft drink bottle. Its style can be eye catching. Its design more effective the customer mined.
Branding
A combination of name, term, sign and symbol is called brand. Packaging involves designing and producing. Brand equipment are available the Mountain Dew soft drink. A brand name also help the buyers in many ways, a brand name helps consumers to identify the product. Brand name can impact the customer mind and that is “Mountain Dew”.
For example: When a consumer buys a soft drink he/she prefer Mountain Dew soft drink. Because, brand name.
Packaging
Packaging involves designing and producing the containers or wrapper for a product. The primary function of the package was to hold and protect the product. Now a days, numerous factors have made packaging an important marketing tool as well. Increased competition & culture on retail store shelves means that packages must now perform many sales tasks-from attracting attention, to describing the product, to making the sale.
Mountain Dew is Soft drink packaged in plastic or Can containers.
Labeling
Labeling range from simple tags attached to products to complex graphics that are part of the package. They perform several function at the very least the label identifies the product or brand such as the name Sunkist stamped on orange. The label might also describe several things about the product who made it, where it was made, when it was made, it’s contents, how it is to be used and how to use it safety. Finally the label might help to promote the brand support its positioning and connect with customer. For many companies labels have become an important element in broader marketing campaigns.
Production date Batch No SP Expire Date
1-02-2010 25063021012 10(b) 31-12-2012
Product support service
Customer service is another element of product strategy. A company’s offer usually includes some support service which can be a minor or a major part of the total offering.
Mountain dew soft drink provide some facilities their customer like:
1. 1liter Mountain Dew soft drink are more cheaper than 2liter or 1.5.
2. Company collect the information from the consumer by the seller or retailer.
Conclusion
The Mountain Dew is developing a new type of bottle that could replace at least some of the environmentally harmful plastic it and other beverage makers now use with more Earth-friendly material made from sugarcane and molasses. The company plans to announce details about the new package, called ‘MTN DEW, in mid-May.
Saturday
Individual product decision (Coca Cola )
Introduction
As the world's largest manufacturer and distributor of non-alcoholic beverages, Coca-Cola is certainly no stranger to global marketing. Established in the US, Coca-Cola initiated its global expansion in 1919 and now markets to more than 200 countries worldwide. It is one of the most recognizable brands on the planet and also owns a large portfolio of other soft drink brands including Schweppes, Oasis, 5 alive, Kea Oar, Fanta, Lilt, Dr Pepper, Sprite and PowerAde. Despite this, Coca-Cola often struggles to maintain its market share over its main rival PepsiCo in some overseas markets, particularly Asian countries.
Product Attributes
Developing A product involves defining the benefits that it will offer. This benefits are communicated and delivered by product attributes such as quality features and style design.
Product Quality:
The characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs.
Product Features:
A product can be offered with varying features. A stripped down model one without any extras is the starting point.
For Example:
Coca Cola Company creates higher level models by adding more features. Features are a competitive tool for differentiating the company’s product from competitors products. Being the first producer to introduce a valued new feature in one of the most effective ways to compete.
Product Style & Design:
Design is a larger concept than style. Style simply describes the appearance of a product. Styles can be eyes catching or yawn producing. A sensational style may grab attention and produce pleasing aesthetics but it does not necessarily make the product perform better. Unlike style, design is more than skin deep it goes to the very heart of a product. Good design contributes to a product’s usefulness as well as to its looks.
Design begins with a deep understanding of a customer needs. More than simply creating product or service attributes it involves shaping the customer’s product use experience.
For Example:
Coca Cola provides higher performance quality than other soft drink. It has good taste, high quality, exclusive feature & eye-catching style.
Brand:
A name term sign symbol design or a combination of these that identifies the products or services of one seller or group of sellers and differentiates then from those of competitors.
For Example:
Most of the consumers would perceive a bottle of Coca Cola as a high-quality, expensive product. But the same soft drink in an unmarked bottle would likely be viewed as lower in quality & consumer would unwilling to buy.
Packaging:
The activities of designing and producing the container or wrapper for a product.
For Example:
In its quest for a refreshing, more relevant new look, Coca Cola created on less than 35 new domestic & international design. So consumer more attractive to Coca Cola.
Labeling:
Labeling range from simple tags attached to products to complex graphics that are part of the package.
For Example:
Coca Cola recently redrafted the graphics on its soft drink as a part of a broader effort to give the brand more meaning & social relevance to its youth audience.
Its Labeling has been affected in recent times by unit pricing, open dating & nutritional labeling.
Product Support Services:
Customer service is another element of product strategy. In this case Coca Cola provides information in web, net & other source for the shake of consumer.
Conclusion
The Coca-Cola Company is developing a new type of bottle that could replace at least some of the environmentally harmful plastic it and other beverage makers now use with more Earth-friendly material made from sugarcane and molasses. The company plans to announce details about the new package, called ‘Plant Bottle’, in mid-May.
As the world's largest manufacturer and distributor of non-alcoholic beverages, Coca-Cola is certainly no stranger to global marketing. Established in the US, Coca-Cola initiated its global expansion in 1919 and now markets to more than 200 countries worldwide. It is one of the most recognizable brands on the planet and also owns a large portfolio of other soft drink brands including Schweppes, Oasis, 5 alive, Kea Oar, Fanta, Lilt, Dr Pepper, Sprite and PowerAde. Despite this, Coca-Cola often struggles to maintain its market share over its main rival PepsiCo in some overseas markets, particularly Asian countries.
Product Attributes
Developing A product involves defining the benefits that it will offer. This benefits are communicated and delivered by product attributes such as quality features and style design.
Product Quality:
The characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs.
Product Features:
A product can be offered with varying features. A stripped down model one without any extras is the starting point.
For Example:
Coca Cola Company creates higher level models by adding more features. Features are a competitive tool for differentiating the company’s product from competitors products. Being the first producer to introduce a valued new feature in one of the most effective ways to compete.
Product Style & Design:
Design is a larger concept than style. Style simply describes the appearance of a product. Styles can be eyes catching or yawn producing. A sensational style may grab attention and produce pleasing aesthetics but it does not necessarily make the product perform better. Unlike style, design is more than skin deep it goes to the very heart of a product. Good design contributes to a product’s usefulness as well as to its looks.
Design begins with a deep understanding of a customer needs. More than simply creating product or service attributes it involves shaping the customer’s product use experience.
For Example:
Coca Cola provides higher performance quality than other soft drink. It has good taste, high quality, exclusive feature & eye-catching style.
Brand:
A name term sign symbol design or a combination of these that identifies the products or services of one seller or group of sellers and differentiates then from those of competitors.
For Example:
Most of the consumers would perceive a bottle of Coca Cola as a high-quality, expensive product. But the same soft drink in an unmarked bottle would likely be viewed as lower in quality & consumer would unwilling to buy.
Packaging:
The activities of designing and producing the container or wrapper for a product.
For Example:
In its quest for a refreshing, more relevant new look, Coca Cola created on less than 35 new domestic & international design. So consumer more attractive to Coca Cola.
Labeling:
Labeling range from simple tags attached to products to complex graphics that are part of the package.
For Example:
Coca Cola recently redrafted the graphics on its soft drink as a part of a broader effort to give the brand more meaning & social relevance to its youth audience.
Its Labeling has been affected in recent times by unit pricing, open dating & nutritional labeling.
Product Support Services:
Customer service is another element of product strategy. In this case Coca Cola provides information in web, net & other source for the shake of consumer.
Conclusion
The Coca-Cola Company is developing a new type of bottle that could replace at least some of the environmentally harmful plastic it and other beverage makers now use with more Earth-friendly material made from sugarcane and molasses. The company plans to announce details about the new package, called ‘Plant Bottle’, in mid-May.
Individual product decision (PRAN DRINKING WATER)
Product
A product is defined as any thing that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need. Product include more than just tangible goods. Anything that can be offered to a marketer for attention, acquisition, use or consumption that might satisfy want or need. Product is the key element in the overall market offering. Product include physical objects, services, events, persons, places, and organization.
Introduction
Drinking water is not mineral water
Each of the world-famous manufacturers of mineral water has a long history of its own test of water purity printed on each bottle for many years. The objective of a manufacturer is to keep the original water purity intact when it is bottled. Drinking water manufacturers adhere to a different ideology. First, that the value of artificial water purity. To achieve the objective, subject the water to a purification method that sometimes heavy to be distilled. Then we add some salt. The consumer becomes even more confusing because the terminology is most relevant for mineral water. You can take a guess and try to classify the tap water is cleaned once chlorine, filtered and softened. It's like cleaning the filter through the kitchen on an industrial scale.
Manufacturers of drinking water have been very jealous of the success of brands of mineral water with medicinal properties. They have been trying to do an impression of your products as pharmaceuticals, natural, ecologically pure etc. The minerals in drinking water does not always get along in terms of physiology. Any school student who did well in a chemistry course you can calculate the dose of calcium salt, magnesium and hydrocarbon. For example, making mater by a technique that mimics the natural formation filtering the water with carbon dioxide through the marble and limestone. Then it could be enriched with diplomatic limestone, magnesium and calcium as a natural water. The sodium chloride content was significantly reduced. There have been several attempts to stop water production and in the world, but without success due to low production costs.
Moreover, specialists' opinions on water purification process vary considerably. While it is purified of toxic substances and the various s salts, water might also purchase some noxious properties. That's what exactly happened in the case artificial, developed carcinogens in the water after Ozona ion "home teeth whitening".
Product and Services Attributes
Quality: Pran quality is a direct impact on service performance, it is the closely linked to customer value and satisfaction. Without quality a product do not satisfy the customer. Pran is a best quality product. Compare Pran and other product we see that Pran is the best.
For example: Two mineral water Pran and Aqua, here maxiPran customer choice the Pran mineral water. Because of Pran quality is better then the Aqua.
Feature: Pran can create higher-level of models by adding features. It has varying features. The Pran with a rich list of feature ideas.
Actual product: Pran is an actual product. Its name, parts, styling, features, packaging, and other attributes have all been combined carefully to deliver the core benefit of staying connected. It is the crystal clear natural drinking water, Core benefit: It is the 99% mineral drinking Water.
Design: Pran bottle style and design is more attractive then other mineral water bottle. Its style can be eye catching. Its design more effective the customer mined.
Branding
A combination of name, term, sign and symbol is called brand. Packaging involves designing and producing. Brand equipment are available the Pran mineral water. A brand name also help the buyers in many ways, a brand name helps consumers to identify the product. Brand name can impact the customer mind and that is “Pran”.
For example: When a consumer buys a mineral water he/she prefer Pran mineral water. Because, brand name.
Packaging
Packaging involves designing and producing the containers or wrapper for a product. The primary function of the package was to hold and protect the product. Now a days, numerous factors have made packaging an important marketing tool as well. Increased competition & culture on retail store shelves means that packages must now perform many sales tasks-from attracting attention, to describing the product, to making the sale.
Pran Bottled water is drinking water packaged in plastic or glass containers. The dominant form is water packaged in new Polyethylene terephthalate bottles and sold retail. Another method of packaging is in larger high-density polyethylene plastic bottles, or polycarbonate plastic bottles, often used with water coolers.
Labeling
Labeling range from simple tags attached to products to complex graphics that are part of the package. They perform several function at the very least the label identifies the product or brand such as the name Sunkist stamped on orange. The label might also describe several things about the product who made it, where it was made, when it was made, it’s contents, how it is to be used and how to use it safety. Finally the label might help to promote the brand support its positioning and connect with customer. For many companies labels have become an important element in broader marketing campaigns.
Product support service:
Customer service is another element of product strategy. A company’s offer usually includes some support service which can be a minor or a major part of the total offering.
Pran drinking water provide some facilities their customer like:
1. 5liter pran drinking water are more cheaper than 2liter or 1.5.
2. Company collect the information from the consumer by the seller or retailer.
A product is defined as any thing that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need. Product include more than just tangible goods. Anything that can be offered to a marketer for attention, acquisition, use or consumption that might satisfy want or need. Product is the key element in the overall market offering. Product include physical objects, services, events, persons, places, and organization.
Introduction
Drinking water is not mineral water
Each of the world-famous manufacturers of mineral water has a long history of its own test of water purity printed on each bottle for many years. The objective of a manufacturer is to keep the original water purity intact when it is bottled. Drinking water manufacturers adhere to a different ideology. First, that the value of artificial water purity. To achieve the objective, subject the water to a purification method that sometimes heavy to be distilled. Then we add some salt. The consumer becomes even more confusing because the terminology is most relevant for mineral water. You can take a guess and try to classify the tap water is cleaned once chlorine, filtered and softened. It's like cleaning the filter through the kitchen on an industrial scale.
Manufacturers of drinking water have been very jealous of the success of brands of mineral water with medicinal properties. They have been trying to do an impression of your products as pharmaceuticals, natural, ecologically pure etc. The minerals in drinking water does not always get along in terms of physiology. Any school student who did well in a chemistry course you can calculate the dose of calcium salt, magnesium and hydrocarbon. For example, making mater by a technique that mimics the natural formation filtering the water with carbon dioxide through the marble and limestone. Then it could be enriched with diplomatic limestone, magnesium and calcium as a natural water. The sodium chloride content was significantly reduced. There have been several attempts to stop water production and in the world, but without success due to low production costs.
Moreover, specialists' opinions on water purification process vary considerably. While it is purified of toxic substances and the various s salts, water might also purchase some noxious properties. That's what exactly happened in the case artificial, developed carcinogens in the water after Ozona ion "home teeth whitening".
Product and Services Attributes
Quality: Pran quality is a direct impact on service performance, it is the closely linked to customer value and satisfaction. Without quality a product do not satisfy the customer. Pran is a best quality product. Compare Pran and other product we see that Pran is the best.
For example: Two mineral water Pran and Aqua, here maxiPran customer choice the Pran mineral water. Because of Pran quality is better then the Aqua.
Feature: Pran can create higher-level of models by adding features. It has varying features. The Pran with a rich list of feature ideas.
Actual product: Pran is an actual product. Its name, parts, styling, features, packaging, and other attributes have all been combined carefully to deliver the core benefit of staying connected. It is the crystal clear natural drinking water, Core benefit: It is the 99% mineral drinking Water.
Design: Pran bottle style and design is more attractive then other mineral water bottle. Its style can be eye catching. Its design more effective the customer mined.
Branding
A combination of name, term, sign and symbol is called brand. Packaging involves designing and producing. Brand equipment are available the Pran mineral water. A brand name also help the buyers in many ways, a brand name helps consumers to identify the product. Brand name can impact the customer mind and that is “Pran”.
For example: When a consumer buys a mineral water he/she prefer Pran mineral water. Because, brand name.
Packaging
Packaging involves designing and producing the containers or wrapper for a product. The primary function of the package was to hold and protect the product. Now a days, numerous factors have made packaging an important marketing tool as well. Increased competition & culture on retail store shelves means that packages must now perform many sales tasks-from attracting attention, to describing the product, to making the sale.
Pran Bottled water is drinking water packaged in plastic or glass containers. The dominant form is water packaged in new Polyethylene terephthalate bottles and sold retail. Another method of packaging is in larger high-density polyethylene plastic bottles, or polycarbonate plastic bottles, often used with water coolers.
Labeling
Labeling range from simple tags attached to products to complex graphics that are part of the package. They perform several function at the very least the label identifies the product or brand such as the name Sunkist stamped on orange. The label might also describe several things about the product who made it, where it was made, when it was made, it’s contents, how it is to be used and how to use it safety. Finally the label might help to promote the brand support its positioning and connect with customer. For many companies labels have become an important element in broader marketing campaigns.
Product support service:
Customer service is another element of product strategy. A company’s offer usually includes some support service which can be a minor or a major part of the total offering.
Pran drinking water provide some facilities their customer like:
1. 5liter pran drinking water are more cheaper than 2liter or 1.5.
2. Company collect the information from the consumer by the seller or retailer.
Monday
Global Recession
A country’s economy is said to be in a recession when the GDP (Gross Domestic Product) falls below 5-10 per cent, lasting for two or more quarters consecutively. The GDP can be defined as the total market value of services, goods, investment and labour within a country in a given period of time, which is usually one year. Generally speaking, it is said that a recession is a less severe downturn in the economy, and it has a tendency of getting resolved faster.
To some economists, a recession is an economic downturn that lasts for about 6 months to 1½ years, while a depression can be defined as a sharp downturn lasting a number of years. To other economists, a recession occurs when 4,000,000 – 5,000,000 people are unemployed for a period of 6-18 months, whereas a depression occurs when 7,000,000 – 8,000,000 people are unemployed for a longer period of time lasting years.
Recession, in fact, means different things to different people. For example, according to retailers, a recession means a fall in sales, although they do not agree whether it is a 5 percent or a 20 percent drop. To stockbrokers, it means a fall in the prices of stocks. For manufacturers, on the other hand, industrial production is the criterion.
Global recession starts affecting Bangladesh's economy
Bangladesh began to feel the pinch of the ongoing global economic downturn as the country's export sectors and overseas employment have been affected lately, though officials termed it "temporary."
Bangladesh's Finance Minister AMA Muhith on Sunday admitted that there has been a negative impact of the global recession on the country's sectors of jute, jute goods, knitwear and woven clothing, frozen food and many other sectors.
"The impact of recession is becoming visible gradually...It's slowly affecting all the sectors," the finance minister told reporters here after a meeting with a delegation of knitwear manufacturers and exporters.
This is the first time that a high-ranked government functionary has admitted that there has been a knock-on effect of global economic recession on the country's major export sectors, leading English-language daily The Financial Express said.
According to the statistics of the Export Promotion Bureau (EPB), Bangladesh's export earning in December 2008 dropped by over 10 percent due to declining demand and prices in global markets.
The export orders from the country's main export markets -- Europe and the United States -- have declined modestly due to the global economic meltdown, EPB officials said.
President of the Bangladesh Knitwear Manufactures and Exporters Association (BKMEA) Fazlul Hoque said exports from knitwear, the country's largest exporting item that witnessed robust growth for years, went down by 2.5 percent in December 2008.
But he said the shipment slumped by 25 percent in real term in the month while the trend of export orders shows no sign of bouncing back for at least the next three months.
Besides, the raw jute and jute goods exports in Bangladesh, the largest exporter of raw jute and jute products in the world, declined by 6.84 percent and 12.47 percent respectively in the first five months of the current 2008-2009 fiscal year (July 2008-June 2009).
Meanwhile, the country also experienced a sharp fall of 45 percent in manpower export in January due to declining demand in some Middle East countries which downsized their development activities amid the financial slowdown.
The country's inflow of remittance, which plays a significant role in the economy, is mostly contributed by the country's millions of overseas workers.
However, the finance minister made an optimistic observation that the impact of the global recession will be "temporary" and the government is gearing up its efforts to face the challenge.
He said a committee to counter the fallout is being formed and the first meeting of the proposed public-private body would be held by the end of this month or early next month.
The government earlier also asked the garments and textiles manufacturers to give proposals to recommend measures to tackle the impacts of the global economic crisis on the sectors.
Finance Minister AMA Muhith said the government will evaluate the proposals including the demand of increasing cash incentive for the apparel export.
Meanwhile, Bangladesh's Textile and Jute Minister Abdul Latif Biswas on Sunday said the government will soon adopt a coordinated strategy to safeguard the textile and garments industry from the shocks of financial meltdown.
The government will move fast to address the problems, he said at an inaugural ceremony of a textile and garment machinery exhibition here.
Bangladesh's tax revenue miss target as global recession constricts major source
Bangladesh's tax revenue income in the immediately past fiscal year ending in June fell short of target by around 1.19 percent as the world economic recession constricted imports growth, chopping off big slice of earnings from customs duties, officials said on Monday.
According to provisional statistics of the country's National Board of Revenue (NBR), the board collected 523.71 billion taka ( about 7.48 billion US dollars) in tax revenues in the last 2008- 09 fiscal year (July 2008-June 2009).
Bangladesh's total revenue collection target in the 2008-09 fiscal year was earlier set at 693.82 billion taka, of which the government set a tax revenue target of 545 billion taka.
Later on in May this year, the tax revenue target was reduced to 530 billion taka following a sluggish trend in earnings of import duties amid a volatile global economic situation.
Director (Research and Statistics) of the NBR, Sachindra Nath Sarker, said the fall in import duties was due mainly to decline in customs and supplementary duties, triggered by a big prices erosion of imported goods in the global market in context of financial tsunami.
The provisional statistics of the NBR, however, showed tax revenue earnings of the country was 10.41 percent higher than the collections in the previous 2007-08 fiscal year (July 2007-June 2008).
The South Asian country's tax revenue income in the previous 2007-08 fiscal year stood at 474.35 billion taka, with nearly 27 percent growth over that of the 2006-07 fiscal year.
"We missed a large sum of customs and supplementary duties because of price fall of imported items," a senior official in the customs department under the NBR said, requesting to be unnamed.
He said the NBR data showed the country's tax revenue earnings growth steadily decelerated from 19.80 percent in the first quarter of 2008-09 fiscal year to 13.24 percent in the first half and 12.21 percent in the first nine months.
However, of three major revenue wings including income tax, customs and value added tax (VAT), the official said earnings from the customs department, which accounts for more than 40 percent of the NBR's annual tax revenue collections, was 5.19 billion taka less than the revised target of 213.22 billion taka in last 2008- 09 fiscal year.
Apart from this, the provisional data showed earnings from VAT also fell short of target with around 4.55 billion taka in the last 2008-09 fiscal year, largely because of shortfall of supplementary duty collection.
The official of customs department said if the sliding trend in tax revenue collections continue, the government will face problem managing finance for its current 2009-10 fiscal year's budget.
Bangladesh Parliament last month passed 1.14 trillion taka ( about 16.5 billion US dollars) national budget for the current 2009-10 fiscal year began from July 1.
The budget set a revenue earning target of around total 794.60 billion taka for current fiscal year. Of total, the tax revenue collection target for the country's revenue board has been set at 610 billion taka. (1 US dollar equals about 70 taka)
Bangladesh Garment Trade Hit Hard by Global Recession, Seeking Aid
A garment-industry executive in Bangladesh says the global economic downturn has cost 50,000 garment workers their jobs, and he wants the government to provide financial support for the industry.
The president of the Bangladesh Garment Manufacturers and Exporters Association, Abdus Salam Murshedy, says factory owners also need more than $425 million from the government to pay salaries and bonuses due this month. Otherwise, he says, further layoffs may be necessary.
Garment manufacturing is the largest and most important sector of Bangladesh's economy. The $12 billion-a-year industry account for more than three-quarters of the nation's exports and foreign-exchange earnings.
Murshedy told reporters in Dhaka Thursday there have been major job losses due to 107 factory closures in recent months, even though trade statistics show the industry's overall performance improved during the last (2008-09) fiscal year.
Global Financial Recession & Bangladesh RMG exports
Garment exporters and major buyers say the global economic crisis will not affect Bangladesh’s ready made garment sector as it exports mainly basic products.
“Buyers will flock to Bangladesh for cheaper RMG products as major competitors such as China, India and Vietnam make mainly high-end garments,” said an official of a buying house, requesting anonymity. He said the sales of cheaper RMG products increased both in Europe and the US by 20 percent following the global financial turmoil. Manufacturers said only 5 percent of Bangladesh’s ready made garments are high-end.
KI Hossain, a local buyer, said the global financial recession might be a boon for Bangladesh and a bane for competitors. “The number of orders we are receiving from foreign buyers is still high as the buyers now look to cheaper RMG products,” he said.”I don’t see any negative impact of the financial turmoil on the export of Bangladeshi readymade garments,” said a senior official of an international buying house in Dhaka.
Talking to The Daily Star, Ghulam Faruque, chairman of SQ Group, one of the largest sweater exporting groups in Bangladesh, said: “Till now, the situation is good as the flow of foreign orders has been the same. It was rather higher in some cases”. “The bad impact of the global recession may be felt in February or March if the situation in the western financial markets does not improve,” Faruque said.
KM Rezaul Hasanat, managing director of Viyellatex Group, said the buyers of high-end ready made garments of India and China would now outsource products from Bangladesh. The orders are usually low from August to October and start peaking up from November. “So, we should not be worried about orders,” Hasanat said. He cautioned that some ’so-called’ buyers might want to take the opportunity of the recession. “They may demand rebates or concession. We must handle such a situation smartly,” Hasanat said. He said he did not receive any fewer orders than before.
A recent study of the International Monetary Fund (IMF) said Bangladesh’s abundant and relatively low-cost labour made it an attractive destination for investors. “Its success in the garment industry, which was the starting point in the industrialisation process for many of the East Asian economies, will make it attractive to investors as will its growing domestic market and good access to the huge Indian market,” said the IMF study report. According to the study released a week ago, “Although competition is becoming more intense, Bangladesh’s strong market position does not look like diminishing in the short term.”
Bangladesh set an export target at $16.298 billion for fiscal 2008-09, with the readymade garment sector to earn the highest amount of foreign currency. Of $16.298 billion, $12.267 billion is expected to come from two main sub-sectors of RMG: knitwear and woven.
How can our governments work together to overcome the global recession?
Combine the finest minds in the field of Economics, Banking and Finance from all over the world and get them to agree a way in which we can tackle the problem, without political bias.
A politically neutral discussion with these experts, over the course of however long it may require, may be a better way to come up with a solution - as opposed to gathering World leaders to discuss a solution in one day to an infinitely complex issue. Remember that Governments may choose to pursue their own political ambitions - as opposed to the most suitable economic strategy - when deciding on policies. This can, in itself, have a disastrous effect on the economy
This is a problem that needs a very long term solution; in other words longer than a usual term for a President or Prime Minister. I dread to think of any proposed solutions made by a current leader (and agreed in G20) to be ignored by his/her successor simply because of a difference in his/her own political ideals.
We have numerous types of financial systems all over the world, each with different regulatory systems. I think maybe having cohesion and standard protocols in terms of finance and banking internationally may prevent such disaster in the future.
Look at the US for examples. There are 2 regulatory systems for banks; The Office of the Comptroller of the Currency, and The Fed (which has joint responsibility with State Banking Authorities). These 2 parties have overlapping jurisdictions when it comes to banks in the US. Furthermore, you also have the Securities and Exchange Commission overlooking the securities market.
I am no expert, but I know that having such a complicated regulatory system in the US can give rise to several problems which can lead to a financial crisis.
Maybe if we can set international standards by which ALL financial intermediaries can adhere to, it would perhaps be slightly easier to monitor and regulate financial systems all over the world, and hence equipping governing bodies with better means to prevent financial crisis from occurring.
With better monitoring, we can tackle the following factors:
1) Increases in Interest rates
2) Increases in uncertainty
3) Asset Market effects on Balance sheets
4) Problems in the Banking Sector
5) Government Fiscal Imbalances
6) Asymmetric information (e.g. adverse selection & moral hazard)
All of which are contributory factors in a financial crisis.
ADB projects 5.2pc GDP growth for Bangladesh
The Asian Development Bank (ADB) forecast Bangladesh's economic growth at 5.2 percent for the current fiscal year (2009-10), down from nearly 5.9 percent the previous year.
The ADB report blames the effects of global slowdown on exports and remittances and a low consumer spending and domestic demand for this downturn in growth.
“GDP growth is forecast to slide further to 5.2 percent in fiscal 2009-10 as the global economic slowdown persists with continued moderation in external and domestic demand,” said the Manila-based international lender in Asian Development Outlook (ADO) 2009 report, released Tuesday.
The report is an ADB's flagship annual economic publication. This year's report has forecast economic expansion in developing Asia to come in at 3.9 percent, up from the 3.4 percent predicted in March. In 2010, the growth projection is likewise upgraded to 6.4 percent from 6 percent. Stronger growth in East Asia and South Asia underpinned the improved prospects.
Prospects for South Asia improved to 5.6 percent this year, up from the previous forecasts of 4.8 percent as the outlook for five of the eight sub-regional economies were upgraded.
The sub-region's limited reliance on trade partly shielded it from the adverse effects of the global slump. Emerging signs of a recovery in private business confidence and a continued large fiscal stimulus announced in the July 2009 budget helped bolster India's projected economic expansion to 6 percent this year, upgraded from 5 percent in March. Bleaker prospects are projected for the Maldives, on account of weak tourism receipts, and for Pakistan and Sri Lanka due to tight domestic demand and the weak global economy.
Thus, there is hardly any cushion available to Bangladesh to mitigate the adverse impact of the ongoing recession. The purpose of this write up, however, is not to come up with policy suggestions for addressing the current debacle. This would call for a separate and serious professional exercise. As a matter of fact, a number of areas requiring policy interventions towards raising the competitiveness of domestic export-oriented sector and enhancing trade related capacity building have already been identified and put on the table. The task now is to seriously get on with the business of implementing the agendas. The upshot of the above discussion is to reemphasize that in the coming months and years Bangladesh’s increasingly globalized economy will, of necessity, have to be adequately prepared to face the consequences of the fluctuating fortunes of the global economy. The current debacle suffered by Bangladesh’s export sector should transmit appropriate signals to the country’s policy makers to the effect that it is only from strengthened global integration that Bangladesh stands to benefit in the context of her increasingly globalized economy; failing this, the price to be paid will rise in direct proportion to the degree of the country’s lack of preparedness. The ongoing global recession should thus serve Bangladesh both as a wake-up call, and as an warning bell.
To some economists, a recession is an economic downturn that lasts for about 6 months to 1½ years, while a depression can be defined as a sharp downturn lasting a number of years. To other economists, a recession occurs when 4,000,000 – 5,000,000 people are unemployed for a period of 6-18 months, whereas a depression occurs when 7,000,000 – 8,000,000 people are unemployed for a longer period of time lasting years.
Recession, in fact, means different things to different people. For example, according to retailers, a recession means a fall in sales, although they do not agree whether it is a 5 percent or a 20 percent drop. To stockbrokers, it means a fall in the prices of stocks. For manufacturers, on the other hand, industrial production is the criterion.
Global recession starts affecting Bangladesh's economy
Bangladesh began to feel the pinch of the ongoing global economic downturn as the country's export sectors and overseas employment have been affected lately, though officials termed it "temporary."
Bangladesh's Finance Minister AMA Muhith on Sunday admitted that there has been a negative impact of the global recession on the country's sectors of jute, jute goods, knitwear and woven clothing, frozen food and many other sectors.
"The impact of recession is becoming visible gradually...It's slowly affecting all the sectors," the finance minister told reporters here after a meeting with a delegation of knitwear manufacturers and exporters.
This is the first time that a high-ranked government functionary has admitted that there has been a knock-on effect of global economic recession on the country's major export sectors, leading English-language daily The Financial Express said.
According to the statistics of the Export Promotion Bureau (EPB), Bangladesh's export earning in December 2008 dropped by over 10 percent due to declining demand and prices in global markets.
The export orders from the country's main export markets -- Europe and the United States -- have declined modestly due to the global economic meltdown, EPB officials said.
President of the Bangladesh Knitwear Manufactures and Exporters Association (BKMEA) Fazlul Hoque said exports from knitwear, the country's largest exporting item that witnessed robust growth for years, went down by 2.5 percent in December 2008.
But he said the shipment slumped by 25 percent in real term in the month while the trend of export orders shows no sign of bouncing back for at least the next three months.
Besides, the raw jute and jute goods exports in Bangladesh, the largest exporter of raw jute and jute products in the world, declined by 6.84 percent and 12.47 percent respectively in the first five months of the current 2008-2009 fiscal year (July 2008-June 2009).
Meanwhile, the country also experienced a sharp fall of 45 percent in manpower export in January due to declining demand in some Middle East countries which downsized their development activities amid the financial slowdown.
The country's inflow of remittance, which plays a significant role in the economy, is mostly contributed by the country's millions of overseas workers.
However, the finance minister made an optimistic observation that the impact of the global recession will be "temporary" and the government is gearing up its efforts to face the challenge.
He said a committee to counter the fallout is being formed and the first meeting of the proposed public-private body would be held by the end of this month or early next month.
The government earlier also asked the garments and textiles manufacturers to give proposals to recommend measures to tackle the impacts of the global economic crisis on the sectors.
Finance Minister AMA Muhith said the government will evaluate the proposals including the demand of increasing cash incentive for the apparel export.
Meanwhile, Bangladesh's Textile and Jute Minister Abdul Latif Biswas on Sunday said the government will soon adopt a coordinated strategy to safeguard the textile and garments industry from the shocks of financial meltdown.
The government will move fast to address the problems, he said at an inaugural ceremony of a textile and garment machinery exhibition here.
Bangladesh's tax revenue miss target as global recession constricts major source
Bangladesh's tax revenue income in the immediately past fiscal year ending in June fell short of target by around 1.19 percent as the world economic recession constricted imports growth, chopping off big slice of earnings from customs duties, officials said on Monday.
According to provisional statistics of the country's National Board of Revenue (NBR), the board collected 523.71 billion taka ( about 7.48 billion US dollars) in tax revenues in the last 2008- 09 fiscal year (July 2008-June 2009).
Bangladesh's total revenue collection target in the 2008-09 fiscal year was earlier set at 693.82 billion taka, of which the government set a tax revenue target of 545 billion taka.
Later on in May this year, the tax revenue target was reduced to 530 billion taka following a sluggish trend in earnings of import duties amid a volatile global economic situation.
Director (Research and Statistics) of the NBR, Sachindra Nath Sarker, said the fall in import duties was due mainly to decline in customs and supplementary duties, triggered by a big prices erosion of imported goods in the global market in context of financial tsunami.
The provisional statistics of the NBR, however, showed tax revenue earnings of the country was 10.41 percent higher than the collections in the previous 2007-08 fiscal year (July 2007-June 2008).
The South Asian country's tax revenue income in the previous 2007-08 fiscal year stood at 474.35 billion taka, with nearly 27 percent growth over that of the 2006-07 fiscal year.
"We missed a large sum of customs and supplementary duties because of price fall of imported items," a senior official in the customs department under the NBR said, requesting to be unnamed.
He said the NBR data showed the country's tax revenue earnings growth steadily decelerated from 19.80 percent in the first quarter of 2008-09 fiscal year to 13.24 percent in the first half and 12.21 percent in the first nine months.
However, of three major revenue wings including income tax, customs and value added tax (VAT), the official said earnings from the customs department, which accounts for more than 40 percent of the NBR's annual tax revenue collections, was 5.19 billion taka less than the revised target of 213.22 billion taka in last 2008- 09 fiscal year.
Apart from this, the provisional data showed earnings from VAT also fell short of target with around 4.55 billion taka in the last 2008-09 fiscal year, largely because of shortfall of supplementary duty collection.
The official of customs department said if the sliding trend in tax revenue collections continue, the government will face problem managing finance for its current 2009-10 fiscal year's budget.
Bangladesh Parliament last month passed 1.14 trillion taka ( about 16.5 billion US dollars) national budget for the current 2009-10 fiscal year began from July 1.
The budget set a revenue earning target of around total 794.60 billion taka for current fiscal year. Of total, the tax revenue collection target for the country's revenue board has been set at 610 billion taka. (1 US dollar equals about 70 taka)
Bangladesh Garment Trade Hit Hard by Global Recession, Seeking Aid
A garment-industry executive in Bangladesh says the global economic downturn has cost 50,000 garment workers their jobs, and he wants the government to provide financial support for the industry.
The president of the Bangladesh Garment Manufacturers and Exporters Association, Abdus Salam Murshedy, says factory owners also need more than $425 million from the government to pay salaries and bonuses due this month. Otherwise, he says, further layoffs may be necessary.
Garment manufacturing is the largest and most important sector of Bangladesh's economy. The $12 billion-a-year industry account for more than three-quarters of the nation's exports and foreign-exchange earnings.
Murshedy told reporters in Dhaka Thursday there have been major job losses due to 107 factory closures in recent months, even though trade statistics show the industry's overall performance improved during the last (2008-09) fiscal year.
Global Financial Recession & Bangladesh RMG exports
Garment exporters and major buyers say the global economic crisis will not affect Bangladesh’s ready made garment sector as it exports mainly basic products.
“Buyers will flock to Bangladesh for cheaper RMG products as major competitors such as China, India and Vietnam make mainly high-end garments,” said an official of a buying house, requesting anonymity. He said the sales of cheaper RMG products increased both in Europe and the US by 20 percent following the global financial turmoil. Manufacturers said only 5 percent of Bangladesh’s ready made garments are high-end.
KI Hossain, a local buyer, said the global financial recession might be a boon for Bangladesh and a bane for competitors. “The number of orders we are receiving from foreign buyers is still high as the buyers now look to cheaper RMG products,” he said.”I don’t see any negative impact of the financial turmoil on the export of Bangladeshi readymade garments,” said a senior official of an international buying house in Dhaka.
Talking to The Daily Star, Ghulam Faruque, chairman of SQ Group, one of the largest sweater exporting groups in Bangladesh, said: “Till now, the situation is good as the flow of foreign orders has been the same. It was rather higher in some cases”. “The bad impact of the global recession may be felt in February or March if the situation in the western financial markets does not improve,” Faruque said.
KM Rezaul Hasanat, managing director of Viyellatex Group, said the buyers of high-end ready made garments of India and China would now outsource products from Bangladesh. The orders are usually low from August to October and start peaking up from November. “So, we should not be worried about orders,” Hasanat said. He cautioned that some ’so-called’ buyers might want to take the opportunity of the recession. “They may demand rebates or concession. We must handle such a situation smartly,” Hasanat said. He said he did not receive any fewer orders than before.
A recent study of the International Monetary Fund (IMF) said Bangladesh’s abundant and relatively low-cost labour made it an attractive destination for investors. “Its success in the garment industry, which was the starting point in the industrialisation process for many of the East Asian economies, will make it attractive to investors as will its growing domestic market and good access to the huge Indian market,” said the IMF study report. According to the study released a week ago, “Although competition is becoming more intense, Bangladesh’s strong market position does not look like diminishing in the short term.”
Bangladesh set an export target at $16.298 billion for fiscal 2008-09, with the readymade garment sector to earn the highest amount of foreign currency. Of $16.298 billion, $12.267 billion is expected to come from two main sub-sectors of RMG: knitwear and woven.
How can our governments work together to overcome the global recession?
Combine the finest minds in the field of Economics, Banking and Finance from all over the world and get them to agree a way in which we can tackle the problem, without political bias.
A politically neutral discussion with these experts, over the course of however long it may require, may be a better way to come up with a solution - as opposed to gathering World leaders to discuss a solution in one day to an infinitely complex issue. Remember that Governments may choose to pursue their own political ambitions - as opposed to the most suitable economic strategy - when deciding on policies. This can, in itself, have a disastrous effect on the economy
This is a problem that needs a very long term solution; in other words longer than a usual term for a President or Prime Minister. I dread to think of any proposed solutions made by a current leader (and agreed in G20) to be ignored by his/her successor simply because of a difference in his/her own political ideals.
We have numerous types of financial systems all over the world, each with different regulatory systems. I think maybe having cohesion and standard protocols in terms of finance and banking internationally may prevent such disaster in the future.
Look at the US for examples. There are 2 regulatory systems for banks; The Office of the Comptroller of the Currency, and The Fed (which has joint responsibility with State Banking Authorities). These 2 parties have overlapping jurisdictions when it comes to banks in the US. Furthermore, you also have the Securities and Exchange Commission overlooking the securities market.
I am no expert, but I know that having such a complicated regulatory system in the US can give rise to several problems which can lead to a financial crisis.
Maybe if we can set international standards by which ALL financial intermediaries can adhere to, it would perhaps be slightly easier to monitor and regulate financial systems all over the world, and hence equipping governing bodies with better means to prevent financial crisis from occurring.
With better monitoring, we can tackle the following factors:
1) Increases in Interest rates
2) Increases in uncertainty
3) Asset Market effects on Balance sheets
4) Problems in the Banking Sector
5) Government Fiscal Imbalances
6) Asymmetric information (e.g. adverse selection & moral hazard)
All of which are contributory factors in a financial crisis.
ADB projects 5.2pc GDP growth for Bangladesh
The Asian Development Bank (ADB) forecast Bangladesh's economic growth at 5.2 percent for the current fiscal year (2009-10), down from nearly 5.9 percent the previous year.
The ADB report blames the effects of global slowdown on exports and remittances and a low consumer spending and domestic demand for this downturn in growth.
“GDP growth is forecast to slide further to 5.2 percent in fiscal 2009-10 as the global economic slowdown persists with continued moderation in external and domestic demand,” said the Manila-based international lender in Asian Development Outlook (ADO) 2009 report, released Tuesday.
The report is an ADB's flagship annual economic publication. This year's report has forecast economic expansion in developing Asia to come in at 3.9 percent, up from the 3.4 percent predicted in March. In 2010, the growth projection is likewise upgraded to 6.4 percent from 6 percent. Stronger growth in East Asia and South Asia underpinned the improved prospects.
Prospects for South Asia improved to 5.6 percent this year, up from the previous forecasts of 4.8 percent as the outlook for five of the eight sub-regional economies were upgraded.
The sub-region's limited reliance on trade partly shielded it from the adverse effects of the global slump. Emerging signs of a recovery in private business confidence and a continued large fiscal stimulus announced in the July 2009 budget helped bolster India's projected economic expansion to 6 percent this year, upgraded from 5 percent in March. Bleaker prospects are projected for the Maldives, on account of weak tourism receipts, and for Pakistan and Sri Lanka due to tight domestic demand and the weak global economy.
Thus, there is hardly any cushion available to Bangladesh to mitigate the adverse impact of the ongoing recession. The purpose of this write up, however, is not to come up with policy suggestions for addressing the current debacle. This would call for a separate and serious professional exercise. As a matter of fact, a number of areas requiring policy interventions towards raising the competitiveness of domestic export-oriented sector and enhancing trade related capacity building have already been identified and put on the table. The task now is to seriously get on with the business of implementing the agendas. The upshot of the above discussion is to reemphasize that in the coming months and years Bangladesh’s increasingly globalized economy will, of necessity, have to be adequately prepared to face the consequences of the fluctuating fortunes of the global economy. The current debacle suffered by Bangladesh’s export sector should transmit appropriate signals to the country’s policy makers to the effect that it is only from strengthened global integration that Bangladesh stands to benefit in the context of her increasingly globalized economy; failing this, the price to be paid will rise in direct proportion to the degree of the country’s lack of preparedness. The ongoing global recession should thus serve Bangladesh both as a wake-up call, and as an warning bell.
Thursday
Relationship Marketing
Introduction:-
Marketing means anything that we do to satisfy our customer at a profit. The main objective of marketing is to attract and retrain customers. Simply, we say that, marketing means to attract and retain customers at a profit. So, marketing is customer based. But, the history of marketing tells that, the idea of marketing was continuously changing and it took many different forms at different ages. In these ages there many concepts related to marketing came such as production concept, product concept, selling concept, marketing concept.
Before introducing this production concept marketing activities that is selling and buying were confined to the familiar persons, which were termed as relationship marketing. As the buyer was keen to assure the quality of the products so they went to their acquainted persons and at the same time the seller also wanted their customers to come to them again and again. Hence, they established a relationship with the customers and this is known as relationship marketing.
But after introducing mass marketing the use of relationship marketing began to disappear. The new discovery in marketing system diminished the importance of relationship marketing. Due to the increase of competition in today’s business world, the importance of relationship marketing is immensely felt by the companies. Even they appoint some relationship managers to make the relationship strong. Now, to survive in the competitive market, relationship marketing can be used as an effective tool.
Relationship Marketing:-
Relationship marketing is a form of marketing that evolved from direct response marketing in the 1960s and emerged in the 1980s, in which emphasis is placed on building longer term relationships with customers rather than on individual transactions. It involves understanding the customer's needs as they go through their life cycles. It emphasizes providing a range of products or services to existing customers as they need them.
Relationship Marketing is an approach which emphasizes the continuing relationships that should exist between the organization and its customers. It emphasizes the importance of customer service and quality and of developing a series of transactions with consumers.
Transaction marketing and Relationship marketing:-
The aim of relationship marketing is to extent the buyer and seller relationship. On the other hand, transaction marketing involves a single short time exchange with a distinct beginning and ending. So in order to get a clear idea about the distinction between the two terms, some important points have been given below:
1. Transaction marketing put emphasis on short term focus, while relationship marketing on long term focus.
2. In transaction marketing the customers are prone to be more sensitive to price, whereas in relationship marketing they are less sensitive to price.
3. In transaction marketing quality of products is important; on the other hand, in relationship marketing quality of interaction is more important.
4. Transaction marketing cares for monitoring market share, but relationship marketing takes care of managing the customer base.
5.
Evolution of relationship marketing theory:-
Relationship marketing has a brief history through which it came to a being. At first, Bound Jackson applied the term relationship marketing in 1970. Then the researchers both in the
With the passes of time the concept ‘customer lifetime value’ has been discovered and it emphasis on the retaining the customers rather than attracting new customers. To maintain ‘customer lifetime value’ depends mostly on relationship marketing.
Elements of relationship marketing:-
The tools that are used for implementing relationship marketing in an organization are considered as elements of relationship marketing. These are given below:
1. Financial Bond:-
In order to retain the customers, the company often provides their customers with different financial facilities that encourage them to buy their products and these facilities helps to create a bond between them and it is termed as a financial bond. It always doesn’t serve the purpose of the company.
2. Social Bond:-
Socials bonds are some tools of relationship marketing. It plays an important role in ongoing exchange of the partners. This bond can be made strong through multilevel contacts among parties. Social bonds include these most important elements such as promise, trust and commitment.
a) Promise:-
Promise plays an important role in retaining the customers in relationship marketing. To give assurance to the customers promise must be given and at the same time it must be kept. Otherwise, the evolving relationship cannot be maintained and enhanced. Keeping promises is an important way of attaining customer satisfaction.
b) Trust:-
No relationship marketing is possible without the trust of the customers. To build good relationship with customers’ marketer need to create trust among the customer. So, their must be a belief in the other partner’s worthless. If trust is absent in relationship marketing, relationship will break.
c) Commitment:-
Another significant element of social bond is commitment. To develop mutually beneficial relationship both effective commitment and calculative commitment are prerequisite.
Activities of relationship marketing:-
To create a strong relationship marketing program a marketer should perform one or more of the following functions:
- Social reinforcement:-
Social reinforcement is to be provided. It indicates to a customer’s esteem and affiliation needs. For example, many banks insurance companies sent calendars to their clients at New Year.
- Reassurance:-
The second function is reassurance which involves the concepts of trustworthiness. It helps to make the relationship strong. For example, some automobile companies call their customers if their vehicles serve better or not to provide reassurance to their customers.
- Benefit reinforcement:-
To tell a customer about a beneficial sight of a product is known as benefit reinforcement. For example, the salesman remains his customer of the standard and durability of his product.
- Solve customer problems:-
Another function of relationship marketing is to solve customer problem. It helps to enhance the relationship among them. For example, a doctor may recommend his patient to another doctor concerned with the particular disease.
- Customization:-
Customization is one of the functions that comprise relationship marketing. It performs to meet the need of their customers. For example, the
- Service enhancement-
To deal with the customers in a loyal or cordial way is termed as a service enhancement. The purpose of the service enhancement is to improve the bond between them.
Relationship marketing in
In
The importance of adapting relationship marketing in
1.
2. To convince the educated and conscious customers who are in search of better service, relationship marketing is the most effective process.
3. For fierce competition it is important for the organizations to pay more attention in creating strong relation with their customers. Because, in the competitive situation options are available to the customers. To retain the existing customers’ relationship marketing has more alternative.
4. The reason why relationship marketing is important in
5. Relationship marketing is important to make customers less price sensitive. As most of the buyers in
Conclusion:-
It is considered that relationship marketing is a paradigm shifted from the conventional marketing mix approach. Now in the highly competitive market, retaining the existing customers is more important than attracting new customers. So marketers are now creating strong relationship with their clients by applying many relationship marketing tools. Relationship marketing helps to retain current customers. To survive in the competitive market especially in
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