Customer Audit

What is a customer audit?

A customer audit is a detailed review of how your company is perceived by its customers, a review of each customer’s needs, and an evaluation of the role your company is playing in each of your customer’s businesses. Most B2B firms audit all of their customers. Some companies with very large customer bases, audit their valuable and high-potential customers, or audit a random sample of customers and use that information to classify similar customers.

There is no standard template for a customer audit but it usually includes:

·   1.category purchases made in the past year, and planned purchases for the near-term. Depending on the sector, the near-term is usually 1 to 5 years.

·       2.Detailed information about the company’s purchasing cycle and decision process.

·      3.Your customer’s most compelling business problems that relate to your company.

·      4.Evaluation of your company’s performance over the past year versus customer’s needs.

·     5.Product and service gaps with your company’s offering.

·     6.Identification of incremental business opportunities within this customer’s business.

·    7.Ways to build a higher-level relationship with your customer.

·   8.Barriers to purchasing that are related to your customer’s business that is outside of your ability to overcome.

Analyzing Results of a Customer Audit

The results of a customer audit can help your sales team focus on the best sales opportunities, and optimize the sales message. The identification of product and service gaps can inform your organization on high-potential new product development and service enhancement investments. The audit can also provide directional information that can be used to define more effective strategies for pursuing new customers.

Retail promotional strategy

Retail promotion strategy:

With the economy still not at peak performance, apparel retailers went to the old standby this past holiday season, discounting.  We all know that this promotions strategy just erodes margins and adds little value to the customer, especially loyal ones.  For the online channel, free shipping (the oldest promotion used in e-commerce) was still at the top of the heap this past holiday season.

Customers have come to expect free shipping, especially for orders of significant value (over $100).  If you’re like many retailers, you’d like to stop this practice of giving customers free shipping all together. Free shipping decreases margins and, in many cases, it can’t be used alongside other more attractive promotions for both the retailer and the customer. Avoid offering free shipping as a site wide promotion; it limits your options due to double-dipping on promotions that will ultimately shave your margins.

Moving forward, retailers must implement a comprehensive promotions strategy to maintain a high level of consumer satisfaction toward their brand. Savvy retailers know their promotions strategies must be innovative, creative and customized to meet the shopping habits of specific consumer segments.  When building a comprehensive Omni channel promotions strategy, it is important to create offers targeted at acquiring new customers, increasing average order size, moving excess inventory, and satisfying customers. Without a well-thought-out strategy, and the systems to deliver and measure success, it is impossible to know whether or not the promotions are generating true return on investment.

Five Actions for Successful Retail Promotions

Using today’s available tools and technology such as e-commerce platforms, mobile devices, and order management systems, omni channel retailers can create customized promotions plans that deliver offers to consumers based on the segmentation of their preferences and shopping behavior.  To execute a winning promotions strategy, retailers should follow these five essential actions:

1. Segment your customers.

Segment customers into groups, particularly if your products attract a diverse group of shoppers. By collecting customer data, merchandisers can better understand the triggers that make a consumer react to a specific type of promotion. Tracking consumers by these behavior groups allows retailers to introduce specialized promotional programs and communicate to consumers with relevant offers. Online capabilities facilitate the collection of information provided by consumers when they register on a site and by their shopping habits. Consumers can then be grouped by price sensitivity, product class, order size, number of visits and other relevant characteristics.

2. Try new types of promotions.

The goal of promotions is to cut through the noise created by the market, and ultimately inspire a consumer to make purchase through a designated call to action. For this reason, promotions must be creative, offer real value, and go beyond discounting.  New promotional concepts – such as shipping destination, shipping methods, x first customers, every nth customer, every x order, items per promotion, apply offer to nth item, returns-based, payment method, free product choice, rebates, multiple bonus products and many others – are starting to be used by some innovative apparel retailers on their e-commerce sites.  Retailers are even starting to use stock-level based promotions to move excess inventory. Although there is a lot of diversity in online promotions, a word to the wise — be sure to have rules in place for managing promotions to avoid pitfalls, such as giving away double offers or unintentionally not providing a consumer with the best available promotion.

3. Test and track promotions.

Once customers are organized into relevant groups and the lists of promotions have been created, retailers can better determine the effectiveness of specific promotions by performing A/B tests. A/B tests are a comparative form of testing that allows merchants to test several promotion types against a typical offer to determine which option will yield the best results. For example, different promotions can be offered to a single group of consumers to find out which promotion is most effective. This can be as simple as offering a 20 percent discount versus a 30 percent discount to determine discount thresholds or as complex as offering 10 unique promotion types. Since this form testing delivers real-time results, A/B is the best vehicle for gathering data on time-sensitive offers. Testing is also an import measurement tool for safeguarding against over promotion and protecting margins.

4. Synchronize omnichannel promotions through the order management system (OMS).

Over the years, consumers have been trained that they can shop through any channel, and thereby get the same promotions no matter where they shop. Synchronizing promotions across channels has been a significant issue for retailers especially between the website and store.  Order management systems that offer a diverse set of promotions can provide the unification of offers across channels.  Unfortunately, too many e-commerce platforms and order management systems do not offer the same promotion types therefore creating a disconnect and weakening creative offer-based strategies.  Review your systems to make sure these software tools offer a diverse set of promotions to maximize your ROI.

5. Go beyond Discounting to Connect with Customers.

Deep discounting across the board used to be the norm in the apparel industry. However, retailers are getting hip to the fact that offering deep discounts to all customers is serving only to lower margins and cheapen the value of the products among many customers who would probably have purchased anyway. Armed with more precise promotions technology to track effectiveness, today’s retailing strategies are moving towards loyalty-based promotions, such as a “surprise and delight” giveaway. Time has shown that customers appreciate receiving something for free, especially when they are not expecting it. Using these promotions create repeat customers. Little things can go a long way, such as sending the customer a thank-you message after the purchase has been made, and then send out a loyal customer offer for their next purchase to seal the deal.

Business quiz

1.State bank of India previously known as ?

Imperial bank of India

2.Which soft drink brand was endorsed by Michael Jackson ?

Pepsi

3.Who is the first cricketer to endorse Hublot watches ?

Michael Clark

4.Full form of IT company HCL ?

Hindustan Computer limited

5.Canara bank head quarters is located in which city ?

Bengaluru(bangalore)

6.Who is chairman of Tata group ?

Cyrus P Mistry

7.Full form of ACC cement company ?

Associated Cement Companies

8.What is the full form of company name ABB ?

ASEA Brown Boveri

9.Bank of India Headquarters is located in which indian city ?

Chennai

10.In which year NSE(National Stock exchange) established ?

1992

11.Which Indian Private sector bank first issued Contact less debt and Credit cards ?

ICICI Bank

12.MTS is largest mobile operator in which country ?

Russia

13.Coca-Cola head quarters is located at which city ?

Atlanta

14.Which Television channel acuired Telugu TV channel network Maa TV ?

StartTV

15.Which e-Commerce company acquired Fashion brand and online store Myntra ?

Flipkart

16.“The name you can bank upon” is the tagline of which Indian Public sector bank tagline ?

Punjab National Bank

17.Which indian IT company named as World’s most powerful IT brand ?

TCS

18.Full form of TCS is ?

Tata Consultany Services

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Brand Quiz -Identify Company name  brand

19.What products Pepperfry.com sells online ?

Furniture

20.IMPCO air cooler company founded by ?

Adam Goetti

21.Unique in it’s diversity is Which country tourism tagline ?

Bulgaria

22.Previous name of Axis bank is ?

UTI (unit Trust of India)Bank

23.What is the name of Hong Kong Stock market Index ?

Hangseng

24.What is the name of Brazil Stock market Index ?

BOVESPA

25.DAX is which country stock market index ?

Germany(Comprises 30 Major Companies)

26.Pharma Company Allergan headquarters is based in whihc country ?

Ireland

27.In which year bandhan bank founded ?

2001

28.Lionl Messi is global brnad ambassador for whihc Indian Automobile company ?

Tata motors

29.Tata motors renamed its Zica car as ?

Tiago

30.Bibhu Mohapatra is famous ?

Fashion designer

31.Which is first Foreign bank in India ?

HSBC

32.Full form of HSBC bank ?

Hongkong and Shanghai Banking corporation

33.Search Engine Bing is owned by ?

Microsoft

34.What is the full form of IBM ?

International Business Machines

35.In which year Yes bank was founded ?

2004

36.Indian Conglomerate ITC head quarters is located in which indian city ?

Kolkata

37.Acharya balakrishna is associated with which FMCG brand ?

Patanjali

38.Who is the founder of Clear car rental ?

Sachin Kate

39.Largest Private sector bank in India ?

ICICI Bank

40.Full form of IDBI ?

Industrial development bank of India

41.Full form of IPO ?

Initial Public Offer

42.Arun Jain is founder of Which Indian IT Company ?

Polaris

43.Which e-commerce company acquired stake in logistic company gojavas ?

Snapdeal

44.Dell merged with which company ?

EMC

45.Caparo business group was founded by which NRI business man ?

Lord Swaraj paul

46.Old name of Nike Inc. ?

Blue Ribbon sports

47.TELCO is old name of Which Indian motor company ?

Tata Motors

48.Currency of Japan is ?

Yen

49.Most famosu search engine in China ?

Baidu

50.Who is the founder of chinese e-commece company Alibaba ?

Jack ma

51.Which Company sells Fruit Juices with brand name “Real” ?

Dabur

52.Charles Ranlett flint founded which Technology Company ?

IBM(Old name is Computing Tabulating Recording Company)

53.Who is the founder of OYO rooms ?

Ritesh Agarwal

Phygital

Phygital

 Physical + Digital is the concept brands and businesses are using in their marketing and sales strategies. Any company that interacts with customers in a physical location such as Retail, Restaurants, Dealerships, Hotels, and others and is trying to enhance the physical experience with a digital experience. The main component of this strategy is mobile technology. iBeacons and other location aware devices are being used to notify, educate, or engage customers while they are physically near the business.

Statement of Purpose

Statement of Purpose – Marketing

Ever since my childhood I have been independent and adventurous, and this has led me to seek new experiences and pursue my goals with passion. I worked in several part-time jobs while in the university, and after graduation, I began working in more professional, full-time roles. However, I have also realized that, given the intensely competitive nature of the workforce at present, an undergraduate degree alone is insufficient for meeting my goals and developing a challenging and dynamic future career. I am eager to see the world, meet new people, and discover new ways of thinking, and I have thus decided to pursue my master’s degree in the UK in order to enrich myself with professional expertise in a multicultural environment.

My father runs a small business, which he inherited from his father. What began as a small factory has gradually developed and expanded through the years. However, with the unique challenges and ever-evolving nature of the modern business world, it has become more difficult for small businesses such this to compete. Rising costs and lower profits in recent years have threatened the vitality of this company, and if this continues, the business will be unable to continue operations. This has been the main factor in my decision to pursue studies of marketing, which will provide me with the skills necessary to help the business expand, thrive, and remain viable in the future.

I studied Engineering in the university, which allowed me to develop strong logical thinking and analytical capabilities. I expect that these qualities will prove immensely useful when engaged in business-related activities, such as analyzing financial statements, developing strategies, and solving problems. While in the university, I participated in various activities in my department, such as orientation, camping activities, and the graduation party, through which I met many people and developed my communication and interpersonal skills. These experiences taught me the importance of meeting new people, trying new things, and taking part in activities.

Due to my natural interest in marketing, I began working in the marketing department of Goodwell Technology Co., Ltd. after graduation. I was in charge of marketing and sales, and this was my first opportunity working in an actual, international marketing situation. During this time, I collaborated with my supervisors and colleagues to develop strategies to promote Goodwell’s products and services. The company, which exports digital imaging products, is quite young. As a result, it was a lively setting in which to work and present new ideas. I learned a lot from my colleagues, and most importantly, I learned the practical nature of what it takes to market products abroad in a fiercely competitive environment.

My work at Goodwell convinced me that, through effective marketing, my father’s company can expand to international markets, compete effectively, and prosper for many more decades. I have learned that any single product can be either successful or unsuccessful based on the marketing strategy. However, such success depends on a marketing professional with international experience, and this is the role I expect to play in my future career.

I have chosen to apply to your school’s master’s program, specifically, for various reasons. The modern business world demands professionals with an understanding of different cultures, languages, and attitudes. In my view, pursuing a master’s degree in your school is the ideal way to broaden my horizons. I am eager to enter your institution and take advantage of the extensive resources, learn from the renowned professors, and work alongside people from different countries and backgrounds. I feel confident that my past education and work experience has prepared me for the demands and challenges that I will inevitably face, and I am eager to begin studying in your institution so that I may prove myself.

retail layouts

IP address concept

IP Address - Static vs. Dynamic, Public vs. Private, Shared vs. Dedicated

An IP address is the location of a computer on the internet.

For example:

123.45.67.89

Parts of an IP Address

An IP address is composed of four parts:

• first octet - the first number of the IP (123)
• second octet - the second number of the IP (45)
• third octet - the third number of the IP (67)
• fourth octet - the fourth and last number of the IP (89)

IP Address Terminology

Static means the IP address never changes as long as you stay with the same provider or same server.

Dynamic means the IP address can change from time-to-time.

Public means the IP address can be visited from any computer in the world.

Private means the IP address can only be used by those on the same network.

Shared means other people use your IP address for their connection or websites.

Dedicated means no one else uses your IP address for their connection or websites.

Class identifies the range of your IP address and the default subnet mask.

• A class - 0 to 127 with default mask of 255.0.0.0
• B class - 128 to 191 with default mask of 255.255.0.0
• C class - 192 to 223 with default mask of 255.255.255.0
• D class - 224 to 247 (not currently used)
• E class - 248 to 255 (not currently used)