The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency.
The second is that automation applied to an inefficient operation will magnify the inefficiency
The basic question in economics of the market system involves discussions and meetings of the marketing department; focused on what, how and for whom to produce to balance supply and demand.
The 5 prominent determinants of the quantity and demand includes the following
The (Quantity of the product), being demanded is influenced by the price and the (Demand of the product) is variably influenced by the following parameters as factors.
Taste and preference
Talking about the taste and preference of the prospects, then some niche products happens to appeal the taste and preferences of potential customers.
Earnings and savings as an Income assets
Income depending on the economic activity of the individual as a consumer who start purchasing more goods due to his/her affordability criteria and scenario of buying brand new car on the occasion of the festival seasons.
On the other hand the category of goods purchased less although the income keep on consistently increasing fall in the routine consumptions such as canned food as household edible
Purchase behaviour on buying nature
Name brand and the generic brand also is price affected as to the need and the urgency of the requirement the customer happen to sometime buy the cost-effective generic brand product as a fair substitute to the name brand due to the hike in the price.
The price of the complementary goods
Some of the examples of the millions of the complimentary good combinations are as follows
- In cars,
- Tyre and fuel
- In PDA’s we have the Computer hardware and software
- In stationary
- Pen pencils and workbooks
Population and consumer expectations
Professionals do move from one part of the city to the other changing their places of living often settle to other destinations, thus increasing the flow of immigration.This can impact on the increase on the demand for any good or service; Eg are tourism and travelers Vice versa
On the other hand if a decrease of the population density occurs either due to the people leaving the country for outing or for professional reasons then the demand for any good or service would then subsequently decrease.
How to best cater to potential target customer needs as prospect for conversion?
Earlier customer satisfaction was evaluated on paper and pen through wide scale surveys, which later on recorded on the spreadsheet by Microsoft; with enhanced functional features of calculation and pictorial representation as graphs.
CRM is a sweet abbreviation of the terminology, Customer relationship management to automate sales by refining the raw data and compile the invaluable data from a wide array of different digital communication channels. This includes a company’s official website on CMS platforms for inbound marketing via blogs and forums; records of telephone cold calling, email marketing, live chat (chatbots integration on Facebook business page messenger ), marketing materials and more recently, social media.
Read more on CRM here
CRM is a software based approach for data analysis about customers’ history with enhanced capabilities for contact management to gather and analyze customer data.
With the very first CRM product which was made full-fledged functional by Tom Siebel, of Siebel Systems in 1993, the business software were further enriched with high-end ERP in between the rapid progress of the year 1997 and 2000; with some leading CRM products that were fully functional with shipping and marketing capabilities..
There are two kinds of universal business models such as B2C and B2B. We have B2C aka Business to customer and another one B2B as the Business to Business interactions.
The companies in the Business-to-business model with the flagship niche products tend to have smaller contact databases. Also the volume of sales in business-to-business is relatively small as compared to those business corporates who are into business-to-consumer.
There are millions of SME (small and medium enterprise) putting their invaluable efforts to target customer with the feature riche goodies of their niche top rated products
In order to extend their sales, marketing, distribution and customer service lifecycle with the all new tech capabilities of skilled man power; business houses resort to, “automated business software”, to ultimately drive sales growth with new customers and retaining of their established user base as regular customers.
Embedded CRM system offerings from Tech super powers
Interestingly all of them represent 42 percent of the market in collaboration