Lloyds TSB Complaints

For more information on the topic go to the Lloyds TSB Complaints webpage.

The use of marketing has become an essential part of the corporate global strategy and it plays an important role within the firm's mission and corporate scheming activities. It is generally used to assess and to broaden the company's understanding of its environment in order to identify its strengths and weaknesses, to create strong relationships with the consumer and to be able to face jhuge competition to meet the company's objectives. To resume, marketing is the most powerful tool to adapt the company and its products to the market, to respond rapidly and flexibly to the changes in the organisations environment, and its key role is to differentiate its products and to use branding and relationship marketing in order to stay competitive. For more information on this topic go to the Lloyds TSB Complaints homepage. It is a process that goes further than the simple idea of a simple transaction, because it implies multiple contacts with the consumers, which need to be logical and satisfactory for both parties.

Then marketing is no longer a tool used to improve production and profits, it is used today as a tool to build a good relationship with the consumer and to meet his actual and future requirements. It is aimed at creating long-term relationships rather than short term ones, in order to be able to influence the consumers future choices and not only influence them on the moment of purchase to improve sales for a miniscule amount of time. The consumer is placed in the center of the company's interests and by communicating with him, the corporation places itself in a competitive advantage and tries to deliver superior value to customers (Webster & Frederick, 1992). Lloyds TSB bank for example keeps doing market researches in order to understand its consumers' needs and to assess their satisfaction of the products and services it offers, in order to understand their expectations and to eventually bring changes to unsatisfying areas of its business and to prevent its consumers to switch to another bank. It is all about building trust and commitment on both sides. This is defined by Romano & Ratnatunga (1995) and by Webster & Frederick (1992) as "Marketing as a culture", and it relates to the ablity of an business to assess market attractiveness by analysing customer needs and competitive offerings in the marketplace and potential competitive effectiveness. For an example of this go to the Lloyds TSB Complaints homepage.

Reducing stock may be beneficial in a period of economic downturn but the ability for a firm to reduce the stock may depend on the type of business. For example, in comparing a local store to a small building firm the difference in reducing stock can be seen. In order to reduce stock a local store could simply offer discounts to customers which will increase the demand for the goods and thereby allow the shop to get rid stock quicker. In addition, most of the stock are finished goods and as a result are ready to sell as soon as they arrived. On the other hand a, building firm hold stock such as sand and cement and tools which are mostly raw materials and work in progress and vital to their operation and as a result cannot be sold to the customers in a period of falling demand.