Question

In: Accounting

1.Discuss the importance of using social media to promote a product or brand? 2.Why is customer...

1.Discuss the importance of using social media to promote a product or brand?

2.Why is customer loyalty of particular importance to a company like Dunkin' Donuts?

3.Briefly describe the role that marketing research plays at Dunkin' Donuts.

Expert Solution

1. Social Media is connecting Millions of users around the globe. It has made the World a Small Village where people from different countries are coming together to share ideas and thoughts.

Nowadays it is being aggressivley used by Business Houses to promote their products and services and to reach out to their target audience or niche fastly. Some common example are Facebook Ads, Google Sense, Youtube Ads, Linkedin, Twitter etc.

Importance of Using Social Media to promote a product or brand can be understood by following points:

a. Reaching and Interacting with customers become easy.

b.Easy and convenient way for customers to express what they feel about the company and product.

c.It is becoming easier for companies to listen to Cutomer's Complaints and provide fast redressal.

d. It is more affordable than any other means of advertising and with comparatively high reach in faster time frame.

e. Monitoring the performance of ads is easy and quick.

2. Customer Loyalty means preference of one brand/company over other by a customer such that it motivates him/her to purchase the product again over any similar product of other companies

Importance of Customer loyalty for a Company like Dunkin Donuts can be expressed through following points:

a. Purpose of business is definitely to make profits. But profits will result only with increased number of Loyal Customers.

b. Loyal Customers are the key source of Increase in Business as they spread the qualities of the product through Word of Mouth. Hence, they act like brand ambassadors for the company. It is more effective than any means of Advertisement.

c.Cross Selling opportunities get created as Loyal Customers tend to buy more of the Dunkin Donuts products.

d. Loyal Customers protect Dunkin Donuts from increased competition due to local Donut Sellers.

3. Role of Marketing Reseach at Dunkin Donuts.

a. Through surveys,it can assess the demand level of each product.

b. Customer Likeness can be known.

c. Product as per customer taste can be launched in the market.

d. Old products no more in demand can be excluded from product portfolio.

e. Value Added Services can be offered.

ekkarill92 answered 1 year ago

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