Marketing Management Essay
The need for saving redundant costs is increasing in today’s businesses, so managers are using several strategies to effectively launch and promote their products to the customers while cutting costs at the same time. Marketing managers often use a strategy called ‘collaborative filtering,’ where the preferences and previous activities of the customers are recorded and then they are offered with customized recommendations and products. As a marketing manager for food gift baskets, collaborative filtering would not be the best available approach to use.
It is because the buying pattern and choices for purchasing the products vary over time since the needs and requirements of the customers change with the passage of time. Moreover, the market trends, fashion, and fads also affect the buying pattern and choices of the customers for a particular product. Choices for food items usually vary because there are more alternatives present, continuous improvement is done, and new entrants also come and offer the same products
When it comes to non-food gift items or ‘services’ to be sold via internet, implementing the collaborative filtering approach would be more fruitful in this case. When the consumer behaviors, choices, and preferences are identified then the businesses can make use of that
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Consumers can be informed regarding certain types of services through emails or websites, which would in turn gain customer loyalty because they would acknowledge the company ‘does’ care about them and know what type of products or services they want. For example, non-food items such as, iPods or laptops, or services like hotel services or airline tickets could be offered to the customers according to their choices, preferences, and interests. References File attached.