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Effective Partnerships, Market Research, and Competitive Advantage

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1. What strategies do most business organizations use to encourage effective partnerships or alliances with customers? How effectively do organizations build partnerships or alliances with its internal markets; for example, employees, vendors, suppliers, or contractors? What factors relate to its effectiveness?

2. What is the relationship between Market Research (MR) and competitive advantage? What are some specific examples of how MR has led to competitive advantage? Provide an example of an organization using prior or post hoc market research? Which is more desirable? Describe why this is? Use specific examples to illustrate points.

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Solution Summary

The expert examines the effective partnerships, market research and competitive advantages for business organizations.

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Answer 1
Following are strategies used by most of business organizations:
Customer Delight Strategy: Customer delight strategy is used by business organizations to form a partnership or alliance with customers. Under this, the firms adopt ways that result into exceeding perceptions of customers from their expectations. Hence, by managing either expectations or performance, customers are delighted by business organizations.
Customer relationship strategies: By using customer relationship management (CRM) strategies, business organizations form alliance or partnership with customers. Under CRM strategy, views and opinions of customers regarding product features or traits are invited through customer feedback mechanism (Buttle, 2012). These views or opinions are executed by the firms to develop customized product offerings for the customers to ensure strong harmony with them for long term.
Loyalty Rewards: Loyalty rewards are also used by business organizations to encourage effective partnership or alliance with customers. Under this strategy, long term customers are rewarded with some bonus points by the respective firms. For example, ...

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