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w 104 CHAPTER 14 Personal Selling and Direct Marketing ANGGOTA KELOMPOK: 1. FAJRIAH FEBYANTI ROHIMAH [2022-292] 2. PUTRI APRILIA [2022-297] 3. BEBY ARIELLA INDRASARI [2022-324] "The Role of Personalization in Direct Marketing: Increasing Customer Conversion"

w 105 INTRODUCTION: In today's dynamic and competitive business landscape, Businesses are constantly looking for innovative ways to strengthen their marketing strategies and increase customer conversion rates.(Yaqub Ajeigbe, 2021) One sustainable method of reaching consumers is direct marketing, which has evolved significantly over the years.(Soehardi, 2022) An important shift in this field is the incorporation of personalization.(Trawnih et al., 2022) Personalization in direct marketing refers to customizing marketing messages, product recommendations, and offers to individual customers based on their preferences, behavior, and demographics.(Baima et al., 2022) This approach recognizes the uniqueness of each customer and aims to create more engaging and relevant interactions between businesses and consumers.(Costa & Roomilda, 2022) The rise in personalization in direct marketing can be attributed to several key factors.(Mihaylova, 2021) First, advances in data collection and analysis have allowed businesses to better understand customer behavior and preferences.(Susy Rahmawati et al., 2021) This wealth of data allows marketers to design highly targeted and personalized campaigns.(Alrige et al., 2021) Second, consumer expectations have changed in the era of companies like Amazon, Netflix, and Spotify, consumers have become accustomed to personalized experiences and now expect similar personalization in their interactions with other companies.(Rahmanov et al., 2021) This consumer demand has pushed companies to adopt personalization strategies.(Abousaber & Abdalla, 2023) Third, technological advances play an important role.(Sudirjo et al., 2023) The rise of marketing automation tools, artificial intelligence, and machine learning has made it easier for businesses to implement personalization at scale. (Rahayu et al., 2022)This technology facilitates dynamic content creation and product recommendations based on real-time data.(Dinda Maristha et al., 2021) Lastly, research consistently shows that personalized marketing efforts outperform generic campaigns in terms of conversion rates, customer retention, and overall return on investment (ROI).(Frank et al., 2023) The effectiveness of personalization in direct marketing transcends industry boundaries and has been successfully applied in e-commerce, email marketing, social media advertising and other fields.(Imsiyah et al., 2022) This foundation lays the groundwork for deeper exploration of the techniques, challenges, and best practices related to personalization in direct marketing.(Bouhtati et al., 2023) It also shows how personalization can be leveraged to increase customer conversion rates, increase sales, and foster long-term customer relationships.(Taufik Bau & Abdianto Nggego, 2022) LITERATURE REVIEW AND DISCUSSION: 1. Define the key aspects of the selling process

w 106 The selling process encompasses a series of crucial steps in converting potential customers into satisfied buyers.(Hermoso-Orzáez & Garzón-Moreno, 2022) Key aspects of this process include prospecting, where potential customers are identified; preparation and research, which involves understanding the customers' needs and preferences; the approach, where initial contact is made with the prospect; presentation, where the product or service is showcased; handling objections, addressing any concerns the prospect may have; closing, where the sale is finalized; and follow-up, maintaining a relationship with customers through post-purchase support, issue resolution, and potential upselling or cross-selling. (Kamalahmadi et al., 2021) In the early stages, prospecting and preparation are very important. Salespeople identify potential customers and gather important information about them to create a strong foundation for future interactions. This approach, which is often the first point of contact, is critical in creating a positive first impression. Furthermore, understanding potential customers' specific needs through effective needs assessments and presenting products or services tailored to those needs is critical. Handling objections with skill and professionalism is essential in overcoming any concerns that may arise during the sales process. 2. Explain how to desigh an effective sales force organization Designing an effective sales force organization involves several strategic steps. (Henze et al., 2021) It begins with defining clear sales objectives and goals.(Jin et al., 2023) Afterward, territories are carefully designed to optimize coverage and workload distribution. The sales team structure is established, considering specialization and hierarchy, followed by the recruitment and training of sales professionals.(Bose, 2022) Compensation and incentives are structured to motivate the team, and sales technology is provided for efficiency. Performance metrics are established, and ongoing sales support and resources are made accessible. Recruitment and training are critical aspects of sales force management. Hiring the right talent with the necessary skills and characteristics is essential. Once the team is in place, providing comprehensive training and ongoing development opportunities is crucial. Regularly updating their product knowledge and sales techniques ensures they remain competitive and effective in their roles. Leadership is a fundamental component of effective sales force management. Sales managers need to motivate and lead by example, providing guidance, support, and mentorship to their team members. Clear communication, regular feedback, and recognition of achievements help to create a positive work environment and maintain team morale. 3. Explain how to manage a sales force. Managing a sales force effectively requires a multifaceted approach.(Good et al., 2022) It includes setting clear and attainable sales goals, providing ongoing training and development, monitoring performance through key performance indicators, motivating and incentivizing the team, offering coaching and support, conducting regular sales meetings, giving constructive feedback, and adapting strategies as needed to respond to market dynamics and customer needs. (Ottogalli et al., 2021) Market segmentation is the next critical step, as it allows you to tailor your sales approach to different customer groups. Your choice of a sales model, whether it's

w 107 inside sales, field sales, or a combination, should be driven by the nature of your offerings and your target market. Roles within the sales organization need to be defined with precision, and each member should have well-established responsibilities. In addition to roles, consider establishing sales territories if your business covers multiple geographic areas, and define a clear reporting structure. Compensation and incentives play a pivotal role in motivating your sales force, so it's important to design a well-balanced plan that aligns with your sales objectives. Continuous training and development are vital to keeping your team competitive and adaptive. Leveraging sales technology can significantly enhance the efficiency and effectiveness of your organization. Lastly, set up key performance metrics to evaluate and improve the performance of your sales force regularly. Designing an effective sales force organization is an ongoing process that requires careful planning and flexibility to adapt to changing market conditions and company objectives. 4. Discuss the role of direct marketing, and identify the key direct marketing channels. Direct marketing is a targeted marketing strategy that reaches potential customers directly, aiming to establish a one-on-one relationship and elicit a direct response.(Shi et al., 2023) Key direct marketing channels include direct mail (physical marketing materials sent by mail), telemarketing (outbound phone calls), email marketing (promotional emails), SMS marketing (text message promotions), social media marketing (engagement through social platforms), direct response advertising (TV and radio commercials), direct selling (face-to-face engagement), online advertising (various web-based methods), and catalog marketing (printed or digital product catalogs). These channels allow businesses to communicate directly with customers, often leveraging personalized and data-driven strategies for more effective marketing campaigns.(Newman-Casey et al., 2023) Its primary role is to engage directly with individual consumers or businesses, aiming to promote products, services, build customer relationships and generate immediate responses. Unlike traditional mass marketing, direct marketing allows for tailored and targeted communications, making it a powerful tool for businesses that want to interact with their audience on a more personal level. By reaching customers directly, businesses can gather valuable insights, answer customer questions quickly, and create a sense of potential personalization that can significantly increase customer engagement and conversion rates. CONCLUSION The literature review and discussion highlight the increasing importance of personalization in direct marketing, emphasizing its evolution, benefits, and contributing factors. The shift towards personalization is a response to changing consumer expectations and advancements in technology, allowing businesses to better target their audience and create engaging, relevant interactions. This transformation in direct marketing has been driven by data-driven insights, the influence of leading companies like Amazon and Netflix, technological advancements, and the proven effectiveness of personalized marketing efforts. The review also underscores the potential for personalization to enhance customer conversion rates, boost sales, and foster long-term customer relationships, making it a valuable strategy

w 108 for businesses across various industries. In the context of the key aspects of the selling process, it's essential to understand that personalization plays a significant role in the approach, presentation, and follow-up stages, as it enables sales professionals to tailor their interactions and offerings to individual customer preferences. Regarding the design of an effective sales force organization and its management, the adoption of personalization techniques can further refine sales strategies, allowing for more targeted and customized approaches in prospecting, approach, and handling objections, thus increasing the likelihood of successful sales conversions. In summary, personalization is a critical element in contemporary direct marketing, offering substantial benefits to businesses that embrace this approach. It's a dynamic and evolving field that requires a thorough understanding of the selling process, effective sales force organization, and management practices to harness its full potential and achieve increased customer conversion rates and long-term success. DAFTAR PUSTAKA Abousaber, I., & Abdalla, H. F. (2023). Review of Using Technologies of Artificial Intelligence in Companies. International Journal of Communication Networks and Information Security, 15(1). https://doi.org/10.17762/ijcnis.v15i1.5743 Alrige, M., Bitar, H., & Meccawy, M. (2021). Promoting precautionary behavior during the COVID-19 pandemic: Development and validation of a behavior-change messaging campaign. Journal of Infection and Public Health, 14(11). https://doi.org/10.1016/j.jiph.2021.09.026 Baima, G., Santoro, G., Pellicelli, A. C., & Mitręga, M. (2022). Testing the antecedents of customer knowledge sharing on social media: a quantitative analysis on Italian consumers. International Marketing Review, 39(3). https://doi.org/10.1108/IMR-03- 2021-0122 Bose, S. (2022). An Systematic Research Analogy on Human Resource (HR) Policies and its Implementation at BPO in India. INTERANTIONAL JOURNAL OF SCIENTIFIC RESEARCH IN ENGINEERING AND MANAGEMENT, 06(01). https://doi.org/10.55041/ijsrem11568 Bouhtati, N., Kamal, M., & Alla, L. (2023). Big Data and the Effectiveness of Tourism Marketing: A Prospective Review of the Literature. Lecture Notes in Networks and Systems, 635 LNNS. https://doi.org/10.1007/978-3-031-26254-8_40 Costa, R. O., & Roomilda, R. (2022). Pembuatan Konten pada Media Sosial Instagram sebagai Strategi Kreatif dalam Pengembangan UMKM. Jurnal Pengabdian Masyarakat (Abdira), 2(2). https://doi.org/10.31004/abdira.v2i2.150

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w 112 Jin, M., Liu, F., Ning, S., Liu, C., & Gao, C. (2023). A new uncertain multi-objective programming model with chance-entropy constraint for advertising promotion. Journal of Ambient Intelligence and Humanized Computing, 14(7). https://doi.org/10.1007/s12652-023-04638-1 Kamalahmadi, M., Yu, Q., & Zhou, Y. P. (2021). Call to Duty: Just-in-Time Scheduling in a Restaurant Chain. Management Science, 67(11). https://doi.org/10.1287/mnsc.2020.3877 Mihaylova, M. (2021). Innovation through the prism of companies using direct marketing. An empirical example from Bulgaria. VUZF Review, 6(2). https://doi.org/10.38188/2534- 9228.21.2.02 Newman-Casey, P. A., Resnicow, K., Winter, S., Niziol, L. M., Darnley-Fisch, D., Imami, N., McHaney-Conner, P., Musch, D. C., Mitchell, J., & Heisler, M. (2023). The Support, Educate, Empower personalized glaucoma coaching trial design. Clinical Trials, 20(2). https://doi.org/10.1177/17407745221136571 Ottogalli, K., Rosquete, D., Rojo, J., Amundarain, A., María Rodríguez, J., & Borro, D. (2021). Virtual reality simulation of human-robot coexistence for an aircraft final assembly line: process evaluation and ergonomics assessment. International Journal of Computer Integrated Manufacturing, 34(9). https://doi.org/10.1080/0951192X.2021.1946855 Rahayu, M., Sari, B., Utami, N. E., & Emarawati, J. A. (2022). Laporan Keuangan Mudah dengan Si APIK bagi UMKM. IKRA-ITH ABDIMAS, 6(1). https://doi.org/10.37817/ikraithabdimas.v6i1.2369 Rahmanov, F., Mursalov, M., & Rosokhata, A. (2021). Consumer behavior in digital era: impact of COVID 19. Marketing and Management of Innovations, 5(2). https://doi.org/10.21272/mmi.2021.2-20 Shi, M., Hu, W., Li, M., Zhang, J., Song, X., & Sun, W. (2023). Ensemble regression based on polynomial regression-based decision tree and its application in the in-situ data of tunnel boring machine. Mechanical Systems and Signal Processing, 188. https://doi.org/10.1016/j.ymssp.2022.110022 Soehardi. (2022). Effect of Advertising, Direct Marketing, Word of Mouth and Personal Selling on Consumer Purchasing Decisions. Jurnal Manajemen, 26(1). https://doi.org/10.24912/jm.v26i1.839 Sudirjo, F., Diawati, P., Riady, Y., Almaududi Ausat, A. M., & Suherlan, S. (2023). The Role of ChatGPT in Enhancing the Information Search and Decision-Making Process of Travellers. Jurnal Minfo Polgan, 12(1). https://doi.org/10.33395/jmp.v12i1.12443 Susy Rahmawati, Miftahul Nuril Silviyah, & Nur Syifa’ul Husna. (2021). Implementation of Data Mining in Shopping Cart Analysis using the Apriori Algorithm. Internasional

w 113 Journal of Data Science, Engineering, and Anaylitics, 1(1). https://doi.org/10.33005/ijdasea.v1i1.5 Taufik Bau, R. R., & Abdianto Nggego, D. (2022). Literature Review : Optimizing the Use of Artificial Intelligence in E-Commerce Interface Design. Journal of Scientech Research and Development, 4(2). Trawnih, A., Al-Masaeed, S., Alsoud, M., & Alkufahy, A. M. (2022). Understanding artificial intelligence experience: A customer perspective. International Journal of Data and Network Science, 6(4). https://doi.org/10.5267/j.ijdns.2022.5.004 Yaqub Ajeigbe, I. (2021). Influence of Sports Marketing Strategies in the Promotion of Organization Products and Services in Ilorin Metropolis. Indonesian Journal of Sport Management, 1(2). https://doi.org/10.31949/ijsm.v1i2.1311 CHAPTER 15 Designing and Managing Distribution Channels ANGGOTA KELOMPOK: 1. ELSA HELDA FEBRYANTI (2022-302) 2. AMELIA EKA YUNIAR (2022-327) “EFFECTIVE DISTRIBUTION CHANNEL DESIGN AND MANAGEMENT STRATEGY” INTRODUCTION Effective distribution channel design and management strategy is a critical and multifaceted aspect of a company's overall business operations.(Confente et al., 2021) It encompasses a series of decisions and actions aimed at ensuring that products or services reach the right

w 114 customers in a timely, cost-effective, and efficient manner.(Neubauer et al., 2021) In today's dynamic and highly competitive business landscape, a well-structured distribution network is often the linchpin for a company's success, providing a competitive advantage and fostering customer satisfaction.(Kumar et al., 2020) A well-thought-out distribution strategy is instrumental in reducing operational costs and achieving economies of scale.(Tundys & Wiśniewski, 2021) It streamlines the movement of goods, minimizes transportation expenses, optimizes inventory levels, and effectively matches the supply of products with consumer demand.(Jamaludin, 2022) This not only contributes to cost savings but also leads to enhanced profitability and competitiveness.(Norwitz et al., 2022) One of the key benefits of an effective distribution channel strategy is the expansion of a company's market reach.(Burinskienė & Leonavičienė, 2022) By leveraging distribution networks, a business can access a wide range of markets and customer segments, both geographically and demographically.(Julca-Guerrero & Nivin-Vargas, 2023) It allows the company to tap into new customer bases, diversify its customer portfolio, and adapt to varying market conditions.(Pushpa Latha et al., 2020) Moreover, it can create a competitive edge by reaching underserved or niche markets.(Kohardinata et al., 2020) Customer satisfaction and brand reputation are also closely intertwined with distribution channel effectiveness.(Hassan et al., 2022) An efficient distribution channel ensures that products are readily available to customers, reducing lead times and the risk of stockouts.(Karthick et al., 2020) This enhances customer satisfaction, fosters brand loyalty, and increases the likelihood of repeat business.(Yi et al., 2023) The evolving landscape of technology and consumer behavior further emphasizes the importance of a well-managed distribution channel strategy.(Nanda et al., 2021) E-commerce, digital platforms, and changing consumer preferences require companies to adapt and tailor their distribution strategies.(Lüftenegger, 2020) Harnessing the power of data and analytics can help in understanding customer behavior, predicting demand, and optimizing inventory levels, further contributing to cost savings and customer service.(Et al., 2023) Effective distribution channel design and management is not a one-size-fits-all approach.(Confente et al., 2021) It necessitates careful consideration of several factors, including the nature of the product or service, the target market, geographical reach, and competitive positioning.(Et al., 2023) Companies must make informed decisions regarding the choice of channel structure, the selection of channel members, logistics and transportation management, pricing and payment terms, and promotional strategies.(Alsaad et al., 2022) In summary, effective distribution channel design and management is a dynamic and evolving process that plays a pivotal role in a company's success.(Cardoso et al., 2020) It is not just about producing high-quality products or services; it is also about ensuring that these offerings are delivered efficiently and effectively to the right customers at the right time.(Gastaldi et al., 2022) In a fast-paced and ever-changing business environment, an

w 115 optimized distribution channel strategy is a cornerstone for achieving a competitive edge and delivering exceptional customer experiences.(Khan et al., 2022) LITERATURE REVIEW AND DISCUSSION: 1. Define the roles of marketing channels Marketing channels, also known as distribution channels, play pivotal roles in the journey of products or services from producers to consumers.(Azzine Shiratori et al., 2021) These roles are multifaceted, encompassing functions like facilitating the efficient distribution of goods, granting access to diverse markets and customer segments, and reducing transaction costs by streamlining the exchange process.(Farrag et al., 2022) Marketing channels are adept at matching the supply of products with consumer demand, ensuring that goods are available when and where they are needed.(Yan et al., 2020) Additionally, they provide invaluable market information, promote products, and help manage various risks.(Z. Zhang et al., 2022) Logistics and transportation management fall under their purview, ensuring that products are stored and delivered effectively.(Yerneni et al., 2022) These channels offer essential customer service, assist with product assortment, and enable businesses to capitalize on efficiencies and economies of scale.(Harimaya & Kagitani, 2022) They also support market expansion and entry, offering local knowledge and capabilities to reach new audiences.(Franco et al., 2022) Moreover, marketing channels establish feedback loops, conveying critical information about consumer preferences, market trends, and evolving demands back to producers.(Stoyanov, 2020) In essence, marketing channels are integral to the success of businesses, serving as the conduits that bridge the gap between producers and consumers, facilitating the entire process from production to purchase.(Husna & Arikarani, 2022) 2. Explain the key channel- management decisions Key channel management decisions are fundamental to a company's distribution strategy and have a significant impact on how products or services reach the hands of consumers.(Le Turnier et al., 2020) These decisions encompass the design, maintenance, and optimization of distribution channels.(Nong & Ha, 2021) The first critical choice is defining the channel structure, which includes determining whether the company will use a direct approach (selling directly to consumers) or involve intermediaries like wholesalers, retailers, or agents.(Salerno et al., 2020) The channel length decision pertains to the number of intermediaries involved in the distribution process, affecting the number of steps from producer to consumer.(la Cruz et al., 2020) Selecting the appropriate channel type, such as intensive (widely available), selective (limited outlets), or exclusive (exclusive outlets), is another vital decision.(Eroğlu & Karatepe Kaya, 2022) Once the channel structure is established, the selection of channel members becomes crucial.(Singh et al., 2022) This involves choosing intermediaries based on their capabilities, market reach, and alignment with the company's brand and product strategy.(Qin & Sun, 2022) Negotiating terms of agreements is also a key decision, establishing pricing, payment, logistics, and service expectations. (European Union, 2021)Channel management and control decisions involve appointing channel leaders responsible for coordinating activities and motivating channel members.(Bauweraerts et al.,

w 116 2022) Establishing clear lines of communication and information flow between channel partners is equally important, as is defining how marketing and promotional activities will be executed across the channel to maintain a consistent brand image.(Dicarlo et al., 2021) Moreover, firms must have procedures and mechanisms in place to manage and resolve conflicts that may arise among channel members.(Panigrahi et al., 2023) Regularly evaluating channel performance, using key performance indicators, and making adjustments based on feedback and data is an ongoing decision.(Dewi et al., 2021) It is essential for companies to adapt channel management decisions in response to market changes, customer behavior, and technological advancements to remain competitive and effective.(Saad et al., 2022) 3. Discuss how firms manage channel cooperation and conflict Managing channel cooperation and conflict is essential for the success of a firm's distribution channels.(Ponomarenko, 2021)Effective cooperation enhances the efficiency and effectiveness of the channel, while conflict resolution ensures that the channel operates smoothly.(Wakjira et al., 2021) 4. Discuss how firms manage market logistics Firms manage market logistics by intricately orchestrating the entire journey of their products or services from the point of origin to the final destination.(Irfan et al., 2022) This process is meticulously designed to ensure products reach customers efficiently and costeffectively.(Lan et al., 2022) It commences with the meticulous forecasting of customer demand, enabling firms to plan inventory levels and distribution activities with precision. (Jayathilaka & Park, 2022)Effective inventory management is paramount, striking a balance to prevent overstocking or stockouts, often incorporating innovative strategies like Just-In-Time inventory systems.(Owusu & Obuo Addo, 2023) Streamlining order processing through automation and electronic data interchange enhances operational efficiency.(KAZIM RIAZ et al., 2020) Warehousing and storage decisions involve strategically locating facilities to minimize transportation costs and meet customer delivery expectations.(Khalil et al., 2022) Transportation management entails the selection of optimal modes and carriers, supported by routing and scheduling software for efficient movement.(Gallardo et al., 2021) Packaging and labeling considerations ensure product safety and regulatory compliance. (Shankar et al., 2021)Managing risk through insurance and contingency plans remains crucial in this intricate process.(Y. Zhang et al., 2023) Distribution network design decisions determine the structure and location of distribution centers.(Boateng et al., 2022) Technology and information systems, including software for logistics optimization and supply chain visibility, are integral. Environmental sustainability factors are increasingly incorporated to reduce carbon emissions and minimize ecological impacts.(Dubey et al., 2023) Vendor and supplier relationships are essential for smooth supply chain operations, requiring timely coordination.(Kim & Kim, 2022) Performance metrics and continuous improvement initiatives help firms fine-tune logistics operations. Regulatory compliance with transportation and distribution regulations is a non-negotiable requirement.(Ng Corrales et al., 2022) Effective logistics management is a complex and dynamic endeavor that demands constant attention and adaptation to evolving market conditions and customer expectations.(Yang, 2022)

w 117 CONCLUSION Effective distribution channel design and management strategy is a critical and multifaceted aspect of a company's overall business operations.(Luo et al., 2021) It encompasses a series of decisions and actions aimed at ensuring that products or services reach the right customers in a timely, cost-effective, and efficient manner.(Kwon et al., 2021) In today's dynamic and highly competitive business landscape, a well-structured distribution network is often the linchpin for a company's success, providing a competitive advantage and fostering customer satisfaction.(Ahmed et al., 2022) A well-thought-out distribution strategy is instrumental in reducing operational costs and achieving economies of scale.(Bağcı & Taşçioğlu, 2023) It streamlines the movement of goods, minimizes transportation expenses, optimizes inventory levels, and effectively matches the supply of products with consumer demand.(Islam et al., 2021) This not only contributes to cost savings but also leads to enhanced profitability and competitiveness.(Fahmi et al., 2022) One of the key benefits of an effective distribution channel strategy is the expansion of a company's market reach.(De Angelis, 2020) By leveraging distribution networks, a business can access a wide range of markets and customer segments, both geographically and demographically.(Qui Lin et al., 2023) It allows the company to tap into new customer bases, diversify its customer portfolio, and adapt to varying market conditions.(Pushpa Latha et al., 2020) Moreover, it can create a competitive edge by reaching underserved or niche markets.(Werner & Balkin, 2021) Customer satisfaction and brand reputation are also closely intertwined with distribution channel effectiveness.(Hassan et al., 2022) An efficient distribution channel ensures that products are readily available to customers, reducing lead times and the risk of stockouts.(Karthick et al., 2020) This enhances customer satisfaction, fosters brand loyalty, and increases the likelihood of repeat business.(Yi et al., 2023) The evolving landscape of technology and consumer behavior further emphasizes the importance of a well-managed distribution channel strategy.(Decoste & Gayl Bowser, 2020) E-commerce, digital platforms, and changing consumer preferences require companies to adapt and tailor their distribution strategies.(Mandal, 2021) Harnessing the power of data and analytics can help in understanding customer behavior, predicting demand, and optimizing inventory levels, further contributing to cost savings and customer service.(Et al., 2023) Effective distribution channel design and management is not a one-size-fits-all approach.(Guru et al., 2023) It necessitates careful consideration of several factors, including the nature of the product or service, the target market, geographical reach, and competitive positioning.(Moore & Blackmon, 2022) Companies must make informed decisions regarding the choice of channel structure, the selection of channel members, logistics and transportation management, pricing and payment terms, and promotional strategies.(Patel et al., 2020) In summary, effective distribution channel design and management is a dynamic and evolving process that plays a pivotal role in a company's success.(Confente et al., 2021) It is

w 118 not just about producing high-quality products or services; it is also about ensuring that these offerings are delivered efficiently and effectively to the right customers at the right time.(Mahmoud et al., 2023) In a fast-paced and ever-changing business environment, an optimized distribution channel strategy is a cornerstone for achieving a competitive edge and delivering exceptional customer experiences.(Luo et al., 2021) DAFTAR PUSTAKA Ahmed, M., Abobakr, A., Lim, C. P., & Nahavandi, S. (2022). Policy-Based Reinforcement Learning for Training Autonomous Driving Agents in Urban Areas With Affordance Learning. IEEE Transactions on Intelligent Transportation Systems, 23(8). https://doi.org/10.1109/TITS.2021.3115235 Alsaad, A., Selem, K. M., Alam, M. M., & Melhim, L. K. B. (2022). Linking business intelligence with the performance of new service products: Insight from a dynamic capabilities perspective. Journal of Innovation and Knowledge, 7(4). https://doi.org/10.1016/j.jik.2022.100262 Azzine Shiratori, E. K., Hofmann Trevisan, A., & Mascarenhas, J. (2021). The customer journey in a product-service system business model. Procedia CIRP, 100. https://doi.org/10.1016/j.procir.2021.05.072 Bağcı, R. B., & Taşçioğlu, M. (2023). Organizing Maintenance Service Contracts for Initial Purchases: The Interplay Among Product Type, Service Type, and Service Approach. Journal of Business-to-Business Marketing, 30(3). https://doi.org/10.1080/1051712X.2023.2252424 Bauweraerts, J., Rondi, E., Rovelli, P., De Massis, A., & Sciascia, S. (2022). Are family female directors catalysts of innovation in family small and medium enterprises? Strategic Entrepreneurship Journal, 16(2). https://doi.org/10.1002/sej.1420

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w 125 Zhang, Y., Wu, Y., Zhang, M., Li, Z., Liu, B., Liu, H., Hao, J., & Li, X. (2023). Synergistic mechanism between the endoplasmic reticulum and mitochondria and their crosstalk with other organelles. In Cell Death Discovery (Vol. 9, Issue 1). https://doi.org/10.1038/s41420-023-01353-w Zhang, Z., Zhang, Q., Wang, T., Xu, N., Lu, T., Hong, W., Penuelas, J., Gillings, M., Wang, M., Gao, W., & Qian, H. (2022). Assessment of global health risk of antibiotic resistance genes. Nature Communications, 13(1). https://doi.org/10.1038/s41467-022- 29283-8 CHAPTER 19 Building Customers loyalty MANAJEMEN PEMASARAN "Cultivating Customer Loyalty: Strategies for Sustainable Success"

w 126 DOSEN: EKO HANDAYANTO, Dr., M.M. ANGGOTA KELOMPOK: 1. BAGUS FERDIANSA [202210160311300] 2. M ADESVIAN PUTRA Y [202210160311303] 3. TEGAR ARALLE [202210160311312] INTRODUCTION: In the fiercely competitive landscape of today's business world, customer loyalty has emerged as a key differentiator (Naini et al., 2022). Companies are realizing that building and sustaining customer loyalty is essential for long-term success (Garcia et al., 2003). The title "Cultivating Customer Loyalty: Strategies for Sustainable Success" encapsulates the essence of this critical endeavor (Nikolakakis, 2023). The journey toward cultivating customer loyalty begins with understanding that it's not just about one-time transactions; it's about forging meaningful, long-term relationships (Karim & Habiba, 2020). Companies must invest in exceptional customer experiences, as customers are more likely to remain loyal to brands that consistently meet and exceed their expectations (Cato et al., 2019). Strategies for sustainable success in this context involve not only providing quality products or services but also creating a holistic customer journey that stands out from the competition (J. Kim et al., 2022). One crucial aspect of building customer loyalty is personalization (Amiri et al., 2019). Companies must tailor their offerings and interactions to each customer's preferences, needs, and behavior (Rahman & Rahman, 2022). By doing so, they demonstrate that they value and understand their customers, which, in turn, fosters trust and loyalty (van Boerdonk et al., 2021). The title "Cultivating Customer Loyalty" highlights the importance of this ongoing process and its role in nurturing and maintaining customer relationships (Saha & Sharma, 2020). Moreover, loyalty-building strategies should encompass proactive communication and engagement (Tam et al., 2022). Keeping customers informed, seeking their feedback, and addressing their concerns in a timely manner is paramount (K. Kim, 2021). The word "cultivating" in the title signifies the need for consistent nurturing and care, akin to tending a

w 127 garden (Hamon, 2021). It suggests that loyalty is not automatic but grows through deliberate effort and attention (Cejudo & Trein, 2023). Lastly, the notion of "sustainable success" emphasizes that customer loyalty is not a short-term goal but a long-term commitment (Andronikos et al., 2021). Building and maintaining customer loyalty requires a strategic approach that adapts to changing market dynamics and customer preferences (Wang & Aviles, 2023). Companies that prioritize this endeavor are more likely to thrive in the competitive landscape, making the title "Cultivating Customer Loyalty: Strategies for Sustainable Success" a beacon for businesses striving for enduring prosperity (Niski et al., 2020). The journey toward cultivating customer loyalty is a dynamic and evolving one that compels companies to explore innovative strategies, embrace technology, and adapt to ever-changing customer preferences (Gupta & Sharma, 2023). It demands a shift in mindset from viewing customers as one-time transaction opportunities to understanding them as potential lifelong partners in the success story of the company (Hansen & Jensen, 2021). By investing in the creation of exceptional customer experiences and meticulously tending to every touchpoint of the customer journey, organizations not only secure customer loyalty but also differentiate themselves in a crowded marketplace (Hill & Grant, 2023). This constant commitment to excellence and the holistic approach to customer interaction are vital elements in the modern business landscape, where customer choice is abundant, and loyalty must be earned every day. As companies embark on the journey of cultivating customer loyalty, they are confronted with the pivotal importance of personalization (Klein & Brooks, 2023). The modern customer seeks tailored experiences that cater to their individual preferences, needs, and expectations. To address this demand, businesses must leverage data-driven insights and innovative technologies to deliver personalized offerings and interactions (Martinez & Rodriguez, 2022). By demonstrating an in-depth understanding of their customers and a genuine commitment to fulfilling their unique requirements, companies foster trust and goodwill. The title "Cultivating Customer Loyalty" is a constant reminder that this level of personalization is not a one-time endeavor but an ongoing commitment, essential for maintaining strong and lasting customer relationships in today's competitive business environment (Khan & Patel, 2021). Top of Form LITERATURE REVIEW AND DISCUSSION: 1. Explain how a company should balance its acquisition and retention efforts.

w 128 Striking the right balance between customer acquisition and retention efforts is a crucial strategic decision for any company (Whitehead et al., 2023). Acquisition involves attracting new customers, while retention focuses on nurturing existing ones (Alkarablieh, 2016). Companies must allocate resources effectively to ensure a healthy equilibrium between these two efforts (Martin et al., 2023). While healthy equilibrium between healthy equilibrium between reach, it often comes with high acquisition costs (Esposito et al., 2022). On the other hand, retention efforts, when executed well, can yield a higher return on investment by capitalizing on the trust and familiarity already established with existing customers (Katzir & Posten, 2023). To strike this balance, companies should analyze their customer acquisition cost (CAC) and customer lifetime value (CLV) to determine when and where to allocate resources (Yliruka et al., 2023). A successful strategy might involve initial acquisition efforts to grow the customer base and ongoing retention programs to build loyalty and increase CLV (Niros, 2017). 2. Discuss how a company can manage customer satisfaction and loyalty. Customer satisfaction is the foundation upon which customer loyalty is built (Kanoria et al., 2023). Ensuring that customers are not just satisfied but delighted with their experiences is vital (Wymer et al., 2023). Companies should gather feedback from customers through surveys, reviews, and other means to understand their needs and preferences (Ugwu & Udanor, 2021). Once this data is collected, it should be used to tailor products, services, and interactions to meet and exceed customer expectations (Najib & Fahma, 2023). Consistency in delivering outstanding customer experiences is key to nurturing loyalty (Raman et al., 2013). Additionally, companies can establish loyalty programs, offering rewards or incentives to encourage repeat business (Cohen et al., 2023). Managing customer satisfaction and loyalty is an ongoing process that requires a deep understanding of the customer journey and a commitment to continuous improvement (Lee, 2023). 3. Explain how to manage a sales force. Building strong and lasting customer relationships involves a combination of personalization, effective communication, and trust (Jhamb et al., 2022). Companies should use data and analytics to segment their customer base and provide personalized experiences that resonate with each segment (García-Peñalvo, 2021). Regular and meaningful communication, whether through emails, social media, or other channels, helps maintain engagement and build rapport (Zaine et al., 2019). Trust is established by delivering on promises, resolving issues promptly, and being transparent in business dealings (Ienca, 2019). Successful relationship management also entails a proactive approach, anticipating customer needs, and staying responsive to feedback and changing preferences (Jääskeläinen et al., 2023). 4. Discuss the role of direct marketing, and identify the key direct marketing channels.

w 129 Customer Lifetime Value (CLV) is a critical metric that quantifies the total value a customer is expected to bring to a company over their entire relationship (Sun et al., 2023). To maximize CLV, a company should focus on multiple aspects (Wei et al., 2021). This includes providing exceptional customer experiences to ensure repeat business, cross-selling or upselling relevant products or services to increase the average transaction value, and extending the customer relationship through loyalty programs and retention efforts (Yeager et al., 2023). Moreover, understanding the cost associated with acquiring and servicing each customer is essential to evaluate the profitability of the customer relationship (Khan et al., 2022). By effectively managing CLV, a company can make more informed decisions about resource allocation, marketing strategies, and customer prioritization, ultimately leading to greater long-term success and profitability (Pradnyaswari & Dana, 2022). Direct marketing is a strategic approach employed by businesses to directly engage with potential and existing customers to promote products or services, build brand recognition, and stimulate sales(Pradnyaswari & Dana, 2022). This marketing method seeks to establish a oneto-one connection with the target audience, allowing for personalized communication and tailored offers(Shi, 2022). The key role of direct marketing is to create a direct and immediate link between a company and its customers, enabling them to deliver relevant and timely messages, capture customer data, and elicit a response(Minguez & Javier Sese, 2022). Several key direct marketing channels serve as the conduits for this personalized outreach(Durant et al., 2023). Email marketing is a widely used channel that leverages the power of email to deliver promotional messages, newsletters, and offers directly to recipients' inboxes(TchanaSato et al., 2019). Telemarketing, on the other hand, employs phone calls to directly connect with customers, engaging in real-time conversations and providing information or sales pitches(Whang et al., 2022). CONCLUSION The literature review and discussion highlight the importance of customer loyalty in today's fiercely competitive business environment. It emphasizes that customer loyalty has become a key differentiator, as companies recognize its significance for long-term success. The title "Cultivating Customer Loyalty: Strategies for Sustainable Success" perfectly encapsulates the essence of this critical endeavor, as it signifies the need for an ongoing process of nurturing and maintaining customer relationships. Furthermore, the discussion provides valuable insights into how companies should balance their efforts between customer acquisition and retention. It underscores the importance of analyzing customer acquisition costs (CAC) and customer lifetime value (CLV) to make informed resource allocation decisions. Striking the right balance is crucial, with initial acquisition efforts to expand the customer base and ongoing retention programs to build loyalty. The review also delves into the ways companies can manage customer satisfaction and loyalty, emphasizing the need to gather customer feedback, tailor experiences, and establish loyalty

w 130 programs. It stresses that consistency in delivering exceptional customer experiences is vital for nurturing loyalty. Additionally, the discussion highlights the significance of managing customer relationships, underscoring the role of personalization, effective communication, and trust in building strong and lasting connections with customers. Lastly, the literature review discusses the importance of understanding and maximizing customer lifetime value (CLV). It emphasizes that CLV is a critical metric that should guide resource allocation and customer prioritization, promoting long-term success and profitability. In conclusion, the insights from the literature review and discussion underscore the critical role of customer loyalty in today's business landscape. Companies must balance acquisition and retention efforts, manage customer satisfaction, and build strong customer relationships to cultivate sustainable success and enduring prosperity. The title "Cultivating Customer Loyalty: Strategies for Sustainable Success" represents a beacon for businesses seeking to thrive in the competitive market by focusing on long-term customer loyalty DAFTAR PUSTAKA Alkarablieh, A. A. (2016). The Impact of Using Google Search Engine and Yahoo Bing Network on Attracting New Customers Online and on the Effectiveness of Online Advertisements. International Journal of Marketing Studies, 8(3). https://doi.org/10.5539/ijms.v8n3p163 Amiri, A., Ottelin, J., & Sorvari, J. (2019). Are LEED-certified buildings energy-efficient in practice? In Sustainability (Switzerland) (Vol. 11, Issue 6). https://doi.org/10.3390/su11061672 Andronikos, G., Souglis, A., & Martindale, R. J. J. (2021). Relationship between the talent development environment and motivation, commitment, and confidence. Journal of Physical Education and Sport, 21(1). https://doi.org/10.7752/jpes.2021.01028 Cato, K. D., Sun, C., Carter, E. J., Liu, J., Rivera, R., & Larson, E. (2019). Linking to Improve Nursing Care and Knowledge: Evaluation of an Initiative to Provide Research Support to Clinical Nurses. Journal of Nursing Administration, 49(1). https://doi.org/10.1097/NNA.0000000000000707 Cejudo, G. M., & Trein, P. (2023). Pathways to policy integration: a subsystem approach. Policy Sciences, 56(1). https://doi.org/10.1007/s11077-022-09483-1 Cohen, A. L., Goldberg, C., Mintz, J., & Shavalian, E. (2023). Spoiler alert: How narrative film captures attention. Applied Cognitive Psychology. https://doi.org/10.1002/acp.4070

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w 135 INNOVATING MARKET OFFERINGS FOR SUCCESS Sintia Amanda Tria Aprilinina (202210160311333) Nurul Nabella (202210160311342) Fakultas Ekonomi & Bisnis Universitas Muhammadiyah Malang Program Studi Manajemen 3F Background In the fast-evolving landscape of modern business, the ability to adapt and innovate in market offerings is crucial. Chapter 18 focuses on developing new market offerings, exploring essential strategies, and understanding the challenges faced in this dynamic environment. Learning Objectives 1. Adapting to Market Dynamics The market today is not what it used to be. Customers are more informed, technologically connected, and have a plethora of choices. Businesses must grasp that attracting and retaining customers is increasingly challenging in this landscape of abundant information and choices. Understanding customer needs and expectations is fundamental in the process of designing, delivering, and managing exceptional customer experiences. 2. Distinctive Characteristics of Services Services possess distinctive traits that set them apart from physical goods. Their intangibility, simultaneous production, and consumption, perishability, variability, and realtime interaction with customers pose unique challenges. For businesses to effectively market and manage services, understanding these characteristics is essential. 3. Facing New Realities in Service Firms

w 136 The service industry is experiencing a whirlwind of changes. Digital transformations, privacy concerns, remote work, sustainability commitments, and global competition are among the new realities. Service firms need to adopt innovative approaches and strategies to navigate these challenges effectively. 4. Key Strategies for Service Excellence Striving for service excellence demands a multifaceted approach. Promoting a customercentric culture, investing in comprehensive employee training, empowering frontline staff, and integrating technology are essential strategies. Maintaining consistency across all touchpoints, gathering regular feedback, and fostering continuous improvement are vital components. 5. Effective Quality Management Quality management in service businesses requires a committed effort. Establishing clear quality standards, implementing a quality management system, involving and training employees, continuous monitoring, and gathering customer feedback are critical. The integration of technology and a commitment to service recovery plans contribute to consistently high-quality service delivery. 6. Conclusion: Paving the Path for Success Understanding the unique traits of services, the adaptability to changing market dynamics, and the implementation of effective strategies for service excellence and quality management are pivotal for success in the service industry. Embracing innovation, agility, and a customercentric approach lay the groundwork for long-term growth and prominence in a competitive market. 7. In Conclusion Navigating the ever-evolving service industry requires a keen understanding of customer expectations, a commitment to excellence, and a proactive approach to adapt to changing dynamics. By embracing innovative strategies and consistently delivering exceptional service, businesses can thrive and carve a niche in today's competitive market. This overview provides insight into Chapter 18's focus on developing market offerings, offering strategies, and acknowledging the challenges faced in the service industry. Maintaining originality and innovation is the key to success while adapting to changing customer needs and market dynamics. 8. Striving for Success in the Service Industry In conclusion, the service industry's success is intertwined with the ability to innovate, adapt, and excel in delivering exceptional customer experiences. Understanding the unique characteristics of services, addressing the new realities faced by service firms, and implementing key strategies for service excellence and quality management are crucial.

w 137 9. Fostering a Competitive Edge To stay ahead in the competitive service market, companies must continuously evolve, driven by customer-centric approaches, employee empowerment, and the integration of technology. Embracing these changes allows companies to not just survive, but thrive, attracting and retaining loyal customers while ensuring sustained growth. 10. The Continuous Pursuit of Excellence The service industry demands a commitment to ongoing improvement, learning, and innovation. By consistently honing strategies, adopting technological advancements, and finetuning customer experiences, companies pave the way for long-term success and market leadership. 11. The Path Forward In t his ever-changing landscape, businesses that innovate and adapt are those that stand the test of time. The service industry's journey towards excellence is an ongoing process, and only by embracing change and fostering a culture of adaptability can companies create a lasting impact. In summary, Chapter 18's focus on developing new market offerings, exploring key strategies for service excellence, and managing quality effectively provides a comprehensive guide for businesses aiming to thrive in the service industry. Embracing change, delivering exceptional experiences, and prioritizing quality management are the cornerstones of success in this dynamic sector. By understanding these principles and integrating them into their operational fabric, service firms can position themselves as leaders, adapt to changing market dynamics, and ultimately achieve sustained growth and success in the ever-evolving landscape of the service industry. Introduction New market offerings are essential for businesses to grow and succeed in today's competitive landscape. By developing and launching new products or services, businesses can reach new customer segments, expand their market share, and increase their profits. However, developing new market offerings is not a simple task. It requires careful planning, execution, and monitoring. In this chapter, we will discuss the key steps involved in developing new market offerings, as well as some of the challenges and opportunities associated with this process. Key Steps in Developing New Market Offering

w 138 The following are the key steps involved in developing new market offerings: 1. Identify new market opportunities. The first step is to identify new market opportunities. This can be done by conducting market research, analyzing customer feedback, and monitoring industry trends. 2. Generate new product or service ideas. Once new market opportunities have been identified, the next step is to generate new product or service ideas. This can be done through brainstorming, ideation workshops, and customer surveys. 3. Evaluate new product or service ideas. Once new product or service ideas have been generated, the next step is to evaluate them. This includes assessing the market potential, the technical feasibility, and the financial viability of each idea. 4. Develop a prototype. Once a new product or service idea has been selected, the next step is to develop a prototype. This is a working model of the new product or service that can be used to test its functionality and get feedback from potential customers. 5. Test the prototype. Once a prototype has been developed, the next step is to test it. This can be done through in-house testing, customer beta testing, or market testing. 6. Launch the new product or service. Once the prototype has been tested and refined, the next step is to launch the new product or service. This involves developing a marketing plan, establishing distribution channels, and setting pricing. Challenges and Opportunities Developing new market offerings is associated with a number of challenges, including: Market uncertainty. It can be difficult to accurately predict market demand for new products or services. This uncertainty can make it difficult to justify the investment required to develop and launch new offerings. Technological complexity. Developing new products or services often requires the development of new technologies. This can be a complex and expensive process. Competition. New products or services often face competition from existing offerings. This can make it difficult to gain market share and profitability.

w 139 Despite these challenges, there are also a number of opportunities associated with developing new market offerings. For example, businesses that are able to successfully launch new products or services can: Reach new customer segments. By developing new products or services, businesses can reach new customer segments that they may not have been able to reach before. This can help businesses to expand their market share and increase their profits. Increase brand awareness. Launching new products or services can help businesses to increase their brand awareness. This is because new products and services often generate media attention and social media buzz. Generate new revenue streams. New products or services can generate new revenue streams for businesses. This can help businesses to reduce their reliance on existing products or services and become more financially stable. Conclusion Developing new market offerings is an essential part of business growth and success. However, it is important to carefully plan and execute the development process. By being aware of the challenges and opportunities involved, businesses can increase their chances of success. Case Study: Netflix Netflix is a good example of a company that has successfully developed new market offerings. Netflix started out as a DVD-by-mail service. However, the company realized that the digital streaming market was the future of the entertainment industry. As a result, Netflix invested heavily in developing its streaming platform. Today, Netflix is the world's leading streaming entertainment service. The company has over 220 million subscribers in over 190 countries. Netflix's success is due in part to its willingness to develop new market offerings. Recommendations In addition to the key steps and challenges discussed above, there are a number of recommendations that businesses can follow to improve their chances of success in developing new market offerings. These recommendations include:

w 140 Involve a cross-functional team in the development process. This will help to ensure that new offerings are aligned with the company's overall strategy and that they meet the needs of customers and other stakeholders. Use agile development methods. Agile development methods allow businesses to quickly and efficiently test and iterate on new ideas. Collect and analyze customer feedback throughout the development process. This will help to ensure that new offerings are meeting the needs of customers. Be prepared to pivot. 7. Monitor and improve the new product or service Once the new product or service has been launched, it is important to monitor its performance and make necessary improvements. This can be done by tracking sales, customer satisfaction, and other metrics. 8. Sustain the new product or service Once the new product or service has been established, it is important to sustain its success. This can be done by investing in marketing and promotion, as well as by providing ongoing customer support. Case Study: Apple Apple is another good example of a company that has successfully developed new market offerings. Apple started out as a computer company. However, the company realized that the mobile computing market was the future of the technology industry. As a result, Apple invested heavily in developing the iPhone. Today, the iPhone is the world's most popular smartphone. Apple has sold over 2 billion iPhones since its launch. Apple's success is due in part to its willingness to develop new market offerings. Conclusion Developing new market offerings is a complex and challenging process. However, it is an essential part of business growth and success. By following the key steps and recommendations discussed in this chapter, businesses can increase their chances of success in developing new market offerings. Rekomendasi Tambahan

w 141 Berikut adalah beberapa rekomendasi tambahan yang dapat diikuti oleh bisnis untuk meningkatkan peluang keberhasilan dalam mengembangkan penawaran pasar baru: Gunakan data dan analitik untuk membuat keputusan yang lebih baik. Data dan analitik dapat digunakan untuk memahami pasar, pelanggan, dan pesaing dengan lebih baik. Hal ini dapat membantu bisnis untuk membuat keputusan yang lebih tepat tentang pengembangan penawaran pasar baru. Ikuti tren dan perkembangan industri. Penting untuk mengikuti tren dan perkembangan industri untuk tetap kompetitif. Hal ini dapat membantu bisnis untuk mengidentifikasi peluang baru untuk pengembangan penawaran pasar baru. Bersikaplah inovatif dan kreatif. Inovasi dan kreativitas adalah kunci untuk mengembangkan penawaran pasar baru yang sukses. Bisnis harus berani berpikir di luar kotak dan mencoba ide-ide baru. Dengan mengikuti rekomendasi-rekomendasi ini, bisnis dapat meningkatkan peluang keberhasilan dalam mengembangkan penawaran pasar baru yang dapat membantu mereka mencapai tujuan bisnis mereka. Penjelasan Tambahan Berikut adalah beberapa penjelasan tambahan untuk artikel "Developing New Market Offerings": Pada bagian Identify new market opportunities, bisnis perlu mengidentifikasi peluang pasar yang tepat. Ini dapat dilakukan dengan melakukan riset pasar, menganalisis data pelanggan, dan mengikuti tren industri. Pada bagian Generate new product or service ideas, bisnis perlu mengembangkan ideide produk atau layanan baru. Ini dapat dilakukan dengan brainstorming, ideation workshops, dan customer surveys. Pada bagian Evaluate new product or service ideas bisnis perlu mengevaluasi ide-ide produk atau layanan baru. Ini termasuk menilai potensi pasar, kelayakan teknis, dan kelayakan finansial. Pada bagian Develop a prototype, bisnis perlu mengembangkan prototipe. Ini adalah model kerja dari produk atau layanan baru yang dapat digunakan untuk menguji fungsionalitas dan mendapatkan umpan balik dari calon pelanggan. Pada bagian Test the prototype, bisnis perlu menguji prototipe. Ini dapat dilakukan melalui in-house testing, customer beta testing, atau market testing.

w 142 Pada bagian Launch the new product or service, bisnis perlu meluncurkan produk atau layanan baru. Ini melibatkan pengembangan rencana pemasaran, membangun saluran distribusi, dan menetapkan harga. Pada bagian Monitor and improve the new product or service, bisnis perlu memantau kinerja produk atau layanan baru dan membuat perbaikan yang diperlukan. Ini dapat dilakukan dengan melacak penjualan, kepuasan pelanggan, dan metrik lainnya. Pada bagian Sustain the new product or service, bisnis perlu mempertahankan kesuksesan produk atau layanan baru. Ini dapat dilakukan dengan berinvestasi dalam pemasaran dan promosi, serta dengan memberikan dukungan pelanggan yang berkelanjutan. Selain langkah-langkah dan rekomendasi utama yang disebutkan dalam artikel, ada beberapa faktor lain yang perlu dipertimbangkan oleh bisnis dalam mengembangkan penawaran pasar baru. Faktor-faktor ini termasuk: Kebijakan dan peraturan pemerintah. Bisnis perlu memastikan bahwa penawaran pasar baru mereka mematuhi semua kebijakan dan peraturan pemerintah yang berlaku. Lisensi dan paten. Bisnis perlu memeriksa apakah ada lisensi atau paten yang berlaku yang dapat memengaruhi pengembangan penawaran pasar baru mereka. Lingkungan sosial dan budaya. Bisnis perlu mempertimbangkan lingkungan sosial dan budaya di mana penawaran pasar baru mereka akan ditawarkan. Dengan mempertimbangkan faktor-faktor ini, bisnis dapat meningkatkan peluang keberhasilan dalam mengembangkan penawaran pasar baru yang dapat membantu mereka mencapai tujuan bisnis mereka. Berikut adalah beberapa ide: Tinjauan lebih lanjut tentang tantangan dan peluang dalam mengembangkan penawaran pasar baru. Artikel ini telah memberikan gambaran umum tentang tantangan dan peluang dalam mengembangkan penawaran pasar baru. Namun, akan bermanfaat untuk meninjau tantangan dan peluang ini secara lebih rinci. Ini dapat dilakukan dengan membahas faktor-faktor spesifik yang dapat menghambat atau mendorong pengembangan penawaran pasar baru, serta strategi yang dapat digunakan bisnis untuk mengatasi tantangan dan memanfaatkan peluang. Studi kasus tentang bisnis yang berhasil mengembangkan penawaran pasar baru. Akan bermanfaat untuk mempelajari studi kasus tentang bisnis yang berhasil mengembangkan penawaran pasar baru. Ini dapat memberikan wawasan tentang praktik terbaik dan strategi yang digunakan bisnis untuk mencapai keberhasilan. Analisis tren dan perkembangan terbaru dalam pengembangan penawaran pasar baru.

w 143 Pasar terus berubah, dan bisnis perlu mengikuti tren dan perkembangan terbaru dalam pengembangan penawaran pasar baru untuk tetap kompetitif. Analisis tren dan perkembangan terbaru ini dapat membantu bisnis untuk mengidentifikasi peluang baru dan mengembangkan penawaran pasar baru yang inovatif. Selain ide-ide ini, ada banyak hal lain yang dapat dilanjutkan. Dengan terus belajar dan berkembang, bisnis dapat meningkatkan peluang keberhasilan dalam mengembangkan penawaran pasar baru yang dapat membantu mereka mencapai tujuan bisnis mereka.

w 144 KESIMPULAN Mengembangkan penawaran pasar baru adalah proses yang kompleks dan menantang, tetapi juga merupakan peluang besar bagi bisnis untuk tumbuh dan berkembang. Dengan mengikuti langkah-langkah dan rekomendasi yang disebutkan dalam artikel ini, bisnis dapat meningkatkan peluang keberhasilan dalam mengembangkan penawaran pasar baru yang dapat membantu mereka mencapai tujuan bisnis mereka. Berikut adalah beberapa tips tambahan untuk mengembangkan penawaran pasar baru yang sukses: Fokus pada pelanggan. Penting untuk selalu fokus pada pelanggan saat mengembangkan penawaran pasar baru. Bisnis harus memahami kebutuhan dan keinginan pelanggan mereka untuk menciptakan penawaran yang menarik dan relevan. Inovasi dan kreatif. Inovasi dan kreativitas adalah kunci untuk mengembangkan penawaran pasar baru yang sukses. Bisnis harus berani berpikir di luar kotak dan mencoba ideide baru. Fleksibel dan adaptif. Pasar selalu berubah, jadi penting untuk fleksibel dan adaptif saat mengembangkan penawaran pasar baru. Bisnis harus siap untuk menyesuaikan diri dengan perubahan pasar dan kebutuhan pelanggan. Dengan mengikuti tips ini, bisnis dapat meningkatkan peluang keberhasilan dalam mengembangkan penawaran pasar baru yang dapat membantu mereka mencapai tujuan bisnis mereka.

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w 147 CHAPTER 20 Global Business Expansion: Challenges and Opportunities" ● DINDA AYU RAIHANA(202210160311293) ●AVIVA NUR IMAMA ( 202210160311301) ● AZRA NATHASYA PUTRI ( 202210160311307) BACKGROUND In today's interconnected world, businesses are increasingly looking beyond their domestic borders to expand their operations globally (Uzliawati et al., 2023).This pursuit of global expansion stems from the allure of tapping into new markets, diversifying revenue streams, and staying competitive in an ever-evolving marketplace (Soler & Morales-Galvez, 2022). However, such endeavors are not without their complexities and hurdles. Global business expansion brings about a unique set of challenges and opportunities that demand a strategic and informed approach.(Rajput et al., 2023) One of the key challenges in global business expansion is the need to navigate a diverse range of cultures and markets (Rabaia et al., 2022). Each country or region comes with its own cultural norms, consumer preferences, and business practices (Bukhari et al., 2022). Understanding and adapting to these differences is essential for successful international operations (Dziedzicka-Wasylewska et al., 2021). Furthermore, regulatory environments and legal requirements can vary significantly, necessitating careful compliance and risk management. Amidst these challenges, there are also remarkable opportunities (Marbouh et al., 2022). Expanding globally can lead to increased revenue and profit potential, access to a broader talent pool, and the chance to leverage economies of scale (Mori et al., 2022). Additionally, technological advancements and global connectivity have made it easier for companies to reach new markets and engage with customers worldwide (Rafsanjani & Nabizadeh, 2023). The ability to adapt and seize these opportunities can set businesses on a path to sustainable growth and global success (Rosenbrock & Geene, 2023). In this context, the exploration of the

w 148 challenges and opportunities associated with global business expansion becomes a crucial topic for businesses and stakeholders alike (Liao et al., 2023). LITERATURE REVIEW AND DISCUSSION 1.Explain how companies decide whether to go abroad Companies deciding whether to expand abroad follow a structured process known as international market entry strategy (Brim, 2023). This process encompasses various key considerations (Ghosh et al., 2023). It begins with comprehensive market research, which helps identify potential opportunities, assess demand, and understand market nuances such as size, consumer behavior, competition, and regulatory conditions (Park et al., 2023). Concurrently, a thorough risk assessment is essential, encompassing factors like political stability, economic conditions, legal regulations, and the potential impact of currency exchange rate fluctuations (Choudhary, 2022). In the next phase of the decision-making process, companies delve into competitive analysis (Kor et al., 2023). This entails evaluating the existing competitive landscape in the target market, studying competitors, their market share, and determining how a company's products or services fit into this environment (Meltareza & Tawaqal, 2023). Additionally, understanding the legal and regulatory landscape of the foreign market is critical to ensure compliance with local laws and trade policies (Chen, 2021). Moreover, a substantial part of the decision-making process involves assessing cultural compatibility and market fit (Nasr & Khalil, 2022). Companies must understand the cultural, social, and consumer preferences in the target market and be prepared to adapt products, marketing strategies, and business practices to resonate with local culture (Shemchuk et al., 2022). Concurrently, selecting the appropriate entry mode—whether through exporting, licensing, franchising, joint ventures, or wholly-owned subsidiaries—depends on factors like the level of control, investment, and the company's risk tolerance (Sofwan et al., 2023). These considerations, along with financial analysis, strategic alignment, resource availability, and a specified time horizon, are all central to the decision of whether to embark on international expansion (Aassouli & Ahmed, 2023). The final decision is a delicate balance between the potential benefits of global expansion and the associated risks and costs (Giro et al., 2023). 2. Discuss the factors that companies consider in deciding which global markets to enter

w 149 The decision of which global markets to enter is a multifaceted process for companies, with several factors coming into play (Rahmawati et al., 2023). Market size and potential are often paramount considerations, as companies seek markets with substantial consumer bases and growth opportunities (Grimes, 2022). Furthermore, economic stability holds a crucial role, as companies prefer markets with sound economic conditions to mitigate the risks associated with currency devaluation and economic volatility (Msosa, 2023). A deep understanding of the competitive landscape is another essential aspect of market selection (Marquet et al., 2022). This involves analyzing existing competitors, their market share, and strategies to gauge the level of competition a company may face. Moreover, the regulatory environment, which encompasses local laws, trade regulations, and government policies, is pivotal (Zhang, 2023). Companies must ensure that the legal framework is conducive to their business operations and trade activities (Faku, 2022). 3. Summarize the strategies companies use to enter global markets Companies employ a variety of strategies when venturing into global markets (Ilyas & Siddiqi, 2022). One common approach is exporting, which involves selling products or services overseas, either directly or through local distributors (Astutik et al., 2023). Licensing and franchising are other options, allowing businesses to grant rights to their intellectual property or replicate their business models internationally, often with lower upfront costs (Onyebuchi et al., 2023). Joint ventures and strategic alliances involve forming partnerships with local entities, sharing risks, and benefiting from local market knowledge (Pityulych et al., 2022). Establishing wholly-owned subsidiaries in foreign markets provides complete control over operations, while mergers and acquisitions enable rapid market entry by acquiring or merging with existing businesses (Kaltenecker & Montoya, 2023). Greenfield investments involve building new facilities from scratch, offering full autonomy but requiring substantial investment and time (Rennu et al., 2023). Leveraging e-commerce platforms, global supply chains, or targeting specific market segments are additional strategies to consider (Nanayakkara et al., 2022). Furthermore, adaptation and localization are crucial to tailor products and marketing to local cultures, while government incentives, subsidies, and trade agreements can provide support and help mitigate risks (Kasi et al., 2022). Companies often adopt a mix of these strategies, carefully selected based on their objectives, resources, and the specific dynamics of the target market (Gastauer et al., 2022).

w 150 4. Explain how companies can adapt their marketing strategies for global markets Adapting marketing strategies for global markets is a multifaceted process that involves a series of crucial steps (Popović et al., 2023). To begin, comprehensive market research is essential to gain insights into the specific dynamics of the target market (Chatterjee et al., 2023). This research should encompass a deep understanding of consumer behavior, local preferences, and the competitive landscape (Chauhan et al., 2021). Recognizing cultural sensitivity is also paramount (Saaida, 2023). It's imperative to respect and honor cultural differences, avoid any form of cultural insensitivity, and steer clear of content that may be perceived as offensive (Harvey & Wennerstrom, 2023). This cultural awareness ensures that marketing materials are not only accurate but also culturally appropriate (Butova et al., 2022). Language localization is another pivotal step (AMUNTAI & undefined 2022). Effective communication is key, and this involves translating marketing materials and content into the local language (Lord et al., 2021). However, it's not just about translation; the content should be culturally relevant, free from linguistic nuances that might be misinterpreted, and aligned with local sensibilities (Skinner et al., 2023). Product adaptation is also a consideration, as businesses may need to modify products or services to meet local preferences or comply with specific requirements (Wulandari, 2021). This might involve changes in product features, packaging, or branding to ensure alignment with local tastes and needs (Negara et al., 2022). Pricing strategies should be adjusted to match local economic conditions, consumer purchasing power, and market competition. In addition, companies need to consider local pricing strategies and manage currency fluctuations effectively. Overall, a well-executed marketing strategy for global markets combines meticulous research, cultural sensitivity, and adaptability to resonate with diverse audiences and meet local demands. CONCLUSION It begins with comprehensive market research, which helps identify potential opportunities, assess demand, and understand market nuances such as size, consumer behavior, competition, and regulatory conditions. Concurrently, a thorough risk assessment is essential, encompassing factors like political stability, economic conditions, legal regulations, and the potential impact of currency exchange rate fluctuations