Marketing Excellence must be a better way to automate his bill-paying process. For over 25 years,...

Transcribed Image Text:

Marketing Excellence must be a better way to automate his bill-paying process. For over 25 years, Intuit's mission has been to "revolutionize peo- ple's lives by solving their important business and financial >>Intuit management problems." Intuit launched its first product, Quicken, in 1984 and financial and tax solution struggled to survive during those first years. After some software for consumers favorable reviews in the trade journals and an effective print advertising campaign, the company got its first sized businesses. The break. By 1988, Quicken was the best-selling finance company was founded in product on the market. In 1992, the company launched 1983 by a former Procter QuickBooks, a bookkeeping and payroll software product & Gamble employee, for small businesses, and went public the following year. Intuit grew quickly in the early 1990s, thanks to the success of Quicken, QuickBooks, and TurboTax, a tax mer, Tom Proubx, after preparation software program. Intuit's products did some- Cook realized there thing for small businesses that more complicated Intuit develops and sells and small to medium- Scott Cook, and a Stan- ford University program- accounting packages didn't: they solved finance and tax problems in a simple, easy-to-use manner. Intuit had recognized correctly that simplicity was the key, not in- depth accounting analysis. By 1995, the firm held a cating with customers on a timely basis is critical. And 70 percent market share, and Microsoft tried to purchase that timely basis now is instantaneous." it for $2 billion. However, the Justice Department blocked the deal as anticompetitive and the buyout collapsed. From 1995 to 1997, Intuit's stock tumbled 72 percent Just 12 weeks after the firm integrated a small-business and forced the company to refocus its strategic efforts. It turned to the growing power of the Internet, online bank- ing capabilities, and valuable input from its customers to site, Intuit identified bloggers who either wrote their own develop new product versions, which in turn improved the stories or picked up stories originally posted by a few influ- company's stock value and market position throughout ential bloggers who were given a special preview. Intuit the 2000s. 10 customers bought your product because of word-of- mouth that's a pretty powerful tool... So engaging with our customers directly is part of our DNA and communi- Recently, Intuit has increased its presence on social media Web sites such as Twitter, Facebook, and Linkedin. Web site with these social networks, sales of QuickBooks increased 57 percent. To measure the viral success of this classified each blog post according to velocity (whether it Intuit spends a significant amount of time and took a month or happened in a few days), share of voice money-approximately 20 percent of net revenues-on consumer research each year. It is critical for Intuit to know exactly how customers use and feel about their products sentiment (how meaningful the comments were). due to the fast-paced nature of technology, shifting con- sumer needs, and the competitiveness of its industry. Intuit from Quicken, QuickBooks, and Turbo Tax sales. The conducts several levels of research and invites consumers and businesses to participate in a variety of ways. During a Site Visit, Intuit researchers visit the individ- ual's home or office to observe and learn exactly how its (how much talk occurred in the blogosphere), voice quality (what was said and how positive or negative it was), and In 2008, Intuit earned $3.1 billion in revenue, primarily company now employs over 8,000 people, mostly in the United States, and is planning to expand internationally. It continues to acquire companies, such as personal finance Web site Mint.com in 2009, that will help it in products are used and can be improved in the true work growth areas such as solutions for mobile devices. Intuit environment. A Lab Study invites consumers to one of believes that expanding its mobile solutions will encour- Intuit's U.S. research labs to test out new products and age younger consumers to turn to the company for their ideas. During a Remote Study, consumers are interviewed finance and tax software. Growth will also come from over the phone and often asked to view new design con- cepts over the Internet. The company also conducts an ongoing extensive research study with the Institute for the Future, to learn more about the future trends affecting small businesses. Intuit uses what it learns not only to pro- duce improved versions of its products each year, but also to better understand the next generation of financial and tax software, such as solutions for mobile devices. Demand for Intuit's products is seasonal, and its mar- keting efforts are typically concentrated around tax prepara- tion time-November through April. During that time, Intuit develops promotions with original equipment manufactur- ers (OEMS) and major retailers. It promotes its products through a number of marketing efforts including direct mail, 3. How should Intuit gauge the results of its research Web marketing, print, radio, and television ads. While Intuit's marketing campaigns have evolved over the years, it was clear early on that positive word of mouth and exceptional customer service are its most effective marketing tools. Harry Pforzheimer, chief communications Markating Departments," Advertising Age, September 21, 2009, Jon Swartz, "More Marketers Use officer and marketing leader, explained, "It's a little harder to measure but when you know that roughly eight out of previous Microsoft Money customers. In 2009, Microsoft announced it would discontinue its Money product line after an 18-year battle with Quicken. The victory was a rare win against the software giant and one that should provide great opportunity for Intuit. Questions 1. Elaborate on Intuit's use of customer research. Why did it work so well for the company? 2. Could anything go wrong for Intuit now that it has beaten out Microsoft? Why or why not? among younger consumers with mobile devices? Sources: Intuit, 2008 Annual Report, Karen E. Klein, "The Face of Entrepreneurship in 2017, BusinessWeek, January 31, 2007: Intult, "Intuilt Study: Next-Gen Artisans Fuel New Entrepreneurial Economy." February 13, 2008; Michael Bush, "How PR Chiefs Have Shifted Toward Center of Social Networking to Reach Customers," USA Today, August 28, 2009; Mark Johnson and Joe Sinfiekd, "Focusing on Consumer Needs ts Not Enough," Advertising Age, April 28, 2008; "intuit CEO Sees Growth in Mobile, Giobal Markets," Associated Press, September 23, 2009. Marketing Excellence must be a better way to automate his bill-paying process. For over 25 years, Intuit's mission has been to "revolutionize peo- ple's lives by solving their important business and financial >>Intuit management problems." Intuit launched its first product, Quicken, in 1984 and financial and tax solution struggled to survive during those first years. After some software for consumers favorable reviews in the trade journals and an effective print advertising campaign, the company got its first sized businesses. The break. By 1988, Quicken was the best-selling finance company was founded in product on the market. In 1992, the company launched 1983 by a former Procter QuickBooks, a bookkeeping and payroll software product & Gamble employee, for small businesses, and went public the following year. Intuit grew quickly in the early 1990s, thanks to the success of Quicken, QuickBooks, and TurboTax, a tax mer, Tom Proubx, after preparation software program. Intuit's products did some- Cook realized there thing for small businesses that more complicated Intuit develops and sells and small to medium- Scott Cook, and a Stan- ford University program- accounting packages didn't: they solved finance and tax problems in a simple, easy-to-use manner. Intuit had recognized correctly that simplicity was the key, not in- depth accounting analysis. By 1995, the firm held a cating with customers on a timely basis is critical. And 70 percent market share, and Microsoft tried to purchase that timely basis now is instantaneous." it for $2 billion. However, the Justice Department blocked the deal as anticompetitive and the buyout collapsed. From 1995 to 1997, Intuit's stock tumbled 72 percent Just 12 weeks after the firm integrated a small-business and forced the company to refocus its strategic efforts. It turned to the growing power of the Internet, online bank- ing capabilities, and valuable input from its customers to site, Intuit identified bloggers who either wrote their own develop new product versions, which in turn improved the stories or picked up stories originally posted by a few influ- company's stock value and market position throughout ential bloggers who were given a special preview. Intuit the 2000s. 10 customers bought your product because of word-of- mouth that's a pretty powerful tool... So engaging with our customers directly is part of our DNA and communi- Recently, Intuit has increased its presence on social media Web sites such as Twitter, Facebook, and Linkedin. Web site with these social networks, sales of QuickBooks increased 57 percent. To measure the viral success of this classified each blog post according to velocity (whether it Intuit spends a significant amount of time and took a month or happened in a few days), share of voice money-approximately 20 percent of net revenues-on consumer research each year. It is critical for Intuit to know exactly how customers use and feel about their products sentiment (how meaningful the comments were). due to the fast-paced nature of technology, shifting con- sumer needs, and the competitiveness of its industry. Intuit from Quicken, QuickBooks, and Turbo Tax sales. The conducts several levels of research and invites consumers and businesses to participate in a variety of ways. During a Site Visit, Intuit researchers visit the individ- ual's home or office to observe and learn exactly how its (how much talk occurred in the blogosphere), voice quality (what was said and how positive or negative it was), and In 2008, Intuit earned $3.1 billion in revenue, primarily company now employs over 8,000 people, mostly in the United States, and is planning to expand internationally. It continues to acquire companies, such as personal finance Web site Mint.com in 2009, that will help it in products are used and can be improved in the true work growth areas such as solutions for mobile devices. Intuit environment. A Lab Study invites consumers to one of believes that expanding its mobile solutions will encour- Intuit's U.S. research labs to test out new products and age younger consumers to turn to the company for their ideas. During a Remote Study, consumers are interviewed finance and tax software. Growth will also come from over the phone and often asked to view new design con- cepts over the Internet. The company also conducts an ongoing extensive research study with the Institute for the Future, to learn more about the future trends affecting small businesses. Intuit uses what it learns not only to pro- duce improved versions of its products each year, but also to better understand the next generation of financial and tax software, such as solutions for mobile devices. Demand for Intuit's products is seasonal, and its mar- keting efforts are typically concentrated around tax prepara- tion time-November through April. During that time, Intuit develops promotions with original equipment manufactur- ers (OEMS) and major retailers. It promotes its products through a number of marketing efforts including direct mail, 3. How should Intuit gauge the results of its research Web marketing, print, radio, and television ads. While Intuit's marketing campaigns have evolved over the years, it was clear early on that positive word of mouth and exceptional customer service are its most effective marketing tools. Harry Pforzheimer, chief communications Markating Departments," Advertising Age, September 21, 2009, Jon Swartz, "More Marketers Use officer and marketing leader, explained, "It's a little harder to measure but when you know that roughly eight out of previous Microsoft Money customers. In 2009, Microsoft announced it would discontinue its Money product line after an 18-year battle with Quicken. The victory was a rare win against the software giant and one that should provide great opportunity for Intuit. Questions 1. Elaborate on Intuit's use of customer research. Why did it work so well for the company? 2. Could anything go wrong for Intuit now that it has beaten out Microsoft? Why or why not? among younger consumers with mobile devices? Sources: Intuit, 2008 Annual Report, Karen E. Klein, "The Face of Entrepreneurship in 2017, BusinessWeek, January 31, 2007: Intult, "Intuilt Study: Next-Gen Artisans Fuel New Entrepreneurial Economy." February 13, 2008; Michael Bush, "How PR Chiefs Have Shifted Toward Center of Social Networking to Reach Customers," USA Today, August 28, 2009; Mark Johnson and Joe Sinfiekd, "Focusing on Consumer Needs ts Not Enough," Advertising Age, April 28, 2008; "intuit CEO Sees Growth in Mobile, Giobal Markets," Associated Press, September 23, 2009.

Answer rating: 100% (QA)

1 The company recognized that for them to gain the largest share of the market they have to produce what the customers need The company made their cus... View the full answer