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Intuit Marketing


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Intuit Marketing by Garcia, Jalad, Sulipa, University of the Philippines

Published in: Marketing
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Intuit Marketing

  2. 2. Intuit COMPANY PROFILE Intuit is engaged in developing and selling financial and tax solution software for consumers and small or medium-sized businesses inspired on the realization of an improved or automation of bill-paying process.
  3. 3. COMPANY Mission To revolutionize people’s lives by solving their important business and financial management problems through the deployment of financial and tax solution software. Intuit
  4. 4. COMPANY proposition To solve finance and tax problems in a simple, easy to use manner where simplicity, not an in-depth accounting analysis is the key. Intuit
  5. 5. COMPANY position A developing company in the 1990s which another company, Microsoft, attempted to purchase for $2B. It experienced market fall. This inspired Intuit to develop and refocus its strategic efforts which include the research and analysis on the growing internet power, online banking capabilities and valuable input from its customers which led to development of customer centric products versions leading to increased stock value and market position. In 2008, Intuit earned $3.1B revenue, employed over 8,000 individuals and still has expansion plans. Today, Intuit is one of the leading software developer in the finance industry. Intuit
  6. 6. COMPANY history Founded by a former Procter & Gamble employee, Scott Cook,and a Stanford University programmer, Tom Proulx1983 1984 Launched the Quicken Quicken got its first break as the bestselling finance product on the market1988 1982 Launched quickbooks, a book keeping and payroll software product for small businesses and went public in 1983 together with turbo tax- a tax preparation software program 1995 Microsoft tried to purchase Intuit with a value of $2B Intuit
  7. 7. COMPANY STRATEGY Premised on the seasonality of tax preparation, it capitalizes development of strategy which focuses on marketing through promotions with original equipment manufacturers and major retailers. Apart from its core marketing strategy of customer research, it utilizes direct mail, web marketing, print, radio and television ads to capture target a wider audience. Over-all, Intuit believes that a positive word of mouth and exceptional customer service are its most effective marketing strategies. Intuit
  8. 8. 1 Elaborate on Intuit’s use of customer research. Why did it work so well for the company? With its marketing strategy based on customer research, significant investment amounting to 20% of net revenues are appropriated for consumer research each year. Its process covers several stages and ways which are favorable to customers. These include site visit, lab study and remote study. Intuit
  9. 9. 1 Elaborate on Intuit’s use of customer research. Why did it work so well for the company? During a Site Visit, Intuit researchers visit the individual’s home or office to observe and learn exactly how its products are used and can be improved in the true work environment. This allows a more personal approach which often customers feel special and important. Some customers tend to appreciate more a product with the strategy of creating a sense of importance. It highlights the significance of an individual’s comments and recommendations to improve their product. Intuit has a customer value proposition of simplifying things for the customers who are end-users of the system. This allows a more customer-friendly and tailor-fitted products for the end-user as they are incorporating the suggestions of the target consumers. Intuit
  10. 10. 1 Elaborate on Intuit’s use of customer research. Why did it work so well for the company? A Lab Study is being conducted where they invite consumers to one of Intuit’s U.S. research labs to test out new products and ideas. In this stage, prospect consumers are given the opportunity to examine on their own - newly designed products for a test-run and evaluation, its results are to be considered for product revision prior market release. This stage ensures that possible problems or recommendations on the product are addressed and considered prior to product release. Intuit
  11. 11. 1 Elaborate on Intuit’s use of customer research. Why did it work so well for the company? A Remote Study is where consumers are interviewed over the phone and often asked to view new design concepts over the Internet. This allows a firsthand experience of the product. In this way, customers are prioritized to determine and gather information for analysis. Parallel to this, Intuit conducts extensive research studies focused on the fast-paced nature of technology which greatly affects the consumers. Over-all, the customer research strategy propelled the company to greater heights. Intuit exists because of its consumers and Intuit leverages on this idea to plan products and manage their customers to address client concerns, suggestions and recommendations, technology, shifting consumer needs, industry competitiveness. Intuit
  12. 12. 2 Could anything go wrong for Intuit now that it has beaten out Microsoft? Why or why not? Intuit is on its mature stage. Since some companies upon reaching maturity advance to the decline stage, there is a possibility for Intuit to experience the same. However, Intuit should be able to combat the same and maintain its position by determining and anticipating the trends of the coming years. Technology is fast changing, thus, Intuit should continue to be up-to-date with its customer and market researches. It should continue its customer research strategy as it has been the key to the company’s success. Intuit
  13. 13. 3 How should intuit gauge the results of its research among younger consumers with mobile devices? Given that the younger consumers are the ones who are inclined to use advanced technology, Intuit should be able to capture and target this segment by fully utilizing its resources. Given that the mobile devices are powerful tools that will impact professions of younger consumers, Intuit should be able to capitalize on the same by increasing its presence on social media web sites such as Twitter, Facebook, blogs and LinkedIn. These social sites serve as a venue to capture “younger generations” first-hand experiences and information which can be analyzed to produce customized products for its customers. Intuit leverages on the word-of-mouth marketing strategy when customer’s experience of Intuit service should be able to provide customer satisfaction to lead to commendation and market expansion. Younger generations can provide alternatives and fresh ideas which can be incorporated in Intuit product designs. Intuit Reference : Kotler, P. Keller, K. 2012. Marketing Management 14th Ed.Prentice Hall. New Jersey: Pearson Education Inc.