Assignment
What is the first step to understand the marketplace and customers?
Like most of people, I know the importance of understanding the marketplace and customers. I think it is part of work of the Department of Consumer and Market Knowledge in manufactures and the Site Research of retailers. Although I worked on field related to marketplace and consumers in the past four years, I still need to thoroughly learn about the fundamental definitions of core marketplace concepts.
"Marketing is all about creating value for customers. So, as the first step in the marketing process, the company must fully understand consumers and the marketplace in which it operates." (Kotler & Armstrong, 2012: p. 6) Therefore, we need to examine core customer and marketplace concepts.
1) needs, wants, and demands
"Human needs are states of felt deprivation." (Kotler & Armstrong, 2012: p. 6) According to Maslow's_hierarchy_of_needs, human needs include physiological needs, safety, love/belonging, esteem, and self-actualization.We have basic physical needs for air, water, food, clothing, warmth, and safety; social needs for belongings and affection; and individual needs for knowledge and self-expression. In the marketplace, "marketers cannot create these needs; they are a basic part of the human makeup." (Kotler & Armstrong, 2012: p. 6)
"Wants are the form human needs take as they are shaped by culture and individual personality." (Kotler & Armstrong, 2012: p. 6)
"Human wants become demands when backed by buying power."(Kotler & Armstrong, 2012: p. 6) Demands come from wants when we want to buy something in terms of our buying power in the marketplace.
For example, each person needs food and water to survive in the world. An American wants to have a Big Mac, french fries, and a bottle of Coco Cola. A Chinese wants to have noodles or rice, fried vegetables and meat, and a cup of hot tea. "Wants are shaped by one's society and are described in terms of objects that will satisfy
Like most of people, I know the importance of understanding the marketplace and customers. I think it is part of work of the Department of Consumer and Market Knowledge in manufactures and the Site Research of retailers. Although I worked on field related to marketplace and consumers in the past four years, I still need to thoroughly learn about the fundamental definitions of core marketplace concepts.
"Marketing is all about creating value for customers. So, as the first step in the marketing process, the company must fully understand consumers and the marketplace in which it operates." (Kotler & Armstrong, 2012: p. 6) Therefore, we need to examine core customer and marketplace concepts.
1) needs, wants, and demands
"Human needs are states of felt deprivation." (Kotler & Armstrong, 2012: p. 6) According to Maslow's_hierarchy_of_needs, human needs include physiological needs, safety, love/belonging, esteem, and self-actualization.We have basic physical needs for air, water, food, clothing, warmth, and safety; social needs for belongings and affection; and individual needs for knowledge and self-expression. In the marketplace, "marketers cannot create these needs; they are a basic part of the human makeup." (Kotler & Armstrong, 2012: p. 6)
"Wants are the form human needs take as they are shaped by culture and individual personality." (Kotler & Armstrong, 2012: p. 6)
"Human wants become demands when backed by buying power."(Kotler & Armstrong, 2012: p. 6) Demands come from wants when we want to buy something in terms of our buying power in the marketplace.
For example, each person needs food and water to survive in the world. An American wants to have a Big Mac, french fries, and a bottle of Coco Cola. A Chinese wants to have noodles or rice, fried vegetables and meat, and a cup of hot tea. "Wants are shaped by one's society and are described in terms of objects that will satisfy