Similarly, within the study of Marketing Management, the "Consumers" or the "Customers" play a very critical role as these are the people who finally BUY the goods & services of the organisation, and the firm is always on the move to make them buy so as to earn revenue. It's crucial from both the points of view as given below :
1. From the customers' point of view : Customers today are in a tough spot. Today, in the highly developed & technologically advanced society, the customers have a great deal of choices & options (and often very close & competing) to decide on.
1. They have the products of an extreme range of attributes (the 1st P - Product),
2. they have a wide range of cost and payment choices (the 2nd P - Price),
3. they can order them to be supplied to their door step or anywhere else (the 3rd P - Place),
4. and finally they are bombarded with more communications from more channels than ever before (the 4th P - Promotion).
How can they possibly decide where to spend their time and money, and where they should give their loyalty ?
1. From the marketers' point of view : "The purpose of marketing is to sell more stuff to more people more often for more money in order to make more profit". This is the basic principle of requirement for the... [continues]
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