expectations, the customer is satisfied. If the performance exceeds expectations, the customeris highly satisfied or delighted. A. Discovering Consumer NeedsMarketing's first objective is discovering the needs of prospective consumers.
The Challenge of Launching Winning New Products Discovering and satisfying needscan be difficult.
Companies invest huge sums on marketing and technical research that reduces, butcannot eliminate, new-product failures.
Discovering needs involves looking carefully at prospective customers.
A firm’s marketing department must understand
what its customer needs,
and needs of a customer’s customer.
Consumer Needs and Consumer Wants
A need occurs when a person feels physiologically deprived of basic necessities, suchas food, clothing, and shelter.
A want is a felt need that is shaped by a pe
rson’s knowledge, culture, and personality.Marketing does not create the need for a product, but shapes a person’s wants.
ETHICS AND SOCIAL RESPONSIBILITY ALERT
Potential consumers make up a market,
which is people with
the desire and
with the ability
to buy a specific product.
B. Satisfying Consumer Needs
An organization does not have the resources to satisfy the needs of all consumers.
It focuses on the needs of its target marketTarget Market one or more specific groups of potential consumers toward which anorganization directs its marketing program. Global Competition, Customer Value, and Customer Relationships
Intense domestic and global competition has prompted many firms to focus onproviding customer value.
Firms try to place a dollar value on a loyal, satisfied customer.Customer value the unique combination of benefits received by targeted buyers thatincludes quality, price, convenience, on-time delivery, and both before-sale and after-saleservice. Relationship Marketing and the Marketing Program1. Easy to Understand 1.Relationship marketing links the organization for mutual long-term benefits to
2.Difficult to implement on a long term basis3. critical in developing effective customer relationships C. The Marketing Program:
marketing program a plan that integrates the marketing mixto provide a good, service, or idea to prospective buyers.
This process is continuous:
Consumer needs trigger product concepts
that become actual products
that stimulate further discovery of consumer needs.
Q.2 Conduct a SWOT analysis for any one automobile brand of your choice. How willthis analysis help in planning marketing strategies for the brand?Answer : SWOT is an acronym for strengths, weaknesses, opportunities and threats, andrepresents the key categories for a particular type of business analysis. Car dealerships use itto determine how they fare versus competitors in their local markets. Dear Students,Get your assignments from Our ESTEEMED ORGANIZATIONsmumbaassignment.comJust email email@example.com S M S to+91 9995105420. message Format -SMU MBA To +91 9995105420,we will reach back you with in 24HOr Directly call our Middle East Office+974 55702886 .More Info, Kindly visit smumbaassignment.com
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Q.3 Explain in brief the process involved in personal selling. Answer
Q.4 Describe the stages of business buying process.Answer : 20 Steps to Business Buying VR's Proven 20 Step Buying Process for Buying an Existing Business summarizes theBuying Process and is an excellent "road map" for new buyers to understand before theyembark on this exciting path of controlling their own future.Q. 5 Why is rural market important? What should marketers keep in mind whencatering to this market? Answer : Marketers should know one basic rule-India is...
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