Marketing Mangament Smu
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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 o what its customer needs, o industry trends, o competitors’ products, o 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 o the desire and o 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
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Sign Up
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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 o what its customer needs, o industry trends, o competitors’ products, o 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 o the desire and o 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