Q1. Discuss Sam’s Walton’s statement that “only the customer can fire us all.” Do you agree with this statement, and how do you relate consumer behaviour to this statement? Consumer behaviour is a part where we study the activities of our customer on when they obtaining the product, on how they consuming the product and on how they disposing the product. According to the statement from Sam’s Walton’s above, that “only customer can fire us all” we are agreed that customer can actually fire everybody that in a business organization. This is because the performance of any business that is driven by needs and wants of the consumer are depending on the customer. Customer also chooses which brands of the product stays in the market, the brands that actually delivered the needs that they want in a product. From the statement above we could relate it with consumer behaviour on how consumer behaviour would helps business organization to generate products that will be embraced and purchased. From the study on consumer behaviour, businesses could also learned about what makes our customer happy and the important needs and wants of the customer to came out with a new product, and making an improvement to the product and will help them to stay in the market. This is also the reason on why most businesses organization today emphasizes customer relationship. They try to keep their customer happy and satisfy with their products and services as theses organization knows that most of their customer could influence others. Most of business organizations today are also customer oriented, where they putting their customer satisfaction as most important thing to their business. The consumer research method in consumer behaviour is one of the tools to understand more about the customer in order to make a right decision making. As certain product depending from the demand of the customer this consumer research method is a crucial tool to any business organization.
Q2. Using the concept of consumer insight and marketing mix, choose a product that has been introduced to the market and explain why you think it has succeeded. According to Blackwell ET all (2012) consumer insight is an understanding of consumers expressed and unspoken needs and realities that affect how they make life, brand, and product choices. Also stated that marketing mix is marketing tools that mix the 4P’s which is product, place, price and promotions. For product it is where we need to know what do our customer wants from our product. While for place it’s on where will be the place that our customer will look for our product, while, the price is where we need to set a right price that would equal the value of our product deliver to our customer. The promotions is an activities that involved in selling a product, including advertising, public relations, sales promotions, and personal sales. One example of the product that has successfully used a consumer insight is a sport attire product from NIKE. NIKE is one of the most successful brands in producing sports attire product and also well known in producing product are based on the needs of the customer. NIKE where also are best known on having a lot of successful campaign for their product like “Risk Everything” for FIFA world cup campaign and “Better For It” for NIKE women NIKE once use to be a product oriented brands until they realise that they should more focusing on the customer after a failure in mid 1980’s when they came on with casual shoes. And now they a more focusing on delivering what their customer wants as they now putting their customer interest first as stated by Phil Knight, co-founder and chairman of Nike, Inc “whether you’re talking about the core consumer or the person on the street, the principle is the same: you have to come up with what the consumer wants, and you need a vehicle to understand it. To understand the rest of the pyramid, we do a lot of work at the grass-roots level. We go to...
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