Marketing Strategies

2110 Words Nov 29th, 2011 9 Pages
Marketing Strategies – Midterm

1. The five types of customer needs are: Stated needs, Real needs, Unstated needs, Delight needs and Secret needs. Define each and give an example for each.

Stated needs are wants that are expressed by the customer while shopping for a product or service. An example of a stated need is when a customer wants to buy a two-bedroom condo.
Real needs are the underlying needs of those that are stated. In the case of the customer that wants to buy a two-bedroom condo, they want a condo that is convenient with regards to proximity to work, friends, family and sources of activity.
Unstated needs are expectations that a customer associates with the product or service they are shopping for in which the
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There are several ways in which a company is able to conduct marketing research. Some of these ways are more expensive than others, but if I were in charge of marketing research for a small company that didn’t have the necessary budget for an extensive research project, I would approach it in the following three ways: 1. Utilizing the internet – The internet has the answer to anything at just a Google search away. A company can use the internet to see how their competitors’ website is set up compared to their own and what consumers are discussing about yours and your competitors company via chat rooms, blogs and forums. The internet is a wealth of information and it is available at a minimal cost. 2. Engaging top MBA students to design and carry out projects – This is not only a great way to get some additional sets of eyes on a specific marketing situation facing a company, but it is also available at the cost of just experience and visibility for the MBA students involved. 3. Focus Groups – I would lastly consider running a series of focus groups. This is a great way to test different ideas to resolve a specific marketing situation facing a company. Based on the results of the focus groups, you are able to determine a direction for the marketing plan at yet another minimal cost.

5. What is Customer-perceived value (CPV) and give an example of when the value of a product or service did not match the cost you paid
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