A.C.1.1 Marketing is the management action able to spot, foresee and please the customer claim in a profitable way, is a “process of developing and implementing a strategy to plan and coordinate ways of identifying, anticipating, and satisfying consumer demands in such a way as to make profits”, it is the tactical scheme that stand at the core of marketing, it is a set of agreements that enable buyers and sellers to exchange goods and services. The key words in marketing process are:
a. Identifying the customer’s demands according to their thoughts and feelings and perception about a good product or service. Kellogg’s examined and estimated the design of Cornflakes as to please and be present at the needs of the purchaser.
b. Anticipating …show more content…
Than they held a children’s art contest, selecting from the best entries for the use of Kellogg’s advertisements. After having success in USA market, Kellogg’s enters for the first time a foreign land and continued to expand into new market, exporting cereal to England and introducing ready-to –eat cereals to health institutions, accommodations and restaurant carriage.
d. Profitability is the way of making profit when the organization is able to identify, anticipate and satisfy the customer’s demands.
All the marketing process is built according to a plan that includes the core concepts of it, especially the comprehension of the marketplace and the consumer needs.
Need is an operation of human activity that include physical (food, clothes, shelter, safety), social (affection, belonging) and individual needs (learning, knowledge, self- expression). Understanding the market place and the customer’s needs is to comprehend the environment where the trade between buyers and sellers take place and recognize the lack of something that people want or deem necessary. Kellogg’s understood that the market in USA needed the flaked corn for fulfilling their need of healthy products for breakfast.
Want is the size of the individual need that takes form by culture and individual personality. Design customer- driven marketing strategy is separating market in tiny groups with different need, personality or behavior according to their wants.
Kellogg’s introduce high fiber cereal
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Marketing is the management procedure in which the product or service is moves from concept to the customer. It includes the co-ordination of the 4 P’s of marketing: product, price, placement and promotion. [tutor2u.net]
Marketing is the term where companies create their products or services awareness into the market. This goes ahead with identifying the customer’s needs and then working on purpose. The customers found to be in the centre of the whole process as they help in profit making. Marketing techniques can be defined in to different strategies which are:
1. Gauge the customers’ characteristics which in turn would lead to better revenue and yield management.
ANSWER:MARKETING AND CUSTOMER VALUE Marketing involves satisfying consumers’ needs and wants. The task of any business is to deliver customer value at a profit.
Customer needs are problems that the customers intend to solve with the purchase of a good or a service. It is extremely important to understand your customer’s needs, as they are the most important element to any business or organisation; this is as without the customers there would be no business at all.
Understanding customer’s needs simply have to do with the business finding out exactly what the customers are buying, when they are buying it and how much of it they are buying it. Businesses must ensure that they keep up to date with developing new products that meet the needs of the customer to keep them purchasing. Businesses must also create new market opportunities by researching possible products that could potentially do well for the customers.
In a world where we always want more, and what we have never seems to be enough. One desires more, once basic needs are fulfilled. Human needs are basic requirements for maintaining life, such as, air, food, water, shelter, and clothing. Wants are comforting and pleasurable. Wants are the desires that are not essential to life, but makes life a little more enjoyable. Both are unlimited and endless. The economy devotes business to satisfy one 's wants, because one 's basic needs are fulfilled. Although, a person needs has been fulfilled one desires more. Needs, wants, and demands are a part of marketing principles businesses use to obtain data. In order for businesses to make a profit, consumers must spend.
The PEST + D + N framework is a foundation on which marketing can begin with as the parts will have an affect upon any outcomes. Political, economic, social, technological, demographic and natural environments are the influences that, singularly or together, will need to be taken into consideration when marketing a product. This is show aptly by Applbaum (1998, pp.324) when he states ‘The implicitly held theory of needs and wants underlying and informing market activities’. Here he is saying that the information necessary to market a product comes from the consumer’s needs and wants.
You then need to dig deeper into the mindset of the customer. You don’t simply want to know there’s demand for the product you are making; you must understand why the demand exists.
Marketing occupies a very important part in the development of the company. “Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods, and services to create an exchange and satisfy individual and organizational objectives.”( American Marketing Association 2004) But how marketers know why consumers do what they do and what product they need? Having a good understanding of motivation theory is a useful way for marketers to close to people. "Motivation refers to the processes that cause people to behave as they do. From a psychological perspective, motivation occurs when a need is aroused that the consumer wishes to satisfy.Once a need has been activated, a state of tension exists that drives the consumer to attempt to reduce or eliminate the need. "By understanding it, grasping the rules of consumers, so as to apply to the marketing, improving product sales and brand recognition.
In general terms, marketing is all related to the places of buying and selling of goods and services to satisfy customers’ needs. Nowadays marketing is the most important issues for success of every business marketing is the activity, set of institution, and process for creating, communicating, delivering, and
Company can build its management based on different concepts -financial, by accounting the best areas of expenditure and investments; competitive, displacing any way a competitor from the market, commodity, improving quality indicators of their products, etc. However, at present time the greatest effect in the management gives marketing