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THE MARKETPLACE AND CUSTOMER NEEDS

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THE MARKETPLACE

As a primary step, marketers need to perceive customer needs and desires and therefore the marketplace within which they operate. We examine 5 core customer and marketplace concepts:

  1. Needs wants, and demands

  2. Market offerings (products, services, and experiences)

  3. Value and satisfaction

  4. Exchanges and relationships

  5. Markets.

Customer Needs, Wants, and Demands

The most basic conception underlying selling is that of human needs. Human needs are states of felt deprivation. They embrace basic physical desires for food, clothing, warmth, and safety; social desires for happiness and affection; and individual desires for information and expressive style. Marketers failed to produce these needs; they’re a basic a part of the human makeup.

Wants are the shape human needs take as they’re formed by culture and individual temperament. A Yankee needs food however wants a giant mac, potato, and drinkable. Someone on island Papua needs food however wants taro, rice, yams, and pork. Wants are formed by one’s society and are delineated in terms of objects that may satisfy those needs. Once backed by shopping for power, it wants to become demands. Given their wants and resources, individuals demand products with edges that add up to the foremost worth and satisfaction.

Market Offerings Products, Services, and Experiences

Consumers’ needs and desires are consummated through market offerings some combinations of products, services, data, or experiences offered to a market to satisfy a necessity or a wish. Market offerings don’t seem to be restricted to physical products. They additionally embrace services activities or edges offered purchasable that are primarily intangible and don’t end in the possession of something. Examples embrace banking, airline, hotel, tax preparation, and residential repair services.

More broadly speaking, market offerings additionally embrace different entities, like persons, places, organizations, data, and ideas. As an example, the “Pure Michigan” campaign markets the state of Michigan as a business enterprise destination that

“lets unspoiled nature and authentic character revive your spirits.”

And the U.S. Forest Service’s

“Reconnecting Kids with Nature”

Campaign markets the concept of encouraging urban youngsters to explore the fun of nature primarily. It is a canopy TheForest.org data processor helps youngsters and their oldsters fathom wherever to travel outdoors and what to try and do there.

Many sellers build the error of paying additional attention to the particular product they provide then to the advantages and experiences made by these products. These sellers suffer from marketing myopia. They’re so smitten their product that they focus solely on existing wants and lose sight of underlying client needs. They forget that a product is barely a tool to unravel a client’s problem. A manufacturer of quarter-inch bits might imagine that the client needs a drill bit. However what the client really needs maybe a quarter-inch hole. These sellers can have hassle if a brand new product comes on that serves the customer’s desires higher or less expensively. The client can have a similar want however can wish the new product.

Smart marketers look beyond the attributes of the product and services they sell. By orchestrating many services and products, they produce complete experiences for shoppers. As an example, you don’t simply watch a NASCAR race; you immerse yourself within the exhilarating, high-octane NASCAR expertise. Similarly, H.P. acknowledges that a private P.C is far quite simply a set of wires and electrical elements. It’s intensely personal user expertise. As noted in one H.P. ad,

“There is hardly anything that you own that is more personal. Your personal computer is your backup brain. It’s your life. . . . It’s your astonishing strategy, staggering proposal, dazzling calculation. It’s your autobiography, written in a thousand daily words.” (the marketplace)

Customer Value and Satisfaction

Consumers typically face a broad array of products and services that may satisfy a given want. However, do they opt for among these several market offerings? Customers type expectations concerning the worth and satisfaction that varied market offerings can deliver and obtain consequently. Happy customers obtain once more and tell others concerning their smart experiences. Discontented customers typically switch to competitors and criticize the merchandise to others.

Marketers should be careful to line the proper level of expectations. If they set expectations too low, they’ll satisfy people who obtain however fail to draw in enough patrons. If they set expectations too high, patrons are frustrated. Client worth and client satisfaction are key building blocks for developing and managing client relationships. (The marketplace)

Exchanges and Relationships

Marketing happens once individuals commit to satisfy desires and desires through exchange relationships. Exchange is the act of getting the desired object from somebody by giving one thing reciprocally. Within the broadest sense, the seller tries to bring on a response to some market gives. The response could also be quite merely shopping for or commerce products and services. A political candidate, for example, needs votes, a church needs membership, an orchestra needs an audience, and a social policy cluster needs plan acceptance.

Marketing consists of actions taken to make and maintain fascinating exchange relationships with target audiences involving a product, service, idea, or different objects. Beyond merely attracting new customers and making transactions, corporations wish to retain customers and grow their businesses. Marketers wish to make robust relationships by systematically delivering superior client worth. (The marketplace)

Markets

The ideas of exchange and relationships cause the idea of a market. A market is the set of actual and potential patrons of a product or service. These consumers share a specific want or wish that may be glad through exchange relationships.

Marketing means that managing markets to achieve profitable client relationships. However, making these relationships takes work. Sellers should seek for consumers, determine their desires, style smart market offerings, set costs for them, promote them, and store and deliver them. Activities like marketing research, development, communication, distribution, pricing, and repair are core promoting activities.

Although we usually consider marketing as being disbursed by sellers, patrons carry out performance marketing. Customers market after they seek products, act with corporations to get info and build their purchases. In fact, today’s digital technologies, from internet sites and on-line social networks to cell phones, have sceptered customers and created promoting a very interactive affair. Thus, additionally to client relationship management, today’s marketers should additionally deal effectively with customer-managed relationships. Marketers aren’t any longer asking solely

“How can we reach our customers?”

but also

“How should our customers reach us?”

and even

“How can our customers reach each other?” (the marketplace)

WHAT IS MARKETING

Designing A Customer-Driven Marketing Strategy

This post contain the content of book Principles of Marketing 

 

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