Marketing Strategy Is Formulated In Terms Of The Marketing Mix How Does Marketing Create and Satisfy Consumer Needs?

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How Does Marketing Create and Satisfy Consumer Needs?

A. Marketing only reflects customer needs and wants. B. Marketing shapes consumer needs and wants.

Part A  

“Marketing only reflects the needs and wants of customers.” We all need to eat, drink, sleep and reproduce – it’s all part of who we are as humans. Therefore, at the grassroots level, companies try to fulfill these functions and will continue to do so by occasionally showing advertisements to let the public know that they are around and can provide the products they need.

Another aspect is that needs vary depending on the country you live in. “For example, a consumer in the United States may need food, but may want hamburger, fries, and soda, and a person in Mauritius who needs food may want mangoes, rice, lentils, and beans. Desires are shaped by our society.” The second part is desires, everyone can want something, but only a few have the means to acquire it. A good example is that everyone wants to dine in expensive restaurants every day, but only a few people can actually afford this lifestyle. Therefore, different segments have been created to target different groups and classes of people.

Marketers must therefore constantly create and develop attractive products and then in turn develop a superior marketing strategy to entice consumers to buy their product over other competing products. Companies strive to maintain their customer base by providing value and satisfaction with their products, which is articulated in the minds of consumers as a combination of service, quality, and price. Some consumers would not mind paying a higher price for a good or service if they received very good service.

It’s all part of the consumer’s expectations of the product. If these expectations are met time and time again, he will become a loyal customer of that particular company. As humans, we like consistency, and when a marketer offers consistent service in addition to great products and price, we keep coming back for years. A good example would be Ben’s Chili Bowl in Washington, DC. This is an eatery that has been around for decades and the fact that it had kept so many loyal customers is because they have provided consistent service and great food over the years, and people who ate there when they were kids still go there. adults. They even have patrons who fly to Washington DC to experience their food and service. Companies also create brands, and these brands influence people’s buying habits.

These brands can represent several aspects of a company that are combined to shape consumer perceptions, such as products, services, information, and experiences. The more unique and interesting a brand is, the better it will perform. One brand that comes to mind is the Coach Company, which makes accessories for the retail sector. They produce items like handbags, wallets, belts and other items. Coach is unique in its style and service, having built a strong brand name for itself, and this is primarily the reason why customers create a high demand for their products. It has also allowed the company to maintain an above-average price for its products compared to its competitors, knowing that consumers will pay that higher price. Segmentation is another way that companies target consumers to meet their needs, and companies use this technique to target their product marketing. Companies use different criteria to segment their products and some of them are geographic, demographic, psychographic and behavioral.

They would use factors such as population and region, or how rich the population of a particular region is, and target products that fit that mold. This has proven to be a very successful marketing tactic for businesses. Marketing channels are also used by companies to reach their consumers. They use three types of marketing channels which are communication, distribution and service channels. Communication is important to get the company’s message to the public and it can be in many forms, such as radio, television, internet, posters, etc. They also need to distribute their products to consumers, and that means either they need a physical location like a store, or they need to be a wholesaler and have others retail your products for you and also sell your products online. Service channels are needed to conduct transactions with consumers and these can be banks for credit card purchases and shipping companies such as UPS that deliver products to homes and businesses.

Marketing has relied on four marketing skills and tools and they are sales force, advertising, sales promotion and marketing research, they also need to use branding, customer relations, telemarketing and others to make sales of their products a reality. Companies must also act ethically and honestly in order to serve the consumer in the best possible way. Marketing in the United States is unique in the world because it has evolved and changed over the years to blend in with the capitalist society we live in in the United States. It also means that some of the marketing we use in this country can only work with the current credit system. This is not the case in other parts of the world, not even in industrialized countries. So I would see marketing in the United States as one of the spokes in the wheel that makes our economy the giant it is today.

Part B 

As for the second argument: “Marketing shapes consumer needs and wants.” I have to agree with that statement as well. My reasons are many and varied. After seeing so many TV commercials and advertisements both online and in newspapers, I have come to the conclusion that some companies construct their advertisements to create a need in the consumer even if they were not initially interested in the product. I took the time to research some of the words commonly used in advertising and found an interesting mix of words and phrases. The word “free” is the most common denominator I found in ads, free is used in combinations like free home trial, free inspection, buy, get free, free installation, free estimates, free parking, free demo and free consultation. The word free is usually a powerful catalyst to get the consumer to buy that particular product or idea, even though they may not need it. I think the other terms also trick people into buying things they don’t need.

Terms such as “no payments until 2010” or “money back guarantee”, “no down payment”, “offer while supplies last” help dispel consumer doubts and encourage them to buy. “Because the goal is to attract, persuade, and generate demand, market segmentation has historically been based on variables that correlate with demand generation: geography, age, gender, income, education, occupation, and other traditional demographics, as well as psychographics. around personality, lifestyle, values ​​and attitudes. This works because these attributes help define how to speak effectively to different groups of people.

Some companies are unethical in their advertising, for example, I have seen some ads on the Internet, especially when companies advertise a product and make it very attractive to the consumer, the word “restrictions apply” in tiny fonts at the bottom. hide the link that takes you to the list of restrictions. So if you happen to buy this product without reading the fine print and something happens that you’re not happy with or you want to return the item, the company refuses and cites its restrictions policy. Another tactic that companies use to shape consumer needs and wants is to use celebrities or other famous people to sell their products. A good example of a company would be Nike. Nike teamed up with Michael Jordan to create a marketing giant. One of the themes behind their partnership was to make consumers wish that if they wore Michael Jordan’s sneakers, they could play basketball or jump as high as him.

It was aimed primarily at younger consumers and proved to be a huge marketing success. Companies also take advantage of world events or changes in the economy to come up with new products. A good example is the growing popularity of hybrid cars. This has been brought about by rising gas prices and a slowing economy. However, the growth of hybrid cars has led to a marked decrease in the number of large SUVs. We used to associate hybrid cars with car companies like Toyota and Honda, but today companies like Lincoln, Ford and others are coming out with hybrid vehicles. It has been a necessity for them to compete in today’s changed car market.

However, advertising is not the only force driving the consumer forward. Most companies do a lot of research before running an ad to get a sense of what consumers really want. There is constant communication with the public by finding out what is in fashion at the time and also what brands people want to be associated with. I have always wondered why companies come out with new models or releases at such a fast pace. This tactic is basically tweaking or improving a previous model or version to create the perception of a brand new product, which in turn creates more demand for the product.

A good example of these products would be software, Microsoft is particularly good at coming out with new versions of their products. For example, the release of the Microsoft Vista operating system meant that people had to upgrade their computers also because their existing hardware did not support the requirements of Microsoft Vista. In conclusion, newer companies are more prone to creating needs because the public is not yet aware of their products. Established companies are more interested in meeting the existing needs of consumers. These companies are already well-known and their products are already considered essential to their lives, so they would continue to buy their products even with little or no advertising.

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