Dhanashree Mohite 23-1717 MM 1
Dhanashree Mohite 23-1717 MM 1
Dhanashree Mohite 23-1717 MM 1
EG:
EG: An American needs food but he may want a hamburger, fried potato
and beer; a Chinese needs food but he may want a bowl of noodle and a
cup of hot tea
EG: Many people want a Mercedes, but only a few can buy one
1) Various kinds of Needs
These are the basic needs of human which classifies in the following terms.
The second level of needs are the needs for Safety. The safety needs can
include personal security, safety of resources, safety of employment, safety in
property and health. All the safety needs are the basic needs for humans as well.
The third level of Maslow’s Hierarchy of Needs is the need for Love; the
need to belong, the need to have friends and family. So this level of needs is
called the social needs.
WANTS DEMAND
The desire for a good or service The desire plus the ability &
Eg: drinking water is a need but flavo Eg: Cold water with icecream
-red
Q3) “Demands are backed by buying power” justify the statement with proper
examples
Demands are those specific wants that are backed up by the consumers ability to buy
Customers view products as bundles & choose those that give them the best value
for their money.
Successful firms go to great lengths to learn about & understand consumers needs ,
wants , demands.
These firms conduct consumers research that monitor consumer behavior complaints
and inquiries & analyse warranty & service performance data.
Understanding these needs, wants, & demand in details provides important input for
designing marketing strategies.
A product is the item offered for sale. Every product is made at a cost and each
is sold at a price. The price that can be charged depends on the market, the quality,
the marketing and the segment that is targeted. Tangible products are
known as goods while intangible products are called services.
Eg:
'Quality' as "it is the ability of a service firm to hang on to its customer. That is, in
their opinion customer retention is the best measure of service quality.
Eg:
A social & managerial process whereby individuals & groups obtain what they
need & want through creating & exchanging products & value with others.
To determine market size, we will either be looking for data on the number of potential
customer, or number of transactions each year.
Eg: if you are selling toothbrushes, virtually everyone can be counted in your big
whole market figure.
Eg:
Yes, Demarketing has to be used carefully Demarketing has to be done in such a way that
product research, sectors before demarketing of product .It can also harm the image
demand of the product if not dealt properly .
Q15) ‘Selling & Marketing concepts contrasted’ Elaborate this statement with
appropriate examples.
The selling concept strives to turn products into cash for the business, while
the marketing concept strives to meet customer needs through the product itself. The
difference between selling concept and marketing concept ,selling concept focuses on need
of the seller & marketing concept focuses on need of the buyer.
Q16) Societal Marketing must improve the Consumers & Society’s well
being .Justify this statement with appropriate examples.
The 4P 's include
PROMOTION- Where and when can you get your marketing messages
across to your target market?
Q18) What are the relevances of the new P’s-People, Process, Physical
Evidence? Site proper examples for each of them.
People
This is a vitally important element of the service marketing mix. When a service is
being delivered, the person delivering it is not unique from the service itself.
Eg: When dining at a restaurant, if a rude waiter is encountered, the entire experience
will be labeled as bad service.
PROCESS
A process needs to be clearly defined for the service provider. This basic process should
ensure the same level of service delivery to every customer, at any time of day, on any day.
Eg: Rolls-Royce motor cars will build a Phantom which is adapted to the requirements of
each individual client
PHYSICAL EVIDENCE
The level of comfort and attractiveness of a service location may make a lot of difference to
the user experience. A calm and soothing environment with thoughtful comfort measures
may provide a sense of security to a new customer which will make them return.
Eg: the identity of people associated with a crime; for example, fingerprints, handwriting,
or DNA might prove that a certain person was present at a crime scene.
CONSUMER
Companies should only sell products that the consumer wants to buy. Thus, you
should research consumer wants and needs. The most effective way to do this is
using Jobs to be Done and outcome-driven customer research. Once this is clear,
focus your efforts on attracting consumers one-by-one with an irresistible offer.
COST
The price is only a small part of the total cost to satisfy a product that a consumer
wants or needs. The cost reflects the total cost of ownership, not just the price the
consumer pays for the goods. Price becomes just one of many elements within the
total cost of satisfying the customer’s need.
CONVIENCE
A customer is not bound to buying your product or service from a physical location.
Convenience focuses on the ease of buying the product. You must build buying
experiences that delight your ideal buyer.
COMUNICATION
Promotion suggests that the relationship is one-way, but with the rise of social
media and the internet, “communication” is a better description. It represents a
much broader focus on the entire buying experience. This is driven by the consumer
of a product. It indicates that it’s a cooperative process that’s led by the buyer.
Eg: Blockbuster. People were leaving the video rental service behind and instead of
making the painful changes needed to survive, they buckled under the pressure .
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