As every individual is different his needs and wants are also different so to understand the common reference point and to create and deliver the value to customer and what he wants is very difficult. But once you understand the consumer behavior your half job is
These needs can be classified as: physiological, safety and tranquillity, social (love, affection, belonging and acceptance), self-esteem and self-fulfilment (self-satisfaction). Belk (2013: p 477) claims that “the current wave of digital technologies is fundamentally changing consumer behaviour in ways that have significant implications for the formulation of the extended self”. The satisfaction of needs from a symbolic perspective becomes the pursuit of well-being that is achieved when one of those needs is pleased. Consistent with this, consumer behaviour is not defined as a simple exchange (buying / selling a good and a service), but as a set of social, cultural and psychological forces that motivate the consumer to make a purchase decision and a set of needs that determine their behaviour. The study of the concept of consumer behaviour is complex and requires the analysis of factors internal and external to the individual.
The economy has started to study the consumers in more detail. Introducing new methodology in marketing, is now changing the way an individual choose to spends his time & money into things related to purchase i.e. what, where and the frequency of it. The key assumption, which is the basic marketing concept, lies on the premise that a supplier shouldn’t sell a product that he has created rather should create a product that can be sold to the consumer reading the liking the consumer is having. Thus this is the reason why objects of marketing research are the desires and needs of consumers.
Task 1 Marketing involves a business identifying and anticipating the needs and wants of the target consumers in a specific market and then catering to their needs while making a profit. When it comes to marketing in the travel and tourism sector, it is necessary to understand the demands of their consumers. The first core concept in marketing is that there has to be a need. This means that there is a state of deprivation which is felt which is physical, individual or social. The second concept is wants where needs turn into wants when consumers are directed to objects that specifically satisfy their needs.
One of the first definitions of relationship marketing is attracting, maintaining and enhancing customer relationships. Porter (1993), which states that relationship marketing is the process whereby both parties – the buyer and the provider – establish an effective, efficient, enjoyable, enthusiastic and ethical relationship: one that is personally, professionally, relationship marketing aims at building long-term mutually satisfying relations with key parties such as customers, suppliers, and distributors – in order to earn and retain their long-term preference and business. However, the most comprehensive definition of relationship marketing was proposed by submits that the objectives of relationship marketing are to identify and establish, maintain and enhance, and, when necessary, terminate relationships with customers and other stakeholders, at a profit so that the objectives of all parties involved are met. This is done by mutual exchange and fulfillment promises. Supplier relationships improve value or reduce costs through more efficient ordering
INTRODUCTION TO MARKETING Marketing is a process of communicating the value of product or service to customers, for the purpose of selling the product or service. It is a critical business function for attracting customers. From a Societal point of view, Marketing is a link between a society’s material requirements and its economic patterns of response. Marketing satisfies these needs and wants through exchange processes and building long term relationships. It is a process of communicating the value of a product or service through positioning to customers.
Consumer needs are the basis of all modern marketing. Needs are the essence of the marketing concept. The key to a company’s survival, profitability and growth in a highly competitive marketing environment is its ability to identify and satisfy unfulfilled consumer needs better and sooner than the competition. Marketers do not create needs, though in some instances they may make consumers more keenly aware of unfelt needs. Successful marketers define their markets in terms of the needs they presume to satisfy, rather than in the terms of the products they sell.
Marketing is not just selling and advertising. It involves the understanding of the consumer’s needs, developing products that provide superior value and communicating them to the consumer through the right price, distribution channel and promotional activities. (Philip Kotler & Gary Armstrong, 2004.) Marketing conception is a philosophy that holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. Under the marketing concept, customer focus and value are the paths to sales and profits.
Marketing is a result of behavioural and management sciences wheeled by instinct, imagination, motivation and transformation. Marketing needs technological aspect to build new products and the ability to recognize new directions. It also requires in-depth knowledge to bring thoughts into action. The key element of marketing process is to bring profits to a company. Marketers perform market research and prepare the marketing blue-print.