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The Needs and Wants of Customers

Essay by   •  February 4, 2013  •  Case Study  •  1,711 Words (7 Pages)  •  1,428 Views

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Part A

'Marketing merely reflects the needs and wants of customers.' We all need to eat, drink and sleep and reproduce, this is all part of who we are as human beings. Therefore at the basic level companies will strivechaussures to satisfy these functions and keep doing so by once in a while showing advertisements that tells the public that they are around and can provide the products they need.

The other aspect is that needs vary depending on what country you live in. "For example a consumer in the United States may need food but may want a hamburger, french fries and a soft drink and a person that lives in Mauritius that needs food may want a mango, rice, lentils and beans. Wants are shaped by our society." The other part is wants, everybody can want something but only a few has the means to acquire it. A good example would be that everyone wants to eat out at expensive restaurants everyday but in reality only very few people can actually afford that lifestyle. This is why various segments have been created to target different groups and classes of people.

Marketers must therefore continually be creating and developing attractive products and then in turn devising a brilliant marketing strategy to win the consumer over to buy their product over other competing products. Companies strive to retain their customer base by delivering value and satisfaction from their products and this is formulated in consumers' minds as a combination of service, quality and price. Some consumers would not mind paying a higher price for an item or service if they received very good service.

This is all part of what a consumer's expectations on a product are, if these perceived expectations are met time after time then they become a loyal customer to that particular company. We as people like consistency and if a marketer provides consistent service in addition to great products and price then we will keep on going back for years. A good example would be Ben's Chili Bowl located in Washington DC. It is an eatery that has been in business for decades and the fact that it had kept so many loyal customers is because they have offered consistent service and great food over the years and people who used to go there to eat as kids still go there as adults. They even have patrons fly into Washington DC just to experience their food and service. Companies also create brands and these brands have an effect on people's purchasing habits.

These brands can mean several aspects of the company combined to form a perception in the consumer's mind such as products, services, information and experiences. The more unique and interesting a brand the better it will perform. One brand that comes to mind is the Coach Company that manufactures accessories in the retail sector. They produce items such as handbags, purses, belts and other items. Coach has built a strong brand name for themselves by being unique in their style and service and this is primarily the reason that customers create a high demand for their products. This has also allowed the company to maintain an above average price for their products compared with their competitors with the knowledge that consumers would pay that higher price. Segmentation is another way that companies target the consumer to satisfy their needs and companies use this technique to target where they should market their products. There are various criteria that companies use to segment their products and some of them are geographic, demographic, psycho graphic and behavioral.

They would use factors such as how populated and area is or how wealthy the population of a specific area is and target products that fit that mold. This has proved to be a very successful tactic for companies in marketing. Marketing channels are also used by companies to reach their consumers. They use three types of marketing channels which are communications, distribution and service channels. Communications is important to get the company's message out to the public and this could be in many forms such as the radio, television, the internet, posters and the like. They also need to distribute their products to the consumer and this means they will need a physical location like a store, or be a wholesaler and have others retail your products for you and also sell your products on the internet. Service channels are needed to effect transactions with the consumers and these could be banks for credit card purchases and transportation companies such as UPS to deliver the products to homes and businesses.

Marketing has relied on four marketing skills and tools and they are the sales force, advertising, sales promotion and marketing research, they must also use brand building, customer relations, telemarketing and others to make their product selling become reality. Companies must also function ethically and honestly to serve the consumer in the best possible manner. Marketing in the United States is unique in the world because it has evolved and changed over the years to blend in with the capitalistic society we live in in the US. This also means that some of the marketing we use in this country

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