SummaryMarket is the place where buyers and sellers meet and exchange of goods and services take place.Marketing is the process through which the needs of customer is checked and determined.Explanation: You have to see the needs of the customer i.e; physical needs, social needs and personal needs. You have to examine the geographical needs of the customer and target the market properly it means you should know what items should be launch. You have to emphasize on products. You have to search for alternatives not stick towards one product.
It’s called ‘marketing myopia’. First target your customer, read their needs and then launch products according to their needs. Define the benefits and qualities of your product to the customers. It’s called proposition. You should prepare segments or divide the customers that you targeted and should well know the running of every segment/division.
You should offer those products which are easy affordable and available. The improvement of product is really important in today’s time because of close competition. Producing in large scale is also an important aspect. You should make a product that should match with expectations of customer, if your product meet customer expectations than it will be termed as satisfaction and will positive impact on marketer’s value. Your product should be praised by the customer than he will be in touch with you in future.
The marketer should make a product that has some special qualities than competitors, make an ideal image in customers mind it is called as market positioning. You should have basic relationship with customer by promoting your products on social media and ads. You should be in full partnership with your customers give them full time. Present gifts to those customers who buy frequently from you. Cross sell your products means give them insurance, gifts etc and upsell your products mean sell expensive products to your customers.
A company should not only focus on own profit but they should work towards societal and consumer benefits and take care of environment for future generation it is known by Societal Marketing Concept. Strangers are the type of customer who are not with you for long time they are highly profitable. Butterflies are kind of customers who are not loyal to you and can vanish/disappear at any time these type of customers are also profitable. Believers are the customers who are most loyal to you and highly profitable, you should take care of these customers by different strategies ,present them gifts and give them time. Barnacles are such customers who are highly loyal but less profitable, you have to sell them cheap products at higher prices and get yourself away from them.