Marketing starts with the needs of the Customers and ends with the satisfaction Of the customers ” Marketing : is the management of creating and exchanging products and value in order to satisfy the needs and wants. ; Marketing satisfy customers at a profit. ; The goal of marketing is (1) to attract new customers by promising superior value (e. G. Ritz-Carlton “memorable experiences”, “Always Coca Colon and (2) to keep current customers by delivering satisfaction. Needs, Wants, and Demands ; Consumers have needs (physical, social, individual etc. Wants, and demands to be satisfied.
Consumers view products as bundles of value (benefits) and choose products that give them the best value for their money. E. G. Honda Civic ( transportation, low price, fuel economy; Mercedes ( comfort, luxury, status Products ; A product (persons, places, organizations, activities, ideas) is anything that can satisfy a need or want. Producers must see themselves as providing a solution to a need rather than just selling a product. Otherwise, even a new product satisfies the needs better or less expensively, they would not make none. ; Research is a must to understand the needs and wants of the customers to produce the right product.
E. G. At Disney World, each manager spends a day in the park in a Mackey costume or work on the front line – taking tickets, selling pop-corn. Creating Customer Value and Satisfaction : Value, Satisfaction, and Quality How do customers choose among these many products? Consumers make choices based on; Value is the difference between owning the product and the cost of obtaining the product, in an way “profit’ to the customer. Customers do not judge product ales objectively, on the contrary they act on perceived value. E. G. Is Hilton really the best hotel company?
Satisfaction: is the difference between the product’s performance and buyer’s expectations. If the products performance falls short of expectations, the buyer is dissatisfied. Fifth performance matches or exceeds expectations, the buyer is satisfied. Smart companies aim to satisfy customers by promising only what they can give, then giving more than they promise. Benefit Of satisfying customers: Customer satisfaction create an emotional tie (customer loyalty) to a product. Highly satisfied customers make (I) repeat purchases, (2) are less price sensitive, (3) talk positively to their friends.
Quality: simply quality can be defined as “freedom from defects”. Today, most companies define quality in terms of customer satisfaction. E. G. According to Motorola “if the customer doesn’t like the product, it’s a defect”. Quality starts with customer needs and ends with customer satisfaction, The concept of “total quality management” is in a away “total customer satisfaction”. Improving the quality of a product that customers want increases customer satisfaction, Hereford increases profit. Exchange, Transactions, and Relationships ; Marketing occurs when people decide to satisfy needs and wants through exchange. Exchange (transaction) is the act of getting an object (product, service, idea from someone by giving something in return. ; Marketing should create mutually beneficial relationships (good for both parties) to generate profitable transactions. ; Marketing is the art Of attracting and keeping profitable customers. Customer satisfaction Customer satisfaction refers to the extent to which customers are happy with the reduces and services provided by a business. Customer satisfaction levels can be measured using survey techniques and questionnaires.
Gaining high levels of customer satisfaction is very important to a business because satisfied customers are most likely to be loyal and to make repeat orders and to use a wide range of services offered by a business. Custom ere foci used Studies carried out by companies like Argos and Caduceus have found very high levels of customer satisfaction. It is not surprising because these companies emphasis market research and marketing as the tools to find out what customers want. Knowing what your customer wants then makes it possible to tailor everything you do to pleasing the customers e. . Providing the goods that customers want, in the packaging that they want, in retail outlets which are convenient to use and well place There are many factors which lead to high levels of customer satisfaction including: ; Products and services which are customer focused and thence provide high levels of value for money. Customer service giving personal attention to the needs of individual customers. ; After sales service – following up the original purchase with after sales support such as maintenance and updating (for example in the updating of computer packages).
What is clear about customer satisfaction is that customers are most likely to appreciate the goods and services that they buy if they are made to feel special. This occurs when they feel that the goods and services that they buy have been specially produced for them or for people like them. This relates to a wide range of products such as razors that are designed for ease of use and good quality finish, petrol products that are environmentally friendly and customized to meet the needs of particular types of engines, etc.
