Marketing Assignment Sample
Question 1: Critically discuss the value to marketers of understanding consumers.
In this question, a critical discussion about the perspective of the value to marketers of understanding consumers will be discussed precisely in a conventional manner. A bunch of points helps to strengthen the elaboration more strongly and sustainably which will reduce all confusion from analysis and make a structural form of analysis with great effectiveness.
Concept
Understanding consumers stands for the concept of knowing more accurately the requirements of the customers from an organizational service. Different consumers carried different perspectives and opinions about consuming anything. The influential factors of the consumer have to be well known by the marketers because they help to study consumer behavior. The gap between the customer’s requirement and the service of the organization mostly decreases the efficiency of the product. For that reason, before making any decisions marketers increase understanding of the customer’s movement to clear out the gaps that occurred frequently in the organization and the consumers. This understanding is more important for absolute products and about which consumers are less ever about its effectiveness and capability. For the sake of increasing a balanced market for every product, this critical discussion of the values to marketers of understanding consumers is a consummate justification.
Process of understanding customers
It is important to be unique in front of the customers for which it will be an exceptional choice for the consumers easily. People are mainly attracted to the product that has at least one exceptional characteristic and feature from the competitors. And this mentality of a domain consumer can be identified by following certain processes that are:
- Increase familiarity with demographics
Demographics have carried different ideas according to its generating areas. For this reason, in the initial stage of making a process, it is important to draw out a demographic profile that should be followed by the customers. The importance of this demographic profile is that it helps to analyze the target market accurately so that strategies work according to the convenience and the results obtained from this process become advantageous. Bryant, and Barnett, (2018) mentioned that the elements of demographic are the annual income of the customers, marital status, age groups, occupation, gender, and location. In this context as an example, it can be said that for the clothing industry, the consumers are many women and belong to the age group of 15 to 25 and in the case of beverage brands most of the customers are mainly the age of 18 to 30 plus. This basic differentiation occurs due to the product category.
- Psychographic evolution of product and service
Psychographic evolution makes sense in this analysis for analyzing the understandable factors of the consumers. Horvat, and Došen, (2020) mentioned that the segments of psychographic evolution analysis are the lifestyles of the consumers, interest in the market segment, personality traits, values, and social norms. After the demographic analysis, psychographic evolution becomes easier for the marketers assessing the values of the customers. And for that reason, a precise understanding of the consumer is possible.
- Take examples from competitors’ success
The conventional way to select loyal customers is to take an example from competitors’ success. That customer segments are appropriate for the industry is easily identified with the customer segmentation of the rivalries. Groysberg, et al. (2018) argued that it is the simplest path to know about the established rivalry’s target and goal and the present process of running which helps to modify the business executive process which will be trending on one side and on the other hand backup will also include.
- Proper analysis of product efficiency
The accuracy of product efficiency analysis is important because it helps to identify the present position in the market. According to Aksoy, (2017) in the initial stage, the particular consumer segmentation will be held accurately and, in this stage, after analyzing the product efficiency the matching and tuning of both segments will be possible prominently.
- Take look at industrial forums and blogs
In the last stage, the blogs and forums of industrial activity will help to make a clear concept about the customers’ understanding. In which sectors consumers are most likely to show interest and which are not at all dimensional can clearly identify.
Role of marketers
The marketers of the industry have played an important role in making the industry a successful revenue-gathering industry with proper strategy and expert opinion. The role of marketers in increasing the understanding of customers can be analyzed into three categories. In the first category, the marketers mainly focus to attract the attention of the targeted consumer segment because then only the influence of the product will be more accurately visible. The only mission of the marketers in the stage is to provide initially customized service to the consumer so that the chance of getting from purchasing a particular product can be confirmed. After the assessment of consumer behavior and acceptability, certain strategies have to be identified by the marketers for the effectiveness of the product over the consumers. But the important role is that whether these applied strategies are fit for the situation or not has also been computed by the marketers. Ali, and Anwar, (2021) stated that the role of marketers is to understand customer behavior and culture. Focusing on fewer risk factors marketers applied search strategies that increase the revenue figure with the increasing number of customers.
Initially, the analysis has categorized the role of marketers but critically it can be said that the marketers are the best in increasing customer understanding for an industry. In each section, marketers have to be so effective on each crisis that nothing can be hampering the effectiveness of the marketers. Following such Technologies and strategy market, it is easy to understand the customer’s related issues and the customer behavior for which the role of marketers is monumental.
The procedure of the marketers of understanding consumers
The authentic process of understanding consumers is analyzing the demographics more accurately and with proper analytical data. At the time of commencing a business over a particular area, it is important to analyze the demographic factors and the customer’s behavior simultaneously. If the customers mainly show interest in the quality product with high prices, then the marketers also said the price planning according to the convenience. Cheung, and To, (2019) argued that on the other hand, if the demographic analysis indicated that customers are mainly interested in low-cost quality products then using Technology the product has to be manufactured at a low cost for which the price can also be very low. Then the industry can catch potential loyal customers. This demographic analysis is considered as the best practice because it is according to the statistics and data found from domain analysis and market survey. Depending on the market survey information industry can start a business by implementing proper strategy and technological advancement to attract customers.
Figure 1: Customer Journey map
The understanding of the customers can be analyzed with a consumer journey map because it gives a precise elaboration of the segments related to knowing about customers more accurately. According to Rosenbaum, et al. (2017) the main points are awareness, analysis, purchase, delivery, and loyalty that are connected with the procedure of understanding the consumers, and the sub-points which have also been included in the analysis have also been included.
The analysis helps to make an accurate elaboration of the process which the marketers have used to understand customers more accurately. It is important to know the smallest and simplest way to understand customers for making a precise strategy for service and satisfying the customers.
Reference list
Ali, B.J. and Anwar, G., 2021. The Effect of Marketing Culture Aspects of Healthcare Care on Marketing Creativity. Ali, BJ, & Anwar, G.(2021). The Effect of Marketing Culture Aspects of Healthcare Care on Marketing Creativity. International Journal of English Literature and Social Sciences, 6(2), pp.171-182.
Bryant, C. and Barnett, J., 2018. Consumer acceptance of cultured meat: A systematic review. Meat science, 143, pp.8-17.
Cheung, M.F. and To, W.M., 2019. An extended model of value-attitude-behavior to explain Chinese consumers’ green purchase behavior. Journal of Retailing and Consumer Services, 50, pp.145-153.
Groysberg, B., Lee, J., Price, J. and Cheng, J., 2018. The leader’s guide to corporate culture. Harvard business review, 96(1), pp.44-52.
Horvat, S. and Došen, Đ.O., 2020. Managing Private Labels Based on Psychographic Consumer Segments: Emerging European Market Perspective. Organizations and Markets in Emerging Economies, 11(2), pp.446-461.
Rosenbaum, M.S., Otalora, M.L. and Ramírez, G.C., 2017. How to create a realistic customer journey map. Business horizons, 60(1), pp.143-150.
Zhang, K., Bai, X., Yuan, Z., Cao, X., Jiao, X., Li, Y., Qin, Y., Wen, Y. and Zhang, X., 2019. Layered nanofiber sponge with an improved capacity for promoting blood coagulation and wound healing. Biomaterials, 204, pp.70-79.
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