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PRINCIPLES OF MARKETINGMKT100041VA016-1204-001

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Principles of Marketing (MKT100041VA016-1204-001)

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This week we're going to get inside the head of a customer (meaning all of you and me and everyone else), because this is what marketers need to do to get their message heard and to drive customers to do what they want. To do this, respond to the following questions:

In marketing, the customer has to come first . . . you can’t market to a potential customer unless you understand their wants, needs, desires, state of mind, interest, incomes and so much more. Why do you think it is important for a marketer to understand how a customer makes that final purchasing decision?

Indicate which of the following factors would most influence your decision, and then explain how a marketer could use this information to better market this new car to you:

Price

Color

Style

Status  

Answer 1

          Customer is the most important part of a marketing process. It is very much important for a marketer to understand how a customer makes that final purchasing decision. The consumer behavior is quite unpredictable but it is an important element in understanding how to approach a customer. In order to create something valuable for customers and to earn profit for the business, it is essential for marketers to understand why customer buy certain goods and ignore or not buy others. Creating products and rendering services involves a lot of hardwork and investment of money, time and efforts. If these practices do not get rewarded, it would be pointless to create anything at all.

          Price is the most important factor which influences decision of the customer. If a product with one or two less features is available at a lower price, customer might go for that low-priced product. Price needs to be kept in a way that it covers the costs and generates profit but it should not be too high that it discourages the customers in buying your product. Both too little as well as too high price can be negative for a company’s sales figure. Pricing is something that can differentiate one’s business from the competitors.

           A marketer can use price of a new car to market the car. If the customer is placing high value on price point. It is important to demonstrate features of the car along with the quoted price. Generally, customers are willing to forego a few features if the same car but with different model is available at lower price. If the customer is placing high value on new and modern tech, it would be a plus point to show new cars and earn high profit margins. Hence, a marketer cannot follow a definite rule book in order to sell the product. It is a two-way conversation process and it all depends on the abilities of the marketer as to how he can modify the price point and sell the best model that he could.