MARKETING CREATE OR SATISFY NEEDS?
I believe that consumers have the ability to distinguish between needs and wants, and the
objectives of the marketer is to satisfy the needs of the consumer. So, marketing on the other
hand does not create needs rather it enlightens wants. Needs pre-existing marketing and it is up
to the marketer to understand the needs of consumers in order to influence them in the purchase a
particular product among all like competitors. And as far as I remember, based on our lesson
lasts semester regarding marketing is that “it is the process by which companies create value for
customer in order to satisfy their needs”. This means marketers do not create necessity, rather the
necessity was established from the customer societal upbringing. In this case, wants become
needs when it is valued towards an object or thing that I believed to satisfy a need and wants are
expression of needs that is formed by the individual as well as the customers.
WHAT GOOD IS A MISSION STATEMENT?
I believe that a good mission statement is focused on limited number of goals. We all know that
setting goals is the first step to getting what you want from your business. They give your work a
sense of purpose and help you focus on what’s important for the betterment of the company. The
goals must be specific and are focused on the important properties of the business. There are
only a few goals, not too many as it runs the risk of losing focus. The goals are limited because a
good mission statement should be short and concise so that it can be easily remembered. Mission
statements have to capture the essence of what the company wants to accomplish. Too much
goals focused in the mission statement are difficult or impossible to attain. Because a good
mission will rather focus on limited number of attainable goals.
IS CONSUMER BEHAVIOR MORE A FUNCTION OF A PERSON’S AGE OR
GENERATION?
I believe that age becomes one of the fundamental factors affecting consumer behavior because
as people grow, their needs also change. Similar changes to their buying decision making
patterns. Age brings changes to people’s lifestyle and with it their needs and personal values are
also affected. It depends on people’s needs and wants base on their age. A young man’s choices
can be vastly different from the elderly since age brings changes that affect our flavor. Age
determines several things and when we retire our consumption patterns also change. Children
have always loved toys, teenagers’ sports items, the young in their 20s fancy gadgets, the
middle-aged people goods and services that help them settle down and raise family, and the older
people are those products and service that make their retired life meaningful and comfortable.
IS TARGET MARKETING EVER BAD?
Target marketing isn’t bad because it helps the company prepare effective communication.
Performing a target marketing not only saves valuable time and resources but also helps in
understanding and gathering information about the target demographic. Also, running a target
marketing beforehand makes sure what product is being presented to what type of customers, in
that way the products can be tailored according to the needs and expectation of the customers
and the business does not have to work backwards. Choosing a specific audience for your
business is a powerful form of focus. Not only does it reach out in very specific ways, but it also
eliminates the cost factor involved of over targeting people that have no interest at all. Target
marketing is essential for any business because the business needs to know that what it is
offering is going to be accepted by the customers.
IS MASS MARKETING DEAD?
Mass marketing isn’t dead but it is not enough anymore. It’s still effective in specific industries
depending on the context or the brand. The natural marketing progression is slowly phasing out
the technique in favor of more segmented approach. It’s not enough because we must adopt
today’s realities, marketing is changing dramatically in a way that marketing world is reinventing
itself with tremendous number of tools, channels, techniques. We are moving towards the world
where the customer is the king and the marketing is more customer oriented. Customers need to
feel important and need to send only those messages which are concerned with them only.
Therefore, firms need to invest in a reliable analytical system, understand their client’s needs,
provide the promised products, experience and adopt personalization practices.
ARE LINE EXTENSION GOOD OR BAD?
Line extension is good because it helps companies identify and tend to the needs of refined target
markets. Extending the product line enlarges the product portfolio and as a result it provides the
consumers with more variety to choose from. Line extension is more cost-effective because of
developing a variation of your current product, you’re able to leverage your team’s
manufacturing capabilities, distribution channels, and knowledge of your vertical and competitor
set. With line extension, you already know the opportunities that exist in your space and can use
them to your advantage. Extending product lines gives an advantage likely in sales, demand and
market share. Through line extension this can be helpful in avoiding customer base loss.
Additionally, extending the product line has several strategic benefits including increased profits,
customer loyalty and brand visibility.
DO BRANDS HAVE INFINITE LIVES?
I believe that brands have infinite lives but their long-term success depends on what strategies
companies utilize, they are able to sustain their brand for as long as consumers are spending. And
brand alignment of core values, consistency, simplicity, and user-friendliness are very important.
Furthermore, a brand can truly live forever if well-managed. If a company uses all resources and
skills available to keep up with the ever changing economy and social needs, they can achieve
brand longevity. Company founders die, but a brand can live forever through having a proper
management, customer loyalty, and competitive edge. This is why, every effort should be
exerted to make sure that the needs, wants, and satisfaction of your customers are met. Also, with
loyal customers, a brand can truly live forever.
HOW DO YOU ATTACK A CATEGORY LEADER?
It is difficult to attack a category leader. But I will attack a category leader by avoiding a head-on
assault and adopt a flanking strategy. This means attacking the competitors’ weak points and
surmounting them. This means challenger find the area competitors are under performing and
develop marketing strategy to cater that area. Other than that, I can also challenge the
competitors based on segmentation. This is where challenger identifies the segment that
competitors left out and create a product to satisfy them. This strategy can alleviate your rank in
the marketplace and bring outstanding results if done in right way. Furthermore, flank strategies
are less risky to competitors because they focus on moving stealthily to enter an uncontested area
of the market. It's effective because the enemy's strength is usually concentrated at the front. By
attacking the side, you're more likely to hit a weaker spot, one less defended and giving an
advantage.
