Coursed Essay Examples
Principles of Marketing
This question is about the needs, wants and demands of the person or individual. It indicted to create unnecessary needs, wants and demands. As being a marketer, it is recognized that needs are known as a feeling whereas want is measured as a product which only satisfy the feeling (need). On the other hand, demand illustrates the persons wish that he or she wants to have. For example, an individual need a transport, the want is Ferrari, whereas the demand is whether they can afford it or not. According to Roberts, Dant and Lim (2015:38), the needs are the basic requirements of human. For example, a human need is observed as a state of felt deprivation such as they are hungry or thirsty.
On the other hand, wants are wishes or desires of the individual for particular satisfaction of the deeper needs. In accordance of Solomon, Bennett and Previte (2012:42), the needs usually become wants or desires when they are focused to particular objects that can satisfy the provided need. According to Christopher, Payne and Ballantyne (2013:17), Sri Lanka need food but always want rice and curry and noodles etc whereas people requirements and needs are basic but their wants and desires are reshaped or shaped by social institutions and forces as well as temples, families, business organizations and schools. Desires of the individual for particular products are usually backed by willingness and ability to purchase whereas wants are usually backed by the willingness and money in order to spend the money that can become demand.
In accordance of Christopher, Payne and Ballantyne (2013:15), it is identified that basic concept of marketing is related to human requirements and needs. Humans have many complex needs which include few physical needs for clothing, food, safety and warmth, individual’s needs for understanding and self-expression and social needs for affection and belonging. It is recognized that marketers can stimulate the needs but cannot create them because they are considered as the part of human makeup. In contrast, wants are taken by observing the needs of human that are shaped by individual personality and culture.
Marketers normally conduct qualitative research such as customer clinics and small focus groups to determine the greatness of unmet wants, demands and needs. From the perspective of marketing, marketers seek customer insights when they observe their databases for patterns hidden in buy data, inquiries, service performance data, customer complaints and warranty claims. In the view of Solomon, Bennett and Previte (2012: 39), outstanding companies including top management usually stay close to their customers in order to understand their wants and needs. For instance, top executives in supermarkets spend at least two days each week with the intention to visit stores and communicate with their customers. In accordance of Solomon, Bennett and Previte (2012:40), there are many critics in the marketing that causes high prices rather than more sensible systems. Critics focus on the three main factors of marketing such as high advertising and promotion costs, high cost of distribution and excessive markups. It is identified that resellers answer these kinds of charges that would normally has to be done by consumers and manufacturers. It can be said that markups reflect services where consumers themselves want more larger stores and assortments, convenience, more service, return privileges longer store hours and others. It is identified that if resellers charge too much relative to the value they add, other resellers will definitely step with lower and cheap prices.
Exploratory research is conducted for an issue that has not been defined clearly. It helps to determine the best design of research, selection of subjects and data collection method. Descriptive research describes what exists and can be helpful to uncover the new meaning and facts. The reason of this research is to explain, observe and document the interviews and questionnaires. On the other hand, marketers usually determine the manipulation of one variable which is called independent variable and have an impact on another variable which is called dependent variable. In other words, this kind of research can be conducted by marketers in order to examine an experiment. With regard to the VALS survey, this kind of research is known as quantitative research which describes the result of the questionnaire. The type of research being conducted in this survey is descriptive. Marketers can utilize this information in order to know about their customer perception. They can easily find out the everyday needs, wants and demands of their customers. This survey result can be accurate if the provided information is correct. Marketers usually follow step to effective descriptive research in order to ensure the accuracy of the survey results. This stems from limiting the error and bias in designing the survey and method. Conversely, if the marketers make changes with the intention to meet their customer needs, they can easily later conduct the survey again in order to observe the new score with the intention to examine the risen or fallen in the survey response. Majority organizations use descriptive research in order to draw the differentiation among the groups of respondents. For instance, a company manufacturing shampoo creates a survey in order to ask about the general public survey questions so that they can measure the attitudes on the products, image and advertising of the company.
At the same time, they can ask several demographic questions like gender, age, educational level, income, etc. Afterwards, the company will be capable to analyze the data in order to compare the different groups of people and their attitude. For instance, the company can examine the difference with regard to genders and age. This means a new line of products should attempt to provide the demographics of people.
According to Solomon, Bennett and Previte (2012:42), the information could be studied by measuring the trends and analyzed the more advance data such as drawing the correlations, benchmarking, segmentation and other techniques related to statistics. Marketers employ the methods to measure and reveal the strength of the people’s opinion, behavior and attitude with respect to the provided subject. From the perspective of marketing, marketers can generate the developed profile of the potential customers who usually make up the target market. For example, the manufacturer of golf ball is trying to examine the kind of golfer to buy its product in order to observe the characteristics of customers in the market of golf. The manufacturer must know the demographics on customers whereas customers buy their golf balls, how to purchase them, how much they can reimburse and their psychographic factors for purchasing the golf balls such as price range, perceived value and desire for prestige.
Christopher, M., Payne, A., & Ballantyne, D. (2013). Relationship Marketing. Routledge.pg: 15-20.
Roberts, S. D., Dant, R. P., & Lim, C. L. (2015). ‘Needs’ and ‘Wants’ in Marketing Literature: Pedagogical Difficulties. In Proceedings of the 1990 Academy of Marketing Science (AMS) Annual Conference. Springer International Publishing. Pg: 38-40.
Solomon, M., Russell-Bennett, R., & Previte, J. (2012). Consumer behaviour. Pearson Higher Education AU. Pg: 35-42.