Q#1 Customer Needs wants & Demands.

1-custmor Needs Definition.

A customer need is a motive that prompts a customer to buy a product
or service. Ultimately, the need is the driver of the customer's
purchase decision. Companies often look at the customer need as an
opportunity to resolve or contribute surplus value back to the original
motive.
2-Defination of Customer wants.
Demand is the economic principle that describes a consumer's desire,
willingness and ability to pay a price for a specific good or service. ...
On the other hand, a consumer want is the desire for products or
services that are not necessary, but which consumers wish for. For
example, food is considered a consumer need.
3-Defination of Customer Demand.
Meaning of customer demand in English the type and quantity of
products and services that people will buy, or would buy if they were
available: Successful businesses adapt their products to meet
customer demand.
Q#2 Designing a Customer Tribe in Marketing Strategy To serve
Three Selective Customer.?
Definition: A brand tribe could be regarded as a group of people who
collectively identify themselves with the product and share similar
views and notions about the brand. They are not just consumers of the
product, but play a major role in its promotion. Selecting Customers
to Serve Deciding who to serve is done by dividing the market into
segments of customers- market segmentation, and selecting which
segments it will go after- target marketing. The company should only
select the type of customer that it can serve well.
Choosing a value of Proposition.
A value proposition refers to the value a company promises to deliver
to customers should they choose to buy their product.
Q#3 Marketing management Strategy?
A marketing strategy refers to a business's overall game plan for
reaching prospective consumers and turning them into customers of
the products or services the business provides.
1-Production concept.
Production Concept is a belief that states that the customers would
always acquire products which are cheaper and more readily available
(or widely available). The production concept advocates that more the
products or production, more would be the sales
2-product concept.
Product concept is the understanding of the dynamics of the product
in order to showcase the best qualities and maximum features of the
product. ... Marketers will look into a product concept before
marketing a product towards their customers.
3-selling concept.
the idea that a company should sell the products that they have
already produced rather than creating and selling new products that
customers might want. Compare. the marketing concepts.
4-Marketing Concept.
The marketing concept is the use of marketing data to focus on the
needs and wants of customers in order to develop marketing strategies
that not only satisfy the needs of the customers but also the
accomplish the goals of the organization.
5-Mangement concept.
management can be defined as the process of achieving organizational
goals through planning, organizing, leading, and controlling the
human, physical, financial, and information resources of the
organization in an effective and efficient manner
Q#4 Relationship of Customer Management.?
Customer Relationship Management (CRM) is a strategy for managing all your
company's relationships and interactions with your customers and potential
customers. It helps you improve your profitability.
1-Customer Value.
Customer value measures a product or service's worth and compares it to its
possible alternatives. This determines whether the customer feels like they
received enough value for the price they paid for the product/service.
2-Customer Satisfaction.
Customer satisfaction is defined as a measurement that determines how happy
customers are with a company's products, services, and capabilities.
3-Customer Relation Level & Tools.
Customer relations is the process by which you develop, establish, and manage
the relationship with your customers.
Customer relationship management is one of many different approaches that
allow a company to manage and analyses its own interactions with its past,
current and potential customers.
4-Relating with more carefully selected customers uses selective relationship
management to target fewer, more profitable customers.
Q#5 Creating Customer loyalty & Relation.?
Customer creation is all about reaching out to your wider customer base.
Marketing communications is different from customer creation for several
reasons. First, a marketing communications strategy requires an internal and an
external PR audit for developing an understanding of customer perceptions.
1-Customer loyalty
can be defined as a customer's faithfulness and commitment to a business. The
measure of loyalty is often based on consumer preferences, the degree of
satisfaction, the frequency of purchase, fidelity, price sensitivity, and brand
advocacy.
2-Customer relationship
Customer relationship management is one of many different approaches that
allow a company to manage and analyze its own interactions with its past,
current and potential customers.
Q#6 Defining Marketing Oriented Mission?
A market-oriented mission statement defines a purpose that focuses on
satisfying a customer's needs. The purpose of a market-oriented mission
should match current market data and environments, as explained by the
common denominator is a commitment to the needs of the client, customer or
patient.
Example. Apple is a prime example of a company that understands what will
excite its customers, and then Apple over-delivers.
Q#7 Defining the Business Portfolio.?
A business portfolio is a company's set of investments, holdings, products,
businesses and brands. A product portfolio is the product's mix of market
segments. Marketing managers attempt to make a product appeal to specific
groups of people, called segments. ... Both types of portfolios help companies
grow financially.
Types of Portfolios.
1. Stocks Stock are the most common component of an investment portfolio.
They refer to a portion or share of a company.
2. Bonds When an investor buys bonds, he is loaning money to the bond
issuer, such as the government, a company, or an agency. A bond comes with
a maturity date, which means the date the principal amount.
3. Alternative Investments Alternative investments can also be included in
an investment portfolio. They may be assets whose value can grow and
multiply, such as gold, oil, and real estate.
4. Growth portfolio from the name itself, a growth portfolio’s aim is to
promote growth by taking greater risks, including investing in growing
industries.
5. Income portfolio Generally speaking, an income portfolio is more focused
on securing regular income from investments as opposed to focusing on
potential capital gains.
6. Value portfolio For value portfolios, an investor takes advantage of
buying cheap assets by valuation. They are especially useful during difficult
economic times when many businesses and investments struggle to survive
and stay afloat.
Q#8 Developing Strategies for growth & Downsizing?
Growth Strategy.
A growth strategy is a plan of action that allows you to achieve a
higher level of market share than you currently have. Market
development strategy growing your market share by developing new
segments of the market, expanding your user base, or expanding your
current users' usage of your product. Downsizing is a strategy used to
reduce the size and scope of a business in order to improve its
financial performance, usually by laying off employees or closing
less-profitable divisions.
The 4 Product-Market Expansion Strategies for Portfolio
Planning.
Market Penetration.
Market Development.
Product Development.
Diversification.
1-Market Penetration. Let’s start with the Market Penetration
strategy for portfolio planning. Companies can grow by better
penetrating already existing markets with already existing products.
2-Market Development. For existing products, but new markets, the
firm should choose a Market Development strategy. With that, it can
expand its already current products to new, potentially profitable
markets.
3-Product Development. Next, the company can use a Product
Development strategy for existing markets, but new products. The
company growth would then be achieved by offering modified or new
products to current market segments.
4-Divercification Finally, company growth can be accomplished by a
Diversification strategy. This applies to new products and new
markets. Therefore, the company starts up or buys businesses beyond
its current offerings and markets.
Q#9 Definition Market Strategy & Marketing Mix?
Marketing strategy is a long-term, forward-looking approach
and an overall game plan of any organization or any business
with the fundamental goal of achieving a sustainable
competitive advantage by understanding the needs and wants
of customers.
The term 'marketing mix' is a foundation model for
businesses, historically centered around product, price, place,
and promotion. The marketing mix has been defined as the
"set of marketing tools that the firm uses to pursue its
marketing objectives in the target market.
Difference between Marketing strategy & Marketing Mix.
Marketing strategy and marketing mix are closely related
elements of a complete marketing plan. While marketing
strategy is concerned with setting the direction of a company
or product line, the marketing mix is primarily tactical in
nature and is employed to carry out the overall marketing
strategy.