Three most significant marketing concepts
The 3 marketing concepts that seem to be very important to me and needed to be considered while marketing the new product or upgrading the old product in the market.
The increasing competition in the market is forcing the companies to pay much more attention to its customer and satisfy them with your product and values. Customer satisfaction can be experienced in a variety of situations and connected to both goods and services. It is a highly personal assessment that is greatly affected by customer expectations. Satisfaction also is based on the customer's experience of both contacts with the organization and personal outcomes.
Customer satisfaction differs depending on the situation and the product or service. A customer may be satisfied with a product or service, an experience, a purchase decision, a salesperson, store, service provider, or an attribute or any of these. Some researchers completely avoid "satisfaction" as a measurement objective because it is "too fuzzy an idea to serve as a meaningful benchmark." Instead, they focus on the customer's entire experience with an organization or service contact and the detailed assessment of that experience. For example, reporting methods developed for health care patient surveys often ask customers to rate their providers and experiences in response to detailed questions such as, "How well did your physicians keep you informed?" These surveys provide "actionable" data that reveal obvious steps for improvement. Customer satisfaction is a highly personal assessment that is greatly influenced by individual expectations. Some definitions are based on the observation that customer satisfaction or dissatisfaction results from either the confirmation or disconfirmation of individual expectations regarding a service or product. To avoid difficulties stemming from the kaleidoscope of customer expectations and differences, some experts urge companies to "concentrate on a goal that's more closely linked to customer equity." Instead of asking whether customers are satisfied, they encourage companies to determine how customers hold them accountable For example, the Urban Institute and Mathematica conducted customer satisfaction surveys for the federal child support enforcement system. The definition they developed addresses three aspects of customer satisfaction: satisfaction with client-worker interaction, whether in-person, by phone, or by mail; satisfaction with the support payment (e.g., its accuracy and timeliness); and satisfaction with the effect of child support enforcement on the child. Another example that has particular implications for vulnerable individuals and neighborhoods is the "Shaping Our Lives" National Users Network in the United Kingdom. This includes both national and local research and development projects to examine what service users see as good outcomes for services and support. Four customer networks were developed as part of the initiative: Black User Group in London, Service User Action Group in Wakefi eld, Ethnic Disabled Group in Manchester, and an alliance of User Groups in Waltham Forest. It was the consensus of the groups that lack of information often leads to low expectations. They further agreed that the process of obtaining a service and the way it is delivered can have a major impact on the users' experience. The qualities of relationships and staff were central to positive outcomes (Cssp.org, 2007).
There are seven ways in which you can improve your customer satisfaction level are:
- Encourage face to face dealing: - To deal with your customers face to face once during the deal or course of project and be polite and confident while you meet them and don't forget to ask them what they require or needed from our side.
- Respond to customer queries and keep them informed: - The company should respond to their customers queries by email or call them and informed them about their query, so they remains in contact with you.
- Be friendly and approachable: - To make your customers feel like you are their friend and wants to help them out you need to be friendly and courteous. You need to respond to your customer wishes as best you can.
- Have a Clearly defined Customer Service Policy: - Provide the cleared and defined customer service policy on your site or anywhere else which can be useful for the customer to understand your company better.
- The Little Niceties: - Treat your customers like family by sending them birthday wishing emails which shows that how much you care for your customer and how much value he owns for you, it makes customer feel happy and welcomed, wanted and valued.
- Follow the customer need and help along: - You need to follow the customer needs and wants and help them according to their needs and wants.
- Promises makes relationship: - customers wants someone on whome they can rely and believe, so companies needs to promise their customers about their good quality of products and services (Thompson, 2002)
The product promotion includes the activities that are designed to inform and influence the customers when they are taking their buying decisions. Promotion is made up of advertising (non-personal communication transmitted through mass media), publicity (free promotion through news stories in newsletters, newspapers, magazines and television) and sales promotion (direct mail, and coupons).
The objective of the product promotion needs to be accountable and affirmed and needs to be attuned with the company objective, competitive and marketing strategies. The objective varies with the difference in product as well as situation. The five important objectives of promotional activities are: To differentiate the product, to increase the demand of product, to provide information about product, services and company, to stabilize sales and Accenture the value of the product.
There is the promotional strategy used by the producer once he reviewed all the promotional tools outcome and the promotional strategy should consider some of the issues like: -
- Type of promotion to be used?
- Goal of the promotion?
- Is promotion working or not?
- Which promotion working and which is not?
- Effect of promotion on consumer?
- Cost of promotion as compared to the benefits gained by it? (joseph &paul, n.d).
Product development describes the complete process of bringing a newproductor service to market. There are two parallel paths involved in the product development process: one involves the idea generation,product designand detail engineering; the other involves market research andmarketing analysis.
Product concept is a detailed version of the new product idea stated in meaningful consumer terms, turning ideas into tangible products that consumers perceive as being valuable.
Concept testing: - testing new products concepts with a group of consumers to find out if the concepts have strong consumer appeal or not?
There needs to be a marketing strategy development for designing an initial marketing strategy for a new product based on the product concept which includes design mix.
Design mix consist of 3 different characteristics of design formation
- Formal design- which concerned with aesthetics (Does the product look good or not?).
- Functional design- concerned with performances (Does it work and reliable?).
- Economy of manufacture- Does design allow it to be made efficiently and at a cost which allows for profit?
Three ways to introduce your new product into market are Line extension, brand extension and brand stretching (tutor2u.com, n.d)
Cssp.org. Customer satisfaction". Retrieved from : http://www.cssp.org/uploadFiles/Customer%20Satisfaction%20-%20What%20Research%20Tells%20Us.pdf
Thompson. A. (2002). Customer satisfactions in 7 steps. Retrieved from: http://articles.sitepoint.com/article/satisfaction-7-steps
Guiltinan, Joseph and Gordon Paul. Marketing Management, - Strategies and Programs, Fourth Edition. McGraw-Hill; Toronto, Ontario. p. 226.
Tutor2u.com, (n.d). New product development. Retrieved from: http://tutor2u.net/business/presentations/marketing/newproductdevelopment/default.html