2.1 consumer preference
The consumer is the one who pays to consume goods and services produced
As such,consumers play a vital role in the economic system of a nation. Without consumer demand,producers would lack one of the key motivations to produce: to sell to consumers. The consumeralso forms part of the chain of distribution.
Recently in marketing instead of marketers generating broad demographic profiles and psycho-graphic profiles of market segments, marketers have started to engage in personalized marketing, permission marketing, and mass customization.
Law and politics
The law primarily uses the notion of ...view middle of the document...
" In a survey of nearly 200 senior marketing managers, 71 percent responded that they found a customer satisfaction metric very useful in managing and monitoring their businesses.
* It is seen as a key performance indicator within business and is often part of a Balanced Scorecard. In a competitive marketplace where businesses compete for customers, customer
satisfaction is seen as a key differentiator and increasingly has become a key element of business strategy.
* Customer satisfaction measures how well the expectations of a customer concerning a product or service provided by your company have been met.
* Customer satisfaction is an abstract concept and involves such factors as the quality of the product, the quality of the service provided, the atmosphere of the location where the product or service is purchased, and the price of the product or service. Businesses often use customer satisfaction surveys to gauge customer satisfaction. These surveys are used to gather information about customer satisfaction. Typical areas addressed in the surveys include:
* Quality of product
* Value of product relative to price - a function of quality and price
* Time issues, such as product availability, availability of sales assistance, time waiting at checkout, and delivery time
* Atmosphere of store, such as cleanliness, organization, and enjoyable shopping environment
* Service personnel issues, such as politeness, attentiveness, and helpfulness
* Convenience, such as location, parking, and hours of operation
The termMARKET represents the needs or wants of the potential customers who might be willing and able to engage in exchange of goods and services to satisfy that need or want.
Market may refer to:
* Market (economics)
* Market (place), a physical marketplace or public market
* Märket, an island shared by Finland and Sweden
* Market economy
According to Philip Kotler, “The term Marketing is defined as a social and managerial process by which individuals and groups obtain what they need and want through creating, offering and exchanging products of value with others” is known as Marketing.
2.1.5 MARKETING FORMULA
a.The foremost step in business is to earn profit
b.For profit making he can sell the products
c.For sellimg the product he shuld create customers
d.For creating customer their needs and preference should be identified
e.to satisfy the customer’s new product to be produced
2.1.6 importance of consumer satisfaction
1.It’s a leading indicator of consumer repurchase intentions and loyalty.
Customer satisfaction is the best indicator of how likely a customer will make a purchase in the future. Asking customers to rate their satisfaction on a scale of 1-10 is a good way to see if they will become repeat customers or even advocates..
2. It’s a point of differentiation
In a competitive marketplace where businesses compete...