Essay- Please read the question and reflect upon Chapter 11 and answer each ques

Question

Essay- Please read the question and reflect upon Chapter 11 and answer each question in a paragraph format. Please write legibly so that 1 can appreciate your responses to the following essays as follows: Define and describe how marketing has evolved over the past 100 years Differentiate customer satisfaction from customer loyalty. List and describe the two most common pitfalls marketers fall into when trying to achieve customer satisfaction. Explain the steps a business leader takes when developing a marketing strategy. Define consumer market segmentation and describe the four types of segments

Explanation / Answer

1. Earlier the marketing was limited to product. People introduce a product market it and sell it. But now the brand has became important now people are less concerned about the product their main focus while purchasing has became brand. Earlier there was one product of each type now there are varieties of option for a product. So brand has become important for while purchasing a product.

People have different mindset about different brands and the brand which is perfectly placed is preferred by people. Now people are more concerned about brand than product because a mindset has developed these days that certain brand will provide good product. Earlier people use to spent less on marketing and more on product but now it has became opposite now companies spend more money in marketing in order to boost their sales. In present situation the marketing has evolved from door to door marketing to digital world.

2. Customer satisfaction:- Customer satisfaction is a marketing term that measures how products or services supplied by a company meet a customer's expectation. Customer satisfaction is important because it provides marketers and business owners with a metric that they can use to manage and improve their businesses.

Customer loyalty:- when a customer is satisfied with the product quality and features then a customer opt to re-buy the product then this is termed as customer loyalty. It also means that the company has successfully retained its customer.

The two most common pitfalls marketers fail into when trying to achieve customer satisfaction are:-

a. The marketers fail to understand the need of customers and end up designing product according to their mindset rather than customer perspective.

b. the marketers fail to make the correct assumption of satisfaction level of a customers. On the basis of sales they assume that a customer is satisfied with the product. Sometimes they also fail to go for continuous improvement in product which also leads to lower down the satisfaction level.

4. Market segmentation is a marketing strategy which involves dividing a broad target market into sub-markets of consumers, businesses, that have, common needs, interests, and priorities, and then designing and implementing strategies to target the customers.

There are four types of market segment:-

a. Geographic:- in this customer is divided into customer location, region like urban market and rural market then the product is positioned according to that data.

b. Demographic:- in this the marketers segment the product based on age, gender, occupation, socio-economic group. After a deep study the product is launched in that market with selected segments.

c. Behavioral:- In this the segmentation of product is done based on the rate of usage, benefits sought, loyalty of a customer and the readiness to purchase the product.

d. Psychographic:- in this the marketers segment market based on personality, lifestyles, attitude and class and launch product according to that.

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