Question

Marketing companies must provide values that satisfy consumer needs in order to capture values from their consumers in return. (a) Explain fully, in your own words, what you understand by “Consumer-driven (b) Using one real product or service example, explain the differences between the concepts of (i) Need, (ii) Want, and (iii) Demand in the consumer marketing context. Use the same product or service to explain the differences between all 3 concepts. (c) Explain, with examples, 4 different values that a company can capture/receive from its customers.

subject : Marketting

Answer 1

Consumer driven means giving the customer what they want in terms of the offerings of the company. Developing relationship with the customer in order to determine their needs and then fulfilling this needs at a competitive price. For example amazon is one of the best examples of company which is a customer driven company. The company has been successfully been able to meet the needs of the customer in a cost effective way.
News are the basic requirement of the human beings which people lives in day to day life this includes food clothes shelter. Wants are those product which are the satisfiers of needs it is something this people desire to have, but they are not necessary for example designer clothes, sports car. Demands are are those bonds which are backed by ability and strong desire to purchase. For example the demand for precious stones such as diamond.
Four different values that our company can capture or receive from its customers are functional value, monetary value, social value and psychological value.
Functional value is the the offering of the product in terms of its function. Monetary value is the price paid relative to the offerings perceive worth. Social value is the engage which allows the customers to connect with others. Psychological value is the extent which allows the consumer to express themselves feel better.

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