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BENCH MARK OF MARKETING

Mughal Me
2024-03-20 02:55:36
Marketing, as a discipline, has traveled a long distance in the last four decades. It is a craft of linking the producers of goods and services with the existing and potential customers. The changes in the consumer behavior, market place, channels of distribution, the merchandizing, display and almost anything have been tremendous in the past few decades. The speed of change is stupendous. Major shopping malls, the range of choices, the buying pattern from personal to internet buying, credit cards etc has taken long strides towards difference and has totally changed business outlook. The demand for more sophisticated products has emerged almost in every field. Products have today very close similarities. The research has created nearly the same kind of services and customer aids. Marketers are today faced with tough decisions. One wrong decision or delayed decision can completely put business back and give competitors edge over the market place, which in itself is a tough situation to face.CONSUMER This is a term, which has many facets. But in business field we use this term to mean that individual who derives direct utility of the product. Consumer has his or her budget, and he or she tends to derive maximum utility within that budget. That is why we are keen to study his or her preferences, choices, sensitivity and interests with a view to maximizing his utility. We need to study Consumer Behavior and to harness and educate consumer to make our product successful. CUSTOMER This term connotes that individual who actually makes a decision in selecting a certain product. He or she may and may not directly consume the product. But he or she takes a buying decision. A housewife for example buys cooking oil for her household- she is a customer. The entire family is a consumer. Two kinds of customers: Internal and External. Internal are those, who work in the organization. External are those who are individuals, business people and groups outside. CONSUMER MARKETS Selling of mass consumer goods and services such as soft drinks, tooth pastes, TV sets etc. Great time is spent in establishing superior brand image to be successful in consumer product marketing.

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