Discuss the managerial approach to marketing.

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MKT640 UNIT 2 IP: A MANAGERIAL APPROACH TO MARKETING                                  

MKT640 Unit 2 IP: A Managerial Approach to Marketing

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Abstract

The idea of understanding consumers is important because it helps businesses identify the right approach to marketing when launching novel products. Analysis of the behavior of consumers provides a more astute outlook of spending characteristics and behaviors. This information enables managers concerned with marketing to place the novel product in such a way that it appeals to customers.


Introduction

In the attempt to comprehend and spot what customers want or need, marketing managers should delve into and recognize consumer composition. Understanding the relationships between wants and needs and executing practices will most likely conceptualize the goals of the organization. Technological advances and a varying market forms diverse dynamic that means an outlook in organizational wants.

Maslow’s Theory of Needs and its Application to Marketing

The Maslow’s hierarchy of needs basically reflects fundamental human wants and stresses on a range of impetus that result to outcomes. The hierarchy of needs is presented in a pyramid, where Physiological needs are at the bottom, followed by Safety, Social, Ego, and Self Actualization at the top (Maslow, 1987). The behavior of consumers is exemplified by satisfying initial desires and progressively moving up after fulfilling the earlier wants. Physiological needs are the fundamental human needs like sleep, food, and water. Safety includes the desire for job, physical, and financial security. Well being and health are also included in safety. Safety need is met by insurance, income, and employment (Bruce, Pepitone & Ebrary, 1999). Social need is seeking companionship, belonging, and love. Romantic and friendships relations assist fulfill this need. The fourth need is ego and includes self-esteem, prestige, and success. Self-actualization is the point at which one maximizes their potential once all the other wants have been satisfied.

For instance, the target consumers for minivans are families with many children. Car manufacturing industries endeavor to mark this cluster of consumers by fulfilling their fundamental desire to own a car that fits many children. The want is very fundamental but often companies endeavor to surpass the fundamental need. For example, fuel economy, style, safety, and entertainment are addressed all together. Therefore, marketers are as well fulfilling other essentials that will render the good more attractive. More appeal implies that more people will be willing to purchase the product. Safety features in the car can be seen as social want, whereas style, price, and fuel economy can be seen as ego desire. Companies sell products that they feel will have an added advantage to the consumer. This is to mean that it would in fact be valuable to obtain a specific kind of car because it satisfies the needs as well as the wants like chrome wheels, entertainment and interior preference.

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Corporations need leaders who can understand the significance of how products or services mirror dynamics in the worldwide marketplace. Such leaders will make decisions on production and practices that will consequently influence how the remaining market works and competes. Forceful market practices may give an advantage to an adjusting market. Company leaders can establish dynamics that result to much required change in manufacturing practices towards a better sustainable result. The environment in which we live in will affect the practices of all people. Leaders are accountable and very capable of ushering in novel products and practices.  

The Consumer Behavior ...

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