EBK PRINCIPLES OF MARKETING
16th Edition
ISBN: 9780133850697
Author: Kotler
Publisher: VST
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Question
Chapter 7, Problem 7.1DQ
Summary Introduction
To discuss: The four major steps in designing the customer-driven marketing strategy.
A strategy that includes the elements for finding the market targets and reacting to the customer needs is known as customer-driven marketing strategy. The marketing strategy must be in detail in order to retain their customers.
Expert Solution & Answer
Explanation of Solution
Four major steps involved in designing the customer-driven marketing strategy are as follows:
- Segmenting the consumer market, that is to divide the whole market into smaller segments.
- Targeting the segments or the segments that they have to enter.
- Differentiation is the method, which involves differentiating the offerings made by the market in order to create a prior customer value.
- Positioning is the way in which the marketers position the market offerings in the target customers mind.
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For the following assignment reference a recent purchase you have made and explore the several steps in the consumer decision making process for this purchase.
What product did you purchase?
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Need or want, how did you assess the need?
3.Information Search
What is the extent of your search for product information? Did you ask friends, family, reviews? Online research?
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Which other alternatives did you consider (other brands)?
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Did you make the purchase immediately or did you take time to make a final decision? Where was the purchase made, in store or online? Was the product available immediately or did you have to wait for your purchase to arrive?
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Discuss any generated cognitive dissonance by this purchase. What was done to address the situation. What role, if any, did marketing play in minimizing cognitive dissonance?
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Copy the Organization website link here:
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