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Task 1 – Understand Consumer Needs and Product Benefits

Introduction

In the exciting world of business, marketing is a vital department in the organisation and is everyone’s responsibility, provides significant challenges for the management for the company and each member in one way or another influence other people/customers to their products including both internal and externalcustomers. The purpose of business is to create and keep customers; therefore, marketing is the business portal for success its main attention is focused on customer’s satisfaction also to attract and retain customers at a profit because if you don’t have customers, you don’t have business.
http://tutor2u.net/business/marketing/what_is_marketing.asp

Marketing
There are manydifferent definitions of marketing. Consider some of the following alternative definitions:


Marketing is about meeting the needs and wants of customers; when a company meets the customer’s needs at the same time is satisfying them – This means that a customer is the most important person for a company. Therefore, satisfying customer’s interests you are making

The achievement ofcorporate goals through meeting and exceeding customer needs better than the competition – For a company to achieve its objectives needs to use a marketing strategy to know what type of products will interest more customers and what resources are necessary to use to market its products and services in order to satisfy customers and meet their expectations.

The management process thatidentifies, anticipates and supplies customer requirements efficiently and profitably http://tutor2u.net/business/marketing/what_is_marketing.asp – *For a product or service to be successful it must in some way be of value to the customer because a customer will determinate if the product is good or not and then the company will benefit and probably repeat businesshttps://www.dur.ac.uk/communications.office/marketing/

Marketing may be defined as a set of human activities directed at facilitating and consummating exchanges http://tutor2u.net/business/marketing/what_is_marketing.asp – as an activity it could be designing the product, promoting and setting a price and letting potential customers know about your product and making it available to them.http://inventors.about.com/od/fundinglicensingmarketing/f/Marketing.htm
http://tutor2u.net/business/marketing/what_is_marketing.asp


Difference between need and want

It is really important to understand the difference between needs and wants because people often want more than they need, so it can help you know how to spend and save wisely. As a result people must make choices about what they truly needand what they can afford. The difference between need and want is very simple: a need is something that is necessary to have; something that is essential and indispensable for our life. For example things like water, food, a roof-house, clothing (just what you need to remain comfortable and appropriately dressed) and basic health care and hygiene products. Whereas, a want is desire orsomething you would like to have but are not above your needs, things like a big house, name-brand clothes, fancy foods and drinks, a new car, bikes, video games, televisions, designer clothes, cell phone, a watch, swimming pool – all this things are want and people can survive without them.
http://frugalliving.about.com/od/frugalliving101/qt/Wants_vs_Needs.htm


Marketing Mix and 4p’sThe marketing mix is often referred to as the '4 Ps' which are – product, price, place and promotion. Each of these elements should be designed to meet customer needs and requirements, therefore, a business must develop products to satisfy them, charge the right price, get the goods to the right place, and it must make the existence of the product known through promotion. Read more:...