Introduction
This essay is divided into two segments; the first discussion covers the concept of consumer satisfaction while the second section focuses on the role of the course in understanding consumer behaviors. Besides definitions, the first section will also discuss the impact of consumer satisfaction on marketing and how markets endeavor to promote customer satisfaction in the business.
What is consumer satisfaction? What impact does consumer satisfaction have on marketing? How might marketers increase customer satisfaction? Please provide an example.
Consumer satisfaction has been found to be one of the concepts, which people assume to know, yet this is not the case. In marketing, consumer satisfaction refers to the level at which the needs of a target audience are met by certain goods or services being sold. In other words, the response of the consumer after using a particular product is essential in determining his/her level of satisfaction (Oliver, 2010). Marketing experts agree that consumer satisfaction is quite significant in determining the success of a business, especially when the needs of customers are met beyond their expectations. Even though it might be hard to meet the needs of customers, most accompanies strive to minimize their cost of production without ignoring the expectations of consumers in the market.
Consumer satisfaction has a crucial impact on marketing. In most cases, companies carry out customer satisfaction evaluations in order to make necessary adjustments as recommended by consumers. This is mainly based on the fact that customer retention is cheaper than finding new customers within the market. As a result, marketers use customer satisfaction to make the next move, by either maintaining the standards or making certain changes, which would surpass their needs. Marketers, therefore, endeavor to win the loyalty of customers. For marketers to increase customer satisfaction, they must identify the needs of their customers and carry out an evaluation to determine their satisfaction level after consumption of the products (Oliver, 2010). For instance, Apple has continuously improved its iPhone to meet the needs of its customers, by adjusting its size and making it more user-friendly, thus winning more customers.
How has this course helped in creating a better understanding of analyzing consumer and purchasing behaviors in relation to the 4 P’s marketing mix?
This course has been important in the understanding of customer and purchasing behaviors with regard to the 4 Ps of the marketing mix. From this, it is possible to tell why most excelling companies emphasize meeting the needs of their customers as opposed to expanding the business. From the course, it is evident that consumer behaviors are supposed to set the pace and course of action in order to remain relevant and competitive in the market (Chandrasekar, 2010). Through this course, one is able to go beyond defining the marketing mix of a company and explaining the implication of these four major elements.
For instance, the course has discussed the need to identify the product, which the company is going to produce, the relevance of the product to customers, its name, physical features, and its uniqueness in the market. Additionally, the course has explained the need to identify the correct place where customers look for this product, what competitors are offering in the market, and the possibility of using particular channels to ensure that the products reach customers. Moreover, the study helps in understanding the role of price, and how to determine the best price for a product, in relation to customers’ ability, discounts, and competitors’ offers. Lastly, the study has helped me to understand the need for an effective promotion approach. Under this, a company should decide on promotion channels, time, and how other players in the market reach its consumers (Chandrasekar, 2010).
References
Chandrasekar, K. (2010). Marketing Management: Text & Cases. New York: Tata McGraw-Hill Education.
Oliver, R. (2010). Satisfaction: A Behavioral Perspective on the Consumer. New York: M.E. Sharpe.