Marketing Example Exam

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1. “Needs, value, satisfaction and relationships are among the most important core marketing concepts.” a. Briefly define each of these concepts and discuss their importance to marketing. b. How can marketers influence customers’ perceptions of value and their level of satisfaction? c. Given that marketing is a customer-focused activity, discuss the process by which a marketer should go about satisfying customer needs? Part a. Needs refer to a state of felt deprivation. Human needs are many; physical (food, housing), social (belonging, affection) and individual (knowledge, self-expression). Value is the perceived difference between what a consumer pays for a product and the benefit they gain from owning the product. Value is often not judged accurately or objectively. Generally, a consumer will purchase from the business whose offer provides the most value. Satisfaction is obtained by a consumer when a product meets their expectations, a consumer is dissatisfied if a product falls below expectations and is delighted if a product exceeds expectations. Relationships are at the core of marketing. Marketing consists of creating, maintaining and enhancing strong, value-laden relationships with customers and other stakeholders. Part b. Customers will choose to buy a product that they believe offers them the most value, this perception of value leads to created expectations. The consumers assessment of the value they receive from a purchased product will influence their satisfaction and repurchase behaviour. A company can influence a customers perceived value by strengthening or augmenting the product offer with services, personnel and image benefits. By having a customer-centred approach, a company will achieve higher customer satisfaction through adding more value to the core product. A satisfied customer is more likely to repurchase, and also create new

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