Strategic Marketing Focusing on Customer

As what Adam smith said “Consumption is the sole end and purpose of production; and the interest of the producer ought to be attended to only so far as it may be necessary for promoting that of the customer”.  As for today we have a vibrant class discussion regarding the importance of customer behavior in marketing for planning and strategy.  We come up to some good ideas and opinions from my learners regarding the market or customer identification.  

First, is customer needs that we discuss this concept to the relatedness of Maslow’s Theory of needs. The learners further analyze that needs will evolve according to the environment of the buyer and the present and future satisfaction of the buyer.  Having said that, concept of needs in relation to market emergence is as a vital market concern of the company.  

Any company must know the market size, market growth, profitability, buying decision, & market structure are important measures to determine the evolution of such market given.  On the contrary, Three dimensional market segmentation is also a helpful technique in identifying new emerging market.  In our in class discussion we use the example of banking business as to how many new emerging customers are there in Financial transaction business.  

Moreover, the market matrix of Philip Kotler is also as useful as ever in identifying and defining new markets.  Above all these theories, identifying your consumer market in real time is the utmost goal of every modern corporate marketer.  In this manner, the technology of real time marketing dashboard monitoring is so far the most efficient technological tool used in business marketing in identifying marketing emergence. 

Share this post