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.
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