Marketing facilitates movement of goods from the place of production to its ultimate destination-the consumers. In today's hyper-competitive business environment, the fittest survive. The changing business scenario is revolutionizing the markets, where marketing is getting its due importance because of increasing complications in the selling activity. The reason for this being a constantly rising need for customer-centric approach since it is no more the traditional `supply-clearing' activity that marketers are needed to do, but they are now required to do the `demand-creation' activity, which is the need of the hour.
Yesterday's seller markets are getting transformed into today's buyer markets. Decades back, when the competition was limited to a few sellers, supply determined demand and marketing departments were confined to their routine selling activity, where the salesmen were required to just clear off the stock supplied to them. Customers bought whatever was given to them, since the choice was limited. Today's transformation of markets is witnessing hyper-competition and `demand-creation' activity is quickly replacing `supply-clearing' activity. The demand-creation activity of the present day marketers also begins from the need-identification stage; but the processes that follow are scientifically performed and strategically implemented in order to constantly satisfy customer expectations.
The marketers set on a need-identification journey in the demand-creation process because they believe that there is an inherent and unfulfilled need in the minds of the customers. They supply adequate information about a specific product's ability to satisfy the need and in the process evoke the desire to buy. At the time of information deployment, the marketers take care that the information delivery process adopted has the right dose of incentives to motivate the purchase decision. When the information finally reaches its destination the marketers are in a clear frame of mind as to whom to satisfy (target customers) and what to satisfy (needs). The buyer sets on his need-satisfaction journey, once the desire is ignited. He searches for information on the product, evaluates the alternatives available to him and chooses that product which would satisfy his expectations efficiently. Finally, he comes to a stage where he knows what to buy and from whom to buy. |
