SONY VAIO Essay Example | Topics and Well Written Essays - 1500 words

SONY VAIO - Essay Example Moreover, marketing serves as a contact between the firms and customers for the fulfillment of needs of both the parties. Therefore, it needs to be customer-focused in order for the business to be profitable and productive. This paper will be concentrating on assessing the changing needs and wants of customers, the brand-building efforts of the companies and how different companies use the marketing mix to create value for their customers. The term 'Marketing' is a very wide concept including several different sub-concepts in it. It is defined as the process whereby companies identify, analyze and fulfill the needs and wants of customers, involve in value-creation process and focus on building profitable relations with customers in order to get value from them in return (Kotler, Armstrong 2006). In short, marketing is your strategy for allocating resources (time and money) in order to achieve your objectives (a fair profit for supplying a good product or service). (Ed Zimmer 1992) The two important basic concepts in marketing are named as needs and wants, which are the elements of human psychology. It is extremely important to meet the needs and wants of customers to drive sales, which is the basis of most businesses. Needs are necessary for the human survival and one cannot go further in life if deprived from what one needs. While, wants are the extended form of human needs which are backed up by one's culture, personality and social status. In present marketing environment, the needs and wants of customers are constantly changing and shifting. The consciousness about raising living standards, increase in disposable income, changing trends and fashions have moved the consumers' preferences from being traditional towards being modern and advanced. Also, though some customers know what they want, some simply don't know. And some may have an idea of what they want without that necessarily corresponding with what they need. It, therefore, depends on the marketing team to draw the needs and wants out of them in order to devise a plan and accomplish goals. (Tim Millett) Product from consumer's perspective In today's era of increasing marketing management efforts and spread of advanced media, consumers have attached great expectations to the products they consume. The basic objective of a product for the consumers is to satisfy their needs and to be of value for them i.e. a product should be able to deliver the benefits to the customers equal to the costs they have paid for it. The product benefits the customers at three levels: Core Product refers to the basic product and its benefits that consumers are seeking. Actual Product includes the product's outward features like brand name, design,