Module 2 readings and video focused primary on the customer analysis as a crucial marketing strategy. Long term success is very difficult and I would say impossible without responding to customer’s needs. Understanding the customer’s needs, wants and demands is the key of continual success.
Companies that are successful place the customers at the center of their decisions. They understand their customer experience from delivery value to emotional satisfaction and provide products or service that fulfills their needs at reasonable prices. Therefore, if the company can’t convey the products value to the potential customers, it doesn’t matter how good that product is because the customers won’t experience the value created. Thus answering the questions “Who are the customers? What needs do they seek to fulfill? Who/what is currently fulfilling their needs?” gives information of many question related with the above issues.
In the figure above is shown the Mallows Hierarchy of needs, which illustrates the five levels of human needs. The basic needs are the psychological and safety/security, which are shown at the base of the pyramid. As they move higher they become more complex.