its all about the role of costumer in business

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 All marketing efforts are made for attracting customer,
serving superior value and capturing return value for the
customer in a superior routine than the competitors in the
marketplace who are in competition with the same motive.
 So, understanding the customer, the marketplace and their
behaviour is essential for any marketing decision and
action.

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Five core concepts to understand and identify costumer:
1. Needs, wants, and demands;
2. Market offerings (products, services, and experiences);
3. Value and satisfaction;
4. Exchanges and relationships; and
5. Markets.

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1. Needs, Wants, and Demands
o Most basic concept of fundamental marketing is that of human needs, wants, and
demands. Human needs are states of felt deprivation. Marketers did not create these
needs; they are a primary part of the human makeup.
o Basic physical needs for food, clothing, warmth, and safety; social needs for
belonging and affection; and individual needs for knowledge and self-expression; are
needs of human.
o Wants are needs shaped by culture and individual personality. Every human being
requires food but what form they take food is different dew to cultural and social
attributes of an individual. One person may like a burger or hot-dog another might
like french fries or rich.
o Individuals’ cultural and social features shape the wants. With buying power, wants
become demands. Needs and wants drive people to demand for products and
services.

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2. Market Offerings
o Consumers’ needs and wants are satisfied through market offerings. Market offerings
are some combination, mixture, or blend of physical products, services, information,
ideas, or experiences offered to a market to satisfy a need or a want.
o For any sellers putting the best blend of offers in a market offering is the challenge.
Many of them make the mistake named as “marketing myopia” – paying more
attention to the specific products they offer than to the benefits and experiences
produced by these products.
o Here they are so hooked with their products that they focus only on existing wants
and lose sight of customer needs.
o They forget that a product is only a tool to solve a consumer problem. “market
offerings”- that gets results for the sellers puts the customers’ need, wants, and
demands first.

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3. Value and Satisfaction
o Consumers usually face a wide-ranging array of products and services in forms of
“market offerings” that might satisfy a certain need. How do they choose among
these many market offerings?
o A customer always forms expectations about the value and satisfaction that various
market offerings will deliver and buy them for that reason. Customer value and
customer satisfaction are key building blocks for developing and managing customer
relationships.
o Marketers must be careful to set the right level of expectations. Overcooked it or
under-cooked market offerings will not help the marketers capture value in return of
the customer satisfaction.
o Satisfied customers will buy again and tell others about their good experiences on
the other hand dissatisfied customers will eventually switch to competitors and
surely disparage the product to others.

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4. Exchanges and Relationships
o Marketing occurs when people decide to satisfy their needs and wants
through exchange relationships. Exchange is the act of obtaining a
desired object from someone by offering something in return. Marketer
tries to bring about a response to some market offering.
o By this; marketers tries to build and maintain profitable exchange
relationships with target audiences interested in exchange.

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5. Markets
o The concepts of exchange and relationships lead to the concept of market. A
market is the set of actual and potential buyers of a product or service.
Marketing efforts are undertaken for controlling markets to bring about
profitable customer relationships.
o For creating these relationships marketers must search for buyers and their
needs, design good market offerings, set prices for them, promote them, and
store and deliver them.
o Activities such as consumer research, product development,
communication, distribution, pricing, and service are must in order to stay
ahead of the competitors in the market.

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OBSERVATION
 Customer observation is the research and collection of customer data to
understand better their needs and how they interact with a company's
products or services.
 Observations can be overt (everyone knows they are being observed) or
covert (no one knows they are being observed and the observer is
concealed).
 Observation market research is a technique which involves directly observing
consumers or another target audience in their natural environment - for
instance, watching how shoppers stop outside a fashion retailer, what they
are drawn to in a window display and which direction they go after entering
the store.

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 Observation is a powerful research method to understand how consumers
behave in a retail or service environment. It involves watching and
recording what consumers do, say, and feel as they interact with products,
services, staff, and other customers.
 Observing customers can give you valuable insights into their needs and
how your product or service can be improved to better meet those needs.
These needs can be interpreted through abandonment and resolution rate.

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INTERVIEW
 A customer interview allows you to speak to the people that matter most —
the ones who buy your product. It's a great way to find out what plagues your
customers, what solutions they're looking for, and how you fare compared to
your competitors.
 Customer interviews can be conducted in two ways. The first way is a
planned interview. These interviews are scheduled in advanced, and they
ask customers a variety of questions either related to their overall brand
experience or an individual interaction with the business. Ad hoc interviews
are conducted one-on-one, either in person, or through video software. While
online surveys are very convenient and accessible, ad hoc interviews allow
you to have a real-time conversation with the customer so you can ask about
specific experiences and events.

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Benefits of Customer Interviews
1. You can assess customer demand.
When you're considering a new product or service — or even a new
business — you should first identify the demand for it with your customer base.
After all, you wouldn't develop a new product that no one is going to buy.
2. You highlight customer pain points.
One common use case for customer interviews is understanding the pain
points that customers experience with your products and services. This helps
you improve the pre- and post-purchase experience.
3. They help you understand customer needs.
Customer interviews are great for uncovering customer needs because
you can have an in-depth conversation with your target audience. You can ask
about specific experiences and prompt follow-up questions if something is
unclear or confusing.

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4. You get inspiration for product development.
Customer interviews present this opportunity for customers to share their
ideas with your business. They reveal what your customers are looking for from
your business and what you can work towards down the road.
5. They help you learn your customers' vocabulary.
If you work in a customer-facing role, then you have experience talking
with customers. If you don't, then you might not be as familiar with the language
and vocabulary that your customers are using. If you use business jargon or
highly technical language, your customers might not understand what you're
talking about.
6.Customer feedback helps you make successful business decisions.
Customer feedback tells you what customers are thinking about your
business and how they think you can improve it. Following their lead will only
improve your business strategies and create a better customer experience over
time.

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FOCUS GROUP DISCUSSION
 Focus groups are one of the most effective and popular market research
methods available. Used to gather qualitative data and in-depth insights, they
enable researchers to collect information on anything from products and
services to beliefs and perceptions to reveal true customer attitudes and
opinions.
 A typical focus group usually involves six to 10 respondents brought together
with a trained moderator to take part in a planned discussion. During the
focus group, they will be asked a series of predetermined questions to
discover their thoughts and feelings about a particular topic, product, or area
of interest. All of this results in an open-ended, free-flowing discussion that
will then be used to help brands to make informed business decisions.

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Benefits of conducting FGD
Build a rapport and unlock in-depth insights.
This enables researchers to uncover personal attitudes and beliefs that
other market research methods can’t replicate - which, in turn, means more
insightful results. Additionally, because of the constant interaction and rapport
between respondents, focus groups also encourage better group discussions
and increased interaction.
Take control and steer the discussion.
Another benefit of focus groups is that they allow moderators to go with
the flow and probe respondents for more in-depth answers when needed. This
means moderators can ensure the discussion takes the necessary routes and
delivers the best possible results by enabling them to probe deeper into specific
topics to uncover hidden issues.

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Develop ideas with co-creation
Focus groups also allow researchers to utilise co-creation with
participants. This collaboration/workshop effect involves the participants in
developing ideas and concepts, encouraging them to bounce ideas off each
other, which in turn enables businesses to build products and services directly
with their customers. They are also a great way to gather specific
understandings of products and services as participants can physically touch
and feel items.
Involve the client for more credibility
Finally, another big benefit of focus groups is that they can involve the
client. In a focus group setting, the client can be present on the day to observe
the focus group. If the focus group is taking place in a specialist viewing facility,
they will often be able to watch via a one-way mirror, or if it is taking place
online, they can log in to view the discussion live and even talk to the moderator
in real time and shape the direction the conversation is heading.

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SURVEY
 Market survey is the survey research and unit of analysis of the market for a
particular product/service which includes the investigation into customer
inclinations. A study of various customer capabilities such as investment
attributes and buying potential. Market surveys are tools to directly collect
feedback from the target audience to understand their characteristics,
expectations, and requirements.
 Market surveys collect data about a target market such as pricing trend
analysis, customer requirements, competitor analysis, and other such
details.

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Purpose of Market Survey
Gain critical customer feedback:
The main purpose of the market survey is to offer marketing and
business managers a platform to obtain critical information about their
consumers so that existing customers can be retained, and new ones can be
got onboard.
Understand customer inclination towards purchasing products:
Details such as whether the customers will spend a certain amount of
money for their products/services, inclination levels among customers about
upcoming features or products, what are their thoughts about the competitor
products etc.

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Enhance existing products and services:
A market survey can also be implemented with the purpose of improving
existing products, analyze customer satisfaction levels along with getting data
about their perception of the market and build a buyer persona using
information from existing clientele database.
Make well-informed business decisions:
Data gathered using market surveys is instrumental in making major
changes in the business, which reduces the degree of risks involved in taking
important business decisions.

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REFERENCES:
 https://www.questionpro.com/blog/market-survey/
 https://blog.hubspot.com/service/customer-interviews
 https://www.google.com/search?q=consumer+analysis+through+observation&oq=consumer&aqs=chrome.
4.69i57j69i60j69i59l3j0i131i273i433i650j0i273i650l2j0i131i433i512l2.4380j0j9&client=ms-android-oppo-
rvo2&sourceid=chrome-mobile&ie=UTF-8#sbfbu=0&pi=consumer%20analysis%20through%20observation
 https://info.angelfishfieldwork.com/market-research-fieldwork-blog/what-is-a-focus-group-and-how-can-it-
benefit-your-market-research