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Problem/Need-recognition is the first step in the buying decision. Without knowing what the customer needs, they will not be enticed to purchase the product. The need can be triggered by internal stimuli (e.g. hunger, thirst) or external stimuli (e.g. advertising). [14] Maslow held that needs are arranged in a hierarchy.
After-sales service is crucial for the reputation and brand loyalty of the firm. In order to retain customers, they would have to provide great after-sales service so customers would be able to return and obtain the services they demand. Examples are such like Apple Care offering warranty and also proper services to repair the purchased devices.
This is when the consumer identifies a need, typically defined as the difference between the consumer's current state and their desired or ideal state. A simpler way of thinking about problem recognition is that it is where the consumer decides that they are 'in the market' for a product or service to satisfy some need or want.
Retailers need to adapt and continuously improve in three areas to experience growth: improved online shopping experience, international expansion, and implementation of new technologies.
The excess demands in different markets can influence each other. The presence of excess demand in one market influences effective demand or supply in another market, which may influence the degree of disequilibrium in the latter market; in turn, the constraints imposed on participants in that market influence their effective demand or supply ...
The physical product need not change, but it may. Differentiation is due to buyers perceiving a difference; hence, causes of differentiation may be functional aspects of the product or service, how it is distributed and marketed, or who buys it. The major sources of product differentiation are as follows.
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Customers are looking for answers that may improve or replace products or services. Customers will never buy a product or service if they don't feel like they are receiving the best possible deal. Therefore, the value proposition is important to businesses and their success. [12] The value proposition serves to differentiate the brand from ...