Awareness among consumers is increasing day by day because of increased marketing tools and effectiveness of those tools. This has led to less differentiation among similar products and thus bargaining power is shifting toward buyers. Purpose of this report is to analyze the change in marketing activities as per shift in consumers’ needs and wants.
Marketing Strategies should be formulated as per the consumer behavior, attitude, needs and wants. Marketers should strive to bring their product from fat spot to sweet spot through hyper differentiation. This will ensure increased margins and customer loyalty.
The best recommendation for marketer is to keep watch on their customer segment. Regular researches should be carried out for understanding customer needs and wants which will help in formulation of marketing activities.