Question

4. How might we gain additional insight into customer demand? And What are some of the inventory strategies that may successfully apply here (Hint: These strategies can apply throughout the supply chain (e.g. at the supplier facility) rather than just at the finished goods stage) *****Please explain and with examples-*****at least one page and 1/2 thanks  

Answer 1

How might we gain additional insight into customer demand?

It is very important for a marketer to understand the reasons the customers make a purchasing decision. Knowing what kind of needs and motives drive them to buy a product can help a marketer in the understanding the target market as well as in designing campaigns that would attract them towards the marketer's products.

To gain insight into the customer and, following methods can be used:-

Observation - By observing the customer making the purchase helps to gain helpful insight into the reasons for purchasing decisions. In physical locations, the customers can be observed by noting whether the consumers buy the product directly or ask additional questions? Do they look for substitute products? Similarly, in an online store, observation becomes easier with marketing and analytics tools can be used to know how many times consumers click a page and how long do they stay on the page?

This helps in getting insights into customer demand.

Knowing the competition - Marketers can take interviews or observe the competitors' customers to know why they prefer their products and what are the features which attract them to the competitor's products more? This helps in developing the marketer's products to suit the preferences and tastes of the consumers. Also, analyzing the marketing campaigns of the competitors can also shed light on what would attract the customers more.