Business organizations on the fringes of success are clearly aware of their customers’ needs, wants and customer changing behavior.
On the basis of that, businesses continually tailor their products innovatively and position them in the market to remain competitive to acquire and maintain a strong customer base. This is the case with Campbell Soup Company and its chief strategy officer Carl Johnson. With an innovative, flexible, talented mind, the chief officer did a thorough market research, knew what the customers wanted, and the company provided them with the soup enriched with product characteristics that instantly created a psychological appeal to customers according to (Bloom, 2000).Then the company experienced a turnaround in profit generation, customer loyalty, and customer satisfaction.
According to Solomon (2008), the case study illustrates psychological processes people undergo in determining what to buy, when to but it, how and when to buy what to buy in the product life cycle. In addition to consumer characteristics, consumer buying behavior that determines product choice, location, learning perceptions and product characteristics about the newly innovated product tailored to suit customer needs and wants, are illustrated in the case study. It reflects decision making models, Maslow’s hierarchy of needs, customer relations with the company, consumer needs, and learning models in the context of marketing and product differentiation that has driven success for Campbell’s soup at hand.
In view of the case study illustrated above, the marketer, Carl Johnson did enough market research in identifying market needs by determining product characteristics for the right market.
Varied consumer needs illustrated in the case study demonstrate need in the line of ease of consumption, portability of the soup, time spent in product cooking in its previous packaging, color. In modern day life, time is an asset highly valued by everyone (Solomon, 2008). Having identified that fact based on market needs, the company, with creative innovation positioned their soup in the market by creating a packaging method that allowed customers to consume it comfortably. Portability was another need identified in the case study, rebranding, need for new products according to the demographics of the population. Some needs are more powerful than other.
Based on Maslow’s hierarchy of needs, it is clearly evident from the above scenario that customers have developed emotional attachment to the newly developed product packaging that has made it convenient for the customer to consume the soup as compared to the old way of packaging. This has driven sales for the company to new heights and made it acquire a stronger market position and customer base, as discussed by (Bloom, 2000).
In conducting the research on product positioning, maintaining customer loyalty, customer needs, and wants, the researcher identified, from the above case study reasons for plummeting sales of the soup and how to turn around product positioning, and product characteristics to fit in today’s society.
Solomon (2008) denotes that the ever changing lifestyles, product attributes, time, and changing consumer behaviors were key in determining how companies design their products to address the needs and wants of the market. Unique benefits additionally contributed to product success.
The research was conducted at the Campbell Soup Company and both types of data, quantitative and qualitative were collected to determine customer needs and wants in line with the ever changing lifestyle needs. The company’s plummeting market share was another key driver for the research.
Market characteristics, particularly the ever changing consumer behavior, customer needs and wants, formed the key elements of study in determining product positioning and success in the market. Its worthy for company executives to study the company trends and consumer psychology as was found by (Bloom, 2000). However, more research needs to be conducted to identify ways of maintaining customer loyalty, how to establish lasting relationship with the customers and identify other needs that may arise due to ever changing consumer behavior.
J. (2000), Careers in Consumer Psychology. Retrieved March 17, 2010, from http://www.wcupa.edu/_academics/sch_cas.psy/career_paths/consumer/career05.
htm Solomon, M. M. (2008), Consumer Behavior. Buying, Having, and Being. Eighth edition.