UNDERSTANDING THE MARKETPLACE AND CUSTOMER NEEDS
Five core customer and marketplace concepts are critical: (1) needs, wants, and demands; (2) marketing offerings (products, services, and experiences); (3) value and satisfaction; (4) exchanges and relationships; and (5) markets.
Customer Needs, Wants, and Demands
Needs: The most basic concept underlying marketing is that of human needs. Human needs are states of felt deprivation. They include physical, social, and individual needs. These needs were not created by marketers; they are a basic part of the human makeup.
Wants are the form human needs take as they are shaped by culture and individual personality. An American needs food but wants a Big Mac.
Demand: When backed by buying power, wants become demands.
The best marketing companies go to great lengths to learn and understand their customers’ needs, wants, and demands.
Market Offerings: Products, Services, and Experiences
Needs and wants are fulfilled through market offerings some combination of products, services, information, or experiences offered to a market to satisfy a need or want. Market offerings include products and services—activities or benefits offered for sale that are essentially intangible and do not result in the ownership of anything.
Marketing myopia occurs when a company becomes so taken with their own products that they lose sight of underlying customer needs. Read the Article!!!
Customer Value and Satisfaction: Customers form expectations about the value and satisfaction that various market offerings will deliver and buy accordingly. Satisfied customers buy again and tell others about their good experiences. Dissatisfied customers switch to competitors and disparage the product to others. Customer value and customer satisfaction are key building blocks for developing and managing customer relationships.
Exchanges and Relationships
Exchange is the act of obtaining a desired object from someone by offering something in return. Marketing consists of actions taken to build and maintain desirable exchange relationships with target audiences.
Markets: A market is the set of actual and potential buyers of a product.
“Marketing means managing markets to bring about profitable customer relationships”.
Market Offerings—Products, Services, and Experiences
Needs and wants are fulfilled through market offerings—some combination of products, services, information, or experiences offered to a market to satisfy a need or want. Market offerings include products and services—activities or benefits offered for sale that are essentially intangible and do not result in the ownership of anything.
Marketing myopia occurs when a company becomes so taken with their own products that they lose sight of underlying customer needs. Please read the assigned article!!!
Customer Value and Satisfaction
Customers form expectations about the value and satisfaction that various market offerings will deliver and buy accordingly. Satisfied customers buy again and tell others about their good experiences. Dissatisfied customers switch to competitors and disparage the product to others. Customer value and customer satisfaction are key building blocks for developing and managing customer relationships.
Exchanges and Relationships
Exchange is the act of obtaining a desired object from someone by offering something in return. Marketing consists of actions taken to build and maintain desirable exchange relationships with target audiences.
Customer Needs, Wants, and Demands
Needs: The most basic concept underlying marketing is that of human needs. Human needs are states of felt deprivation. They include physical, social, and individual needs. These needs were not created by marketers; they are a basic part of the human makeup.
Wants are the form human needs take as they are shaped by culture and individual personality. An American needs food but wants a Big Mac.
Demand: When backed by buying power, wants become demands.
The best marketing companies go to great lengths to learn and understand their customers’ needs, wants, and demands.
Market Offerings: Products, Services, and Experiences
Needs and wants are fulfilled through market offerings some combination of products, services, information, or experiences offered to a market to satisfy a need or want. Market offerings include products and services—activities or benefits offered for sale that are essentially intangible and do not result in the ownership of anything.
Marketing myopia occurs when a company becomes so taken with their own products that they lose sight of underlying customer needs. Read the Article!!!
Customer Value and Satisfaction: Customers form expectations about the value and satisfaction that various market offerings will deliver and buy accordingly. Satisfied customers buy again and tell others about their good experiences. Dissatisfied customers switch to competitors and disparage the product to others. Customer value and customer satisfaction are key building blocks for developing and managing customer relationships.
Exchanges and Relationships
Exchange is the act of obtaining a desired object from someone by offering something in return. Marketing consists of actions taken to build and maintain desirable exchange relationships with target audiences.
Markets: A market is the set of actual and potential buyers of a product.
“Marketing means managing markets to bring about profitable customer relationships”.
Market Offerings—Products, Services, and Experiences
Needs and wants are fulfilled through market offerings—some combination of products, services, information, or experiences offered to a market to satisfy a need or want. Market offerings include products and services—activities or benefits offered for sale that are essentially intangible and do not result in the ownership of anything.
Marketing myopia occurs when a company becomes so taken with their own products that they lose sight of underlying customer needs. Please read the assigned article!!!
Customer Value and Satisfaction
Customers form expectations about the value and satisfaction that various market offerings will deliver and buy accordingly. Satisfied customers buy again and tell others about their good experiences. Dissatisfied customers switch to competitors and disparage the product to others. Customer value and customer satisfaction are key building blocks for developing and managing customer relationships.
Exchanges and Relationships
Exchange is the act of obtaining a desired object from someone by offering something in return. Marketing consists of actions taken to build and maintain desirable exchange relationships with target audiences.
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