Chapter 1
What is Marketing?
- The process by which companies create value for customers and build strong customer
relationships in order to capture value from customers in return.’’
The Marketing process
Understand Design a Construct Build Capture
the customer- an profitable value from
marketplace driven integrated relationships customers
and marketing marketing and create to create
customer strategy program customer profits and
needs and that delight customer
wants delivers equity
superior
value
Understanding the Marketplace and Customer Needs
There are five core customer and marketplace concepts which you need to understand and explain
1. Needs, Wants and Demands
2. Market offerings (product, services and experiences)
3. Value and satisfaction
4. Exchanges and relationships
5. Markets
Customer Needs, wants and Demands
Needs
States of felt deprivation
They include basic physical needs for food, clothing, warmth and safety
Social needs for belonging and affection
Individual needs for knowledge and self-expression
Wants
The form human needs take as they are shaped by culture and individual personality
Example: A person needs food, but wants a Big Mac, French fries and a soft drink.
Demands
What is Marketing?
- The process by which companies create value for customers and build strong customer
relationships in order to capture value from customers in return.’’
The Marketing process
Understand Design a Construct Build Capture
the customer- an profitable value from
marketplace driven integrated relationships customers
and marketing marketing and create to create
customer strategy program customer profits and
needs and that delight customer
wants delivers equity
superior
value
Understanding the Marketplace and Customer Needs
There are five core customer and marketplace concepts which you need to understand and explain
1. Needs, Wants and Demands
2. Market offerings (product, services and experiences)
3. Value and satisfaction
4. Exchanges and relationships
5. Markets
Customer Needs, wants and Demands
Needs
States of felt deprivation
They include basic physical needs for food, clothing, warmth and safety
Social needs for belonging and affection
Individual needs for knowledge and self-expression
Wants
The form human needs take as they are shaped by culture and individual personality
Example: A person needs food, but wants a Big Mac, French fries and a soft drink.
Demands
