🎧
chapter 1: creating customer
value and engagement
Created @February 14, 2025 3:07 PM
Class MARKETING
What is marketing?
Marketing is the set of activities by which companies acquire and engage
customers, build strong customer relationships, and create customer value in
order to capture value from customers in return.
Value creation
e.g. Patagonia: ethical value and sustainability
The more marketing effort, the more profit you can gain by grabbing the
attention of customers
3 goals of marketing
1. To attract new customers
2. Retention: to keep and grow existing customers
3. Drive the company’s profitability
We see this often in research and interviews with CEO’s, where they say they
invest in marketing.
Marketing progress
Understand the marketplace and customers needs and wants
chapter 1: creating customer value and engagement 1
, It is crucial that Peter Drucker said: “If you really understand the needs of
the customers, it will be easy to develop a product that fits them and you
won’t need too much marketing investment to succeed.”
Diving into customers needs is difficult because a lot of our needs are
subconscious, and we can’t really talk about a product/service we
need/want if we can’t even imagine the product/service existing.
This step is essential because a lot of companies tend to only look at
themselves (at what they are currently making), and this can cause
marketing myopia, which can make them lose focus on the customer’s
needs.
Marketing myopia = An approach to marketing that focuses on the product
and short-term needs of the business rather than on the long-term needs of
the customer.
e.g. Spotify: it understood that the customer’s needs was not to own many
cd’s, it was to access music easily.
A better mousetrap = A better version of a product already proven to have
huge demand.
“The better moustrap fallacy” = believing a better version of a product will
always be a success.
- Need: States of felt deprivation. A need is universal (we all have the same
needs). It is a tension between a current state and an ideal state relatively
constant across individuals and cultures.
- Want: The form needs take, shaped by culture and personality. A need,
described in terms of objects that will satisfy those needs. It is someone's
desire or preferred choice, with certain characteristics
chapter 1: creating customer value and engagement 2
chapter 1: creating customer
value and engagement
Created @February 14, 2025 3:07 PM
Class MARKETING
What is marketing?
Marketing is the set of activities by which companies acquire and engage
customers, build strong customer relationships, and create customer value in
order to capture value from customers in return.
Value creation
e.g. Patagonia: ethical value and sustainability
The more marketing effort, the more profit you can gain by grabbing the
attention of customers
3 goals of marketing
1. To attract new customers
2. Retention: to keep and grow existing customers
3. Drive the company’s profitability
We see this often in research and interviews with CEO’s, where they say they
invest in marketing.
Marketing progress
Understand the marketplace and customers needs and wants
chapter 1: creating customer value and engagement 1
, It is crucial that Peter Drucker said: “If you really understand the needs of
the customers, it will be easy to develop a product that fits them and you
won’t need too much marketing investment to succeed.”
Diving into customers needs is difficult because a lot of our needs are
subconscious, and we can’t really talk about a product/service we
need/want if we can’t even imagine the product/service existing.
This step is essential because a lot of companies tend to only look at
themselves (at what they are currently making), and this can cause
marketing myopia, which can make them lose focus on the customer’s
needs.
Marketing myopia = An approach to marketing that focuses on the product
and short-term needs of the business rather than on the long-term needs of
the customer.
e.g. Spotify: it understood that the customer’s needs was not to own many
cd’s, it was to access music easily.
A better mousetrap = A better version of a product already proven to have
huge demand.
“The better moustrap fallacy” = believing a better version of a product will
always be a success.
- Need: States of felt deprivation. A need is universal (we all have the same
needs). It is a tension between a current state and an ideal state relatively
constant across individuals and cultures.
- Want: The form needs take, shaped by culture and personality. A need,
described in terms of objects that will satisfy those needs. It is someone's
desire or preferred choice, with certain characteristics
chapter 1: creating customer value and engagement 2
