Wants are described in terms of objects that will satisfy needs Demands Human wants that are backed by buying power The basic human requirements Wants The form taken by a human needs as shaped by culture and individual personality. Needs, Wants, and Demands Needs A state of felt deprivation. Understanding the Marketplace and Consumer NeedsĬore Customer and Marketplace Concepts Needs, Wants, and Demands Marketing Offers Value and Satisfaction Exchange, Transactions, and Relationships Markets The Marketing Process Build profitable relationships and Create customer delight Design a customer driven marketing strategy Capture value from customers to create profits and customer quality Construct a marketing program that delivers superior value Understand the market place and Customer needs and wantsġ. Marketing Defined Marketing consists of the strategies and tactics used to identify, create and maintain satisfying relationships with customers that result in value for both the customer and the marketer Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging value with others The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return What is Marketing? Marketing is managing profitable customer relationships Attracting new customers Retaining and growing current customers “ Marketing” is NOT synonymous with “sales” or “advertising”
Marketing: Managing Profitable Customer Relationships Lecture # 1 26-09-2010