,
, PART 1: DEFINING MARKETING AND THE MARKETING PROCESS
1. Marketing: Creating Customer Value and Engagement
Core Objectives of Marketing
Marketing aims to:
Identify customer needs and emerging market opportunities.
Create products and services that solve customer problems.
Build long-term customer relationships.
Increase customer satisfaction and loyalty.
Customer Needs, Wants, and Demand
Needs
Needs are fundamental human requirements.
Examples include:
Physical needs
Safety
Belonging
Esteem
Wants
Wants are needs shaped by:
Culture
Social influences
Lifestyle
Personal preferences
Technology
Demand
Demand consists of wants supported by purchasing power and willingness to purchase.
Demand therefore depends upon:
Economic conditions
Consumer confidence
Price
Perceived value
, PART 1: DEFINING MARKETING AND THE MARKETING PROCESS
1. Marketing: Creating Customer Value and Engagement
Core Objectives of Marketing
Marketing aims to:
Identify customer needs and emerging market opportunities.
Create products and services that solve customer problems.
Build long-term customer relationships.
Increase customer satisfaction and loyalty.
Customer Needs, Wants, and Demand
Needs
Needs are fundamental human requirements.
Examples include:
Physical needs
Safety
Belonging
Esteem
Wants
Wants are needs shaped by:
Culture
Social influences
Lifestyle
Personal preferences
Technology
Demand
Demand consists of wants supported by purchasing power and willingness to purchase.
Demand therefore depends upon:
Economic conditions
Consumer confidence
Price
Perceived value
