Marketing defined:
- Marketing is the process by which companies create value for customers and build strong customer relationships to capture value from customers in return.
Marketing is managing profitable customer relationships
- Attracting new customers
- Retaining and growing current customers
Understanding the Marketplace and Customer Needs
Customer Needs, Wants and Demands
Needs are states of deprivation:
- Physical—food, clothing, warmth, safety
- Social—belonging and affection
- Individual—knowledge and self-expression
Wants are the form that needs take as they are shaped by culture and individual personality.
Demands are wants backed by buying power
