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• 21st century marketing has a new sense of satisfying customer needs by interacting and working with the customer
• The challenge is to retain customers by satisfying their needs, wants and demands
• The importance of building and maintaining relationships takes on new meaning as it often a technology that stands between a marketing firm and its customer
• Marketing mix- a set of marketing tools that work together to influence the marketplace in the manner that companies set out to achieve
• Core marketing concepts:

o Needs, wants and demands

o Products

o Value, satisfaction and quality

o Exchange, transactions and relationships

o Markets

Needs, Wants and Demands

• Wants are the form taken by human needs as they are shaped by culture and individual personality
• Described in terms of objects that will satisfy needs
• As people are exposed to more objects that arouse their interest and desire, producers try to provide more want satisfying goods and services
• Demands are human wants that are backed by buying power
• People demand products with the benefits that add up to the most satisfaction
• Understanding demands, wants and needs provides important input for marketing strategies
• In outstanding companies, people at all levels stay close to customers in an ongoing effort to understand their needs and wants

Products

• A product is anything that can be offered to a market for attention, acquisition, use of consumption that might satisfy a want or need (physical objects, services, persons, places, organisations and ideas)

Value, Satisfaction and Quality

• Customers act on perceived value relates to reputation of firm
• Customer value- the difference between the values the customers gains from owning and using a product and the costs of obtaining the product
• Customer satisfaction is the extent to which a product’s perceived performance matches a buyers expectations...

• 21st century marketing has a new sense of satisfying customer needs by interacting and working with the customer
• The challenge is to retain customers by satisfying their needs, wants and demands
• The importance of building and maintaining relationships takes on new meaning as it often a technology that stands between a marketing firm and its customer
• Marketing mix- a set of marketing tools that work together to influence the marketplace in the manner that companies set out to achieve
• Core marketing concepts:

o Needs, wants and demands

o Products

o Value, satisfaction and quality

o Exchange, transactions and relationships

o Markets

Needs, Wants and Demands

• Wants are the form taken by human needs as they are shaped by culture and individual personality
• Described in terms of objects that will satisfy needs
• As people are exposed to more objects that arouse their interest and desire, producers try to provide more want satisfying goods and services
• Demands are human wants that are backed by buying power
• People demand products with the benefits that add up to the most satisfaction
• Understanding demands, wants and needs provides important input for marketing strategies
• In outstanding companies, people at all levels stay close to customers in an ongoing effort to understand their needs and wants

Products

• A product is anything that can be offered to a market for attention, acquisition, use of consumption that might satisfy a want or need (physical objects, services, persons, places, organisations and ideas)

Value, Satisfaction and Quality

• Customers act on perceived value relates to reputation of firm
• Customer value- the difference between the values the customers gains from owning and using a product and the costs of obtaining the product
• Customer satisfaction is the extent to which a product’s perceived performance matches a buyers expectations...

General points of the essay

Customer relationships marketing Customer Acquisition And Keeping Customers In Today’S Volatile Market Marketing and Customer Relationships Worksheet A RELATIONAL STUDY ON CUSTOMER SATISFACTION, TRUST , SWITCHING BARRIERS AND OVER ALL CUSTOMER RETENTION IN THE CONTEXT OF UNITREND LTD. 2. Strategic Quality Management and Customer Satisfaction Paper Explain How Technological Advances Have Helped Organisations Create Products/Services Best Suited To Customers Needs And How They Were Able To Communicate Effectively With Their Target Audience. Customer Requirements Translated Into Products/Services Customer Satisfaction for Business-to-Business Professional Services Market Research - Satisfaction with cars (Indian Customers) Using Contrasting Business Examples Describe The Main Benefits To Customers Of Internet Marketing Customer Satisfaction CUSTOMER SATISFACTION SURVEY: Customer Satisfaction Questionnaire Beef Customer Satisfaction Customer Satisfaction Survey

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