IMG_8284.jpeg

# The Marketing Process: Creating and Capturing Customer Value **Understanding the Marketplace and Customer Needs** As a first step, marketers need to understand customer needs, wants, and demands and the marketplace in which they operate. Core concepts include: * **Needs, Wants, and Demands:*...

# The Marketing Process: Creating and Capturing Customer Value **Understanding the Marketplace and Customer Needs** As a first step, marketers need to understand customer needs, wants, and demands and the marketplace in which they operate. Core concepts include: * **Needs, Wants, and Demands:** * **Needs** are states of felt deprivation (e.g., basic physical, social, individual). * **Wants** are the form needs take, shaped by culture and personality. (e.g., an American's need for food might be fulfilled by a Big Mac, not just food.) * **Demands** are wants backed by buying power. * **Market Offerings:** Products, services, and experiences. * **Value and Satisfaction:** * **Exchanges and Relationships:** * **Markets:** **Creating Value for Customers and Building Customer Relationships** * Design a customer value-driven marketing strategy. * Construct an integrated marketing program delivering superior value. * Engage customers, build profitable relationships, and create customer delight. **Capturing Value from Customers** * Capture value from customers in order to create profit, and customer equity. # Example: Target CEO Brian Cornell Target's energetic CEO Brian Cornell makes regular unannounced visits to Target stores, accompanied by local moms and loyal Target shoppers. He likes to "nose around" stores and get feedback. He and other executives visit customers' homes to understand product choices and buying habits. Boston Market CEO George Michel also frequents company restaurants, works in the dining room, and connects with customers through the website and cold-calls to get customer feedback. Both CEOs emphasize the importance of staying close to the customer to understand what they value and appreciate.