Marketing involves the management of customer relationships with the goal of generating profit. This includes identifying profitable customers, attracting new customers, and retaining and growing current customers. It is crucial for marketers to have a thorough understanding of customer needs.
The marketing process consists of several steps. The first step is understanding customer needs, which can be categorized as needs (states of felt deprivation such as physical, social, and knowledge), wants (forms of needs influenced by cultural and individual personalities), and demands (wants backed by purchasing power). Marketers then create market offerings, which are combinations of products, services, information or experiences that aim to satisfy customer needs and wants.
It is important for marketers to a
...void marketing myopia - the tendency to excessively focus on the product instead of its benefits. By doing so, marketers can prevent their products from becoming obsolete when better alternatives emerge. The text emphasizes prioritizing customer needs over wants.
Marketers need to set appropriate expectations for customers in order to avoid dissatisfaction or a lack of customer attraction. Additionally, various concepts related to customer relationships and the market are mentioned in the text such as exchange, markets, customer relationship management (CRM), and customer-managed relationships.The text introduces a customer-driven market strategy, which includes selecting target customers, segmenting the market, and choosing a value proposition that sets the business apart from others in the marketplace.
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