Customer Needs and Marketing Offerings Insights
Explore the essentials of customer needs, wants, and demands along with the diverse marketing offerings like goods, services, and experiences. Understand the concepts of customer value and satisfaction in the marketplace to enhance your marketing strategies effectively.
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Presentation Transcript
Understanding the Marketplace and Customer Needs Week 3 24thOCT 2023 1
Table of Contents Table of Contents Understand the Marketplace and Customer Needs .. 3 Customer Needs, Wants, and Demands 4 Marketing Offerings: Goods, Services, and Experiences . 5 Customer Value and Satisfaction . 7 Exchanges and Relationships 10 Markets . 11 References .. 14 2
Understand the Marketplace and Customer Needs As the first step, Marketers need to customer needs, wants, and demand, and the marketplace in which they operate. 3
Customer Needs, Wants, and Demands Human needs: are a state of felt deprivation, need represent the basic physical needs for food, clothing, warmth, and safety. Human Wants: The form human needs take as they are shaped by culture and individual personality. Examples of human wants include having money, having internet, having a Mercedes car Human demands: human wants that are backed by buying power 4
Marketing Offerings: Goods, Services, and Experiences Marketing Offerings: are a combination of products, services, or experiences offered to the customers in a market to meet their needs and wants. In other words, customer's needs and wants are fulfilled through a marketing offerings Marketing offerings are not limited to physical products only. They also include: Activities Benefits And Services (Banking-Airline services-Medical-Hotel stays Taxi or bus services-Home repair) 5
Marketing Offerings: Goods, Services, and Experiences Market offerings also include other entities such as: Experience Information Person Place Organization Idea 6
Customer Value and Satisfaction: Customer Value and Satisfaction: Customer value: is the amount of benefits a customer can get from buying products and services. OR Customer Value is considered as the difference between the values customer can gain from using a product or service and cost of the product. 7
Customer Value and Satisfaction: https://www.youtube.com/watch?v=_yhZDsctiZg https://www.emirates.com/iq/english/experience/cabin-features/business-class/ 8
Customer Value and Satisfaction: Customer Value is high : When the customer get more benefits from the service or product as compared to its cost or price. Buyer will be satisfied if the product or service offered meets or exceed expectations. Customer Value is low :When the customer gets less benefit from the product or service as compared to its price or cost. Buyer will not be satisfied if the product or service offered does not meet the expectation. 9
Exchanges and Relationships: Exchange: is the act of obtaining a desired object from someone by offering something in return . Transaction: A trade between two parties that involves at least two things of value, agreed upon conditions, time, and place of agreement Example: A social action group may want the acceptance of their ideas. Gulf club wants members. Marketers tend to build strong relationship through delivering excellent customer value 10
Markets Markets: are the set of potential and actual buyers of a product and service A market is based on the concept of exchange and relationships and consumers share a particular need or want that can be satisfied through the exchange relationship. Creating these relationships require the seller to : Search for buyers Create market offerings that satisfy customer expectations Search for buyers 11
Markets Set competitive pricing for the products or services Promote them Warehouse them, and Deliver the product Core Marketing Activates: Consumer research Product development Communication 12
Markets Distribution Pricing Service In now a days, digital marketing environment helps buyers easily to market for products and services, through using internet to search for products and services and interacting with companies through the company website or social media sites and make purchases. 13
References Kotler, Philip. (2000) Marketing Management. Upper Saddle River, New Jersey: Prentice Hall. Kotler, P., Keller, K.L. and Chernev, A. (2022a) Marketing management. Harlow, England: Pearson Education Limited. 14
