Lecture Notes: Throwback to Chapter One

Overview

Needs: Basic human requirements.
Wants: Desires shaped by culture, society, personality, and individual experiences.
- Example: Desire to travel and explore new places.
Demands: Wants backed by purchasing power.
- Consumers must have the financial means to fulfill their wants.

Example: Suaya Bookstore in Malaysia.
- Offers a combination of customer experiences, such as a library ambiance and a cafe.
Importance of strong market offerings to provide a good customer experience.

Example: Family Mart vs. 7-Eleven in Malaysia.
- Family Mart revolutionized convenience stores with 24-hour food offerings.
- 7-Eleven experienced marketing myopia by focusing too much on products rather than customer needs.
- Adaptation is possible, as seen by 7-Eleven's adjustments.

Production Orientation: Products that are easily accessible and highly available.
Product Orientation: Focus on product quality and innovation.
Selling Orientation: Emphasis on selling efforts and advertising.
Marketing Orientation: Understanding and fulfilling customer needs better than competitors.
- Example: Netflix, YouTube Kids, and Amazon.
Societal Marketing Orientation: Focus on the well-being of customers.
- Example: Sun University and Procter & Gamble.

Importance of meeting customer expectations.
Dissatisfaction occurs when expectations are not met, leading to a lack of repeat business.

Companies encourage customers to share promotions and products through social media.
Use of discounts to increase sharing and engagement.

Refers to the total lifetime value of all current and potential customers.
Essential for businesses to maintain their customer equity for long-term success.

Covered five marketplace concepts:
1. Needs, Wants, and Demands
2. Market Offerings
3. Value and Satisfaction
4. Exchange and Relationships
5. Markets
Emphasized the importance of understanding and applying these concepts to achieve marketing success.