hi everyone welcome to the throwback of chapter one basically we're going to go through all of the theoretical part of chapter one and the note which I found important to discuss with you again in this video so let's start let's take a look at this picture for a moment do you recognize this man if you are chances are you know the brand a Asia is one of the most successful lowc cost airline in the world they have been successful especially in Asia because they understand the tar customers needs wants and demands next in this context is the need of wanting to have some sort of entertainment or Leisure ones in this context is the ones are desired that go beyond nit you want to see new things you want to travel to to a different country so ones are shaped by culture Society personality and individual experiences each and every one of us have different ones hence you can see AR Asia offering different destinations demands de refer to ones back by purchasing power in other words while ones are desires demands are ones that consumers are willing and able to pay for if customers do not have the money to pay to fulfill their wants it won't turn into demands now let's have a look at this picture we have learned about this last week can you recall the term of the new marketing term that we learn based on this picture if you say Market offerings you're right suaya bookstore is the biggest bookstore in Malaysia it has variety of books and also offer a combination of customers experience you will feel like you're in library and a different part of the store there is a cafe where you feel your inner Cafe it gives a whole experience that customers are looking for when they visit a bookstore so Market offerings are very important in marketing because without having a strong Market offerings most likely you won't be able to give a good experience to your customers now let's look at the next slide we have family Mark and we have 7-Eleven can you recall the new term that we learned last week marketing myopia so last week we discussed about how family Mar has revolutionized the 24 hours convenience stores in Malaysia by offering food delicious food at all hours and 711 while it is the brand is still popular in Malaysia however 711 was experiencing marketing myopia where family Mar entered the market they focus too much on their product and loses s of the fundamental needs of their targeted customers however lucky for them they can get out of Marketing myopia 7-Eleven have managed to offer similar products that family Mar is caring offering next we learn about the five marketing management orientation can you tell me what is the first orientation based on the picture you right this is production orientation production orientation basically companies offering products that are highly accessible and highly available everywhere next do you remember the term do you remember what type of orientation is this this is product orientation those companies that focus on product quality and Innovation next we have presential insurance and we have cway and of course you can relate with other examples this is selling orientation where companies undertake huge selling effort and advertising to make people know about their products next this is what we call the best orientation and that is marketing orientation we have Netflix YouTube kits and Amazon I bet you still remember the discussion that we had in class last week regarding YouTube kids and Netflix especially so marketing orientation is when you understand your customer needs once and demands and fulfill it beyond their expectation better than the competitors next we have Sun university project Gamble and un this type of company is focusing on societal marketing orientation focusing on the well-being of their customers let's look at the next slide you remember the picture that we learned last week in chapter one so basically this picture represents customer perceive value and satisfaction when customers get a product that they pay for and it does not meet their expectation and their perceive value hence they won't be satisfied most likely they won't revisit the store or the brand again how about this so these basically are a promotion by different companies this is what we call consumer generated marketing when companies able to make customers share about their products and latest promotion willingly for them so one of the ways for them to do this if doing discounts and people will share it around in social media that is what we call consumer generated marketing let's have a look at this picture is Milo you all love Milo don't we so Milo has been around for Generation since your grandmother's grandfather's time to your parents and still around right now now so this is where we learn the term of customer Equity customer Equity refers to the total lifetime value of all current and potential customers of a business it is important for businesses to maintain their customer Equity so basically to summarize the whole chapter we have learned of all of the five Marketplace concept the first one is next ones and demands Market offerings value and satisfaction exchange and relationships and finally markets that is all for chapter one