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Customer Satisfaction - depends on the product’s perceived performance in delivering value relative to a buyer’s expectations.
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How Do Consumers Choose Among Products and Services? Customer Value - benefit that the customer gains from owning and using a product compared to the cost of obtaining the product. Examples : banking, airlines, haircuts, and hotels. Services - activities or benefits offered for sale that are essentially intangible and don’t result in the ownership of anything. Examples : persons, places, organizations, activities, and ideas. What Will Satisfy Consumer’s Needs and Wants? Products - anything that can be offered to a market for attention, acquisition, use or consumption and that might satisfy a need or want. Demands - human wants backed by buying power. I am thirsty Wants - form that a human need takes as shaped by culture and individual personality. What Motivates a Consumer to Take Action? Needs - state of felt deprivation for basic items such as food and clothing and complex needs such as for belonging. Ĭore Marketing Concepts Products and Services Value, satisfaction, and quality Needs, wants, and demands Exchange, transactions, and relationships Markets Core Marketing Concepts More simply: Marketing is the delivery of customer satisfaction at a profit. What is Marketing? Process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. Chapter 1 Marketing in a Changing World: Creating Customer Value and Satisfaction PRINCIPLES OF MARKETING Eighth Edition Philip Kotler and Gary Armstrong