Chapter 1 - Marketing: Creating Customer Value and Engagement - Discussion Questions - Page 32: 1-2

It essential for companies to understand their marketplace and customers because these are their main outlets for consumers. Successful marketing companies must learn about and understand their customers’ needs, wants, and demands. An understanding of these three things will help companies to design market offerings that pander to their target market and customers. These companies aim to create long-lasting customer relationships. These lasting relationships ultimately result in long-term customer equity for the companies, which leads to continued income and customer support. The core marketplace concepts are: 1. Needs, wants, and demands. 2. Market offerings (products, services, and experiences. 3. Value and satisfaction 4. Exchange and relationship 5. Markets

It essential for companies to understand their marketplace and customers because these are their main outlets for consumers. Successful marketing companies must learn about and understand their customers’ needs, wants, and demands. An understanding of these three things will help companies to design market offerings that pander to their target market and customers. These companies aim to create long-lasting customer relationships. These lasting relationships ultimately result in long-term customer equity for the companies, which leads to continued income and customer support. The core marketplace concepts are: 1. Needs, wants, and demands. 2. Market offerings (products, services, and experiences. 3. Value and satisfaction 4. Exchange and relationship 5. Markets