Marketing Challenges into the New “Connected” Millennium

(Marketing Definition description)

 Many people think of marketing only as selling and advertising.
 Marketing is no longer “telling and selling.”
 Marketing’s new sense is concerned with satisfying customer
needs.
 Marketing is defined as a social and managerial process by which
 individuals and groups obtain what they need and want through creating
 and exchanging products and value with others.

 Needs, Wants, and Demands:-

Human needs are the most basic concept underlying marketing. A human need is a state of felt deprivation.

 Humans have many complex needs.

􀂃 Basic, physical needs for food, clothing, warmth, and safety.
􀂃 Social needs for belonging and affection.
􀂃 Individual needs for knowledge and self-expression.

 These needs are part of the basic human makeup.
Another concept in marketing is human wants. A human want is the form
that a human need takes as shaped by culture and individual personality.
Demands are human wants that are backed by buying power.
Consumers view products as bundles of benefits and choose
products that give them the best bundle for their money.
People demand products with the benefits that add up to the most
 satisfaction.
 Outstanding marketing companies go to great lengths to learn about and
 understand their customer’s needs, wants, and demands.
 The outstanding company strives to stay close to the customer.