The form human needs take, as shaped by culture and individual personality
Demands
Human wants that are backed by buying power
Customers form expectations about the value and satisfaction that various market offerings will deliver, and buy accordingly
Marketing management
The art and science of choosing target markets and building profitable relationships with them
Designing a customer-driven marketing strategy
1. What customers will we serve? (i.e. Who is our target market?)
2. How can we serve these customers best? (i.e. What is our value proposition?)
Value proposition
Outlines what benefits are being offered by the firm to the customer (functional, emotional, symbolic, social, etc)
A value proposition is the core of a company's competitive advantage. It clearly articulates why someone would want to buy from your company instead of a competitor
The exchange of value, needs/wants and demands, and market offerings are key takeaways
