Principles of Marketing 16th Edition Chapter 1

Amazon.com Visitor Benefits
Huge selection, good value, low prices, convenience. But, the discovery factor makes buying special.
Customer Needs
States of felt deprivation.
3 types of customer needs
1. Physical needs
2. Social needs
3. Individual needs
Customer Wants
The form human needs take as they are shaped by culture and personality.
Customer Demands
Human wants backed by buying power.
Market
The set of all actual and potential buyers of a product.
Value Proposition
The set of benefits or values a brand promises to deliver.
Customer Satisfaction
If performance matches expectations, customer is satisfied. If performance exceeds expectations customer is delighted.
Customer Engagement Marketing/New Marketing
Making the brand a meaningful part of consumers conversations and lives by fostering direct and continuous customer involement in shaping brand experiences and brand community.
MARKETING BY ATTRACTION
Customer Lifetime Value
The value of the entire stream of purchases a customer makes over a lifetime of patronage. The first sale is the beginning of the relationship.
Global Marketing
This is important because there are more than 7 billion people outside the United States.
McDonalds Global Stats
69 million customers daily
34000 restaurants
118 countries
71% of corporate revenue