Identifying evolving consumer preferences, then capitalizing on them through the creation, promotion and delivery of products and services that satisfy the corresponding demand. This is done by solving the right customers’ problems, giving them what they want or need at the time and place of their choosing, and at the price they are willing to pay.
Why do people walk by other restaurants to get to the Restaurant Zum See? The answer to this question is the heart of this class. This restaurant provides a prism through which we can illustrate the framework of the book.
These functional areas are known as the value-chain activities because they entail all the activities an organization undertakes in order to transform raw materials into the final product or service that the customer buys.
Marketing is the integration of all the professional disciplines required to determine the nature of consumer demand, then develop, promote, and deliver the products and services that will satisfy that demand.