Episode 3.1 – Understanding Needs, Wants, and Customer Value

Why do people buy what they buy? In this episode, Dr. Derek, Sarah Mitchell, and Miguel Ramirez explore the differences between customer needs and wants, the principles of the marketing concept, and how organizations create customer value. Through examples from technology, retail, and small business, listeners learn why successful marketers focus on understanding customers first and how changing preferences influence purchasing decisions. The episode introduces key concepts that serve as the foundation for studying consumer behavior and market segmentation.