Need: Needs are things we require to live, like food, water, shelter, education, and entertainment.Want: Wants are specific desires we have, like wanting a burger when hungry, which can vary based on location, culture, and income level.Demand: Demand occurs when a want is backed by the ability to pay for it, like wanting a burger but being able to afford and find one.Marketing Job: Marketing's role is not to create needs but to offer products that fulfill existing needs, priced right, and available where and when needed.Customer Lifetime Value (CLV): Marketers focus on building long-term relationships with customers based on their recurring needs and the value they bring to the company over time.Customer Experience Management (CEM): CEM involves strategically managing the entire customer experience with a focus on creating value and building loyalty. It includes understanding customer needs and wants, designing a brand, optimizing customer interactions, and continually innovating to improve the customer's viewpoint on products and services.CEM Techniques and Steps:1. Analyze Customer Experiences: Understand customer needs, wants, and lifestyles.2. Build Experiential Platform: Connect strategy and implementation to meet customer expectations.3. Design Brand: Create a brand that resonates with customers.4. Structure Customer Interface: Optimize all customer touchpoints like ordering, delivery, and behavior.5. Continue Experiential Innovation: Constantly improve products and services to enhance the customer experience.General Rules of CEM:- Provide product information.- Identify and address potential problems proactively.- Have user-friendly complaint registration and handling systems.- Provide fast and efficient backup and correction services.- Close the loop on customer interactions.- Maintain a clean and fair environment for customers.