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State and explain customer-driving marketingCustomer-driving marketing is to understand customers needs and wants better then they do and creating products or services that will satisfy their latent needs This works well when customers dont know what they need or want or even what is possible Customer-driving based marketing is a newer marketing concept and marketing behavior compare to customer-driven marketing It is a marketing that a producer actively in their product development guide consumers consumptions and promote a new formation for new market space in order to achieve a proactive marketing Customer-driving marketing is to pay more attention to customers potential needs rather than simply offer costumers needs or following the market For instance Apple Companys products are good examples of customer-driving marketing method At the time of other companies were still producing and selling CD player and tape player Apple took a step forward which is the creation of iTunes and mp3 player on a iPod and iPhone that did not require a CD reader or a tape reader Apple Companys customer-driving marketing absolutely contributed to obtain large number of consumers for Apple product Today we almost do not see CD players anymore instead we noticed that people are listening music by Apples iPod and iPhone What is the economic foundation of marketingThe economic foundation of marketing is lowering transaction cost Information is costly People are imperfectly informed It is differentially costly for people to differentiate brands to make decision to coordinate their decisions and to monitor and enforce contracts One of the key factors for business success is defined primarilyas lowering transaction costs Transaction costs is the cost associated with exchange of good or services to include price quality communication and more For many years many organizations have been concerned about the cost of transactions involving the purchase or sale of products Transaction costs are a critical factor for customers in deciding whether to make the purchase or not For example a
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