We examine five core customer and marketplace concepts!
1)needs,wants,and demands 2)market offerings 3) value and satisfaction 4) exchanges and relationships and 5)markets
Customer Needs, Wants,and Demands
The most basic concept underlying Marketing is that of human needs.Human needs are states of felt deprivation.They include basic physical needs for food, clothing,warmth and safety;social needs for belonging and affection;and individual needs for knowledge and self expression.
Wants are the form human needs take as they’re shaped by culture and individual personality.
When backed by buying power,wants become demands.
Market Offerings-Product, Services and Experiences.Consumers’ needs and wants are fulfilled through market offerings.
Market offerings are not limited to physical products.They also include services-activities or benefits offered for sale that are essentially intangible and do not results in the ownership of anything.
Customer Value and Satisfaction
Customer usually face a broad array of products and services that might satisfy a given need.Customers form expectations about the value and Satisfaction that various market offerings will deliver and buy accordingly.
Customer value and customer satisfaction are key building blocks for developing and managing customer relationships.
Exchange and Relationships
Marketing occurs when people decide to satisfy their needs and wants through exchange relationship.Exchange is the act of obtaining a desired object from someone by offering something in return.
Marketing consists of actions taken to create,maintain and grow desirable exchange relationships with target audiences involving a product, service, idea,or other object.
Markets
The concept of exchange and relationships lead to the concept of a market. A Market is the set of actual and potential buyers of a product or service. Marketing means managing markets to bring about profitable customer relationships.
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