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Core concepts of marketing Needs, wants and demands Needs: Needs emerge from a state of felt deprivation. It can be physical, social (feelings), or individual (knowledge). All human beings have needs & share these needs. Needs are generic. Wants: individual choices of product that is used to satisfy the needs. Shaped by culture and personality. Ex: 1 thirsty person wants to drink mineral water, while the other thirsty person wants to drink coca cola. Demand: Enough money to buy it. Backed by buying power. * customer -> have wants and demands. (Marketing focus)
Market offerings (products) Goods tangible. Ex: pen, cars, clothes Services -> non-tangible. Ex: education, travel, barber shop Information -> knowledge Experience (ex: relaxation) * Marketing products nowadays usually a combination of good and services * To market products (promoting), focus on the benefits that the products provide. * produce products that get rid of customer’s tension the best Customer value and satisfaction Customer value: Differences between the benefits of owning a product and the cost of obtaining it. Perceived value: One product doesn’t satisfy everybody.
People don’t see products the same way Customer delivered value = total customer benefit- total customer cost Satisfaction: It Is the extent to which a product’s perceived performance matches a buyer’s expectations. It is when your needs are satisfied. Humans have unlimited wants. Exchange & relationships Exchange: The act of obtaining a desired object from someone by offering something in return. It involves interaction between buyer and sellers. It requires communication. Make it as easy as possible for our customers to buy our products.
Intermediaries: specialist that help the company deliver the product to the consumer Supply chain management (logistics): the process to supply the customers There are several conditions that are needed to be satisfied. There must be at least 2 parties, each must have something valuable to others, communicate, freedom to accept and reject and desire to deal with other party. Markets Set of all actual and potential buyers of a product. It is where buyer and seller Interacts and exchange. Potential buyers: People that will buy your products repeatedly.
Actual market or size: People who exhibit the needs, have resources for exchange and willing for an exchange. Ton Marketing By Equilibration’s * customer have wants and demands. (Marketing focus) Customer value: Differences between the benefits of owning a product and the cost of obtaining it. Perceived value: One product doesn’t satisfy everybody. People don’t see products the same way Customer delivered value = total customer benefit – total customer cost Satisfaction: It is the extent to which a product’s perceived interacts and exchange.