Core Concepts of Marketing

Need:
Need is a state of self deprivation or neediness.

Wants:
The objects that will satisfy the need are wants.

Demand:
When wants are supported by the buying power of the customer its demand.

Marketing Offers:
Marketing offers are all the objects (products and services) which have the capacity to fulfill the requirements of customers’ needs, wants and demand.

Channel of Intermediaries:
All those parties or individuals who transfer the finished goods from producer to the consumers are channel of intermediaries.

Wholesaler: Deals in the bulk quantities.
Distributor: Distribute the products to end users.
Retailer: Sell the product in small quantities to the final consumers.
Agent: Provides services on behalf of the producer or manufacturer.

Transaction:
Exchange of desired object with something in return is transaction. A transaction is made when a) Parties are agreed upon b) Time and place is specific c) some benefit should be transferred.

Expectations:
What benefits the customer is expecting from the product, and when the product’s value will match will the expectation of the customer then it’s up to their expectation.

Quality:
The want satisfying ability of a product is the quality of that product.

Value:
Difference between cost of obtaining any product and the benefit the customer is taking from that product is the value. If cost is less than benefit then it’s valuable and if the product’s perceived performance match with the customer’s expectation then it’s up to the mark.
– If the performance of the product is equal to the expectation of the customer then customer will be satisfied.
– If performance is greater than the expectation then customer will be delighted.
And if the performance will be less than the expectation then customer will be dissatisfied.