Discuss the core concepts of marketing

1. Needs – The basic concept underlying marketing is that of human needs. Needs comprise of those things that human beings feel they cannot do without e.g. food, clothing, shelter, safety, education etc.
2. Wants – Are forms of human needs that improve on their well being but which they can do without. Wants are the form of human needs taken as they are shaped by culture and individual personality for example urbanites want Television sets.
3. Demand –Demand is the quantity of a commodity that consumers are willing and able to buy at a given price over a given time period other factors held constant. When a want is backed by buying power it becomes demand.
4. Product – Is anything that can be offered to satisfy needs or wants. It can be tangible or intangible.
5. Market – A constituency of potential customers sharing particular needs or wants and who might be willing and able to engage in exchange to satisfy that need or want.
A market also refers to where buyers and sellers meet to transact.
6. Marketing offer – Is a combination of products or service presented to the market to satisfy a need or a want.
7. Value and Satisfaction – Value is the ability of a commodity to satisfy human wants. It also referred to as quality or utility. Customers look for value in a product before paying for it. The ability of a product to meet customer expectations results in customer satisfaction.
8. Exchange – Is the act of obtaining a desired object from someone by offering something in return.
9. Transaction – An exchange of values between two or more parties, where either party gains.
10. Marketing Management – Is the art and science of choosing target markets and building relationships with them.

---

Titany answered the question on November 3, 2021 at 06:19