Marketing
1. 5 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
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