Understanding the Marketplace

Understanding the Marketplace
Core Concepts
Needs, wants, and demands Marketing offers: including products, services and experiences Value and satisfaction



Marketing offer
◦ Combination of products, services, information or experiences that satisfy a need or want
◦ Offer may include services, activities, people, places, information or ideas

Exchange, transactions and relationships
Markets

1 - 20

This ad offers a product to meet
“sensitive” needs of the older child

1 - 21

Understanding the Marketplace
Core Concepts



Needs, wants, and demands Marketing offers: including products, services and experiences Value and satisfaction
Exchange, transactions and relationships
Markets



Value
◦ Customers form expectations regarding value ◦ Marketers must deliver value to consumers
Satisfaction
◦ A satisfed customer will buy again and tell others about their good experience 1 - 22

Understanding the Marketplace and Customer Needs
Customer Value and Satisfaction
Expectations

Understanding the Marketplace
Core Concepts
Needs, wants, and demands Marketing offers: including products, services and experiences Value and satisfaction
Exchange, transactions and relationships
Markets



Exchange
◦ The act of obtaining a desired object from someone by offering something in return
◦ One exchange is not the goal, relationships with several exchanges are the goal ◦ Relationships are built through delivering value and satisfaction
1 - 24

Understanding the Marketplace
Core Concepts
Needs, wants, and demands Marketing offers: including products, services and experiences 

Market
◦ Set of actual and potential buyers of a product
◦ Marketers seek buyers that are proftable

Value and satisfaction
Exchange, transactions and relationships
Markets

1 - 25

Understanding the Marketplace and Customer Needs
Markets are the set of actual and
potential