Marketing

THE CORE CONCEPTS OF MARKETING.

Marketing is a social and Managerial process by which individuals and groups obtain what they need and want through creating, offering and exchanging products of value with others.

Then the core concepts of marketing are

- Needs , wants and demands

- Products

- Value, cost and satisfaction

- Exchange and translations

- Relationships and networks

- Markets

- Marketers and prospects

Needs , wants and demands

A need is a state of deprivation of some basic satisfaction. A need is not created by the marketer, but is a biological concept, for example hunger, thirst, safety, shelter, esteems.

Wants are desires for specific satisfiers of needs and may be considered a higher level need. For example when an individual may have a need for food, his / her want will be a specific prepared meal such as chicken or fish,

Demands are wants for specific products that are backed by an ability and willingness to buy them, wants become demands when supported by purchasing power. Effective demand is comprised of people who are willing and are able to buy a product.

Product – Comprises of goods, services and ideas that satisfy human needs and wants. A product is anything that can be offered to satisfy a need or want.

Value, cost satisfaction - a value is the consumer’s estimates of the products overall capacity to satisfy another need. To get the value. There must be something he/ she can give up the opportunity cost. Depending on the perceived value and level of satisfaction, different products cost differently.

Exchange and transactions.

Exchange is the art of obtaining a desired product from someone by offering something in return. Kother (1997) identifies five conditions that must be satisfied in order to have the potential exchange.

- There must be at least two parties

- Each party must have something of value to the other party.

- Each party is capable of communication and delivery.

- Each party is free to accept or...