There is no alternative for a marketer to understand customer needs,wants & demands. Its means that every marketers should have enough knowledge about their consumer needs ,wants & demands & the marketplace in which they operate.
The five core & marketplace concepts are -
1. Needs ,wants & demands;
2. Market offerings( products,services & experiences);
3. Value & satisfaction;
4. Exchanges & relationships;
5. Markets
Now,I'm going to described this five core customer & marketplace concepts .
1. Customer needs, wants & demands:
Human needs are the most basic concept underlying marketing. Human needs are states of felt deprivation like physical needs for food,clothing,warmth & safety; social needs for belonging & affection; individuals needs for knowledge & self expression. This are the basic part of human makeup,no marketers can create these needs.
Wants are the form of human needs take as they are shaped by culture & individual personality like a Bangladeshi wants rice & a Chinese wants Noddle's, pasta .
Human wants that are backed by buying power,wants become demands.
2. Market offerings - products,services & experiences :
Market offerings are some combination of products ,services ,information or experiences that. Offered to a market to satisfy target customers needs & wants. Market offerings are not only physical products but also intangible products like services ,benefits,satisfaction. For example; airline,hotel,retailing,home repair,banking etc.
3. Customer value &,satisfaction:
Every customers have their own right level of expectation. That's why marketers are careful to set their plan. If marketers set the right level of expectations, they'll satisfy the current customers and keep and grow customers. If they fail to do that they only satisfy who buy their product but fail to attract enough buyers. There is no doubt that customer value & satisfaction are key building blocks for developing & managing customer relationship.
4. Exchanges & relationships:
Marketing occurs between buyers & sellers when buyers are decide to satisfy their needs & wants through exchange relationship.
Exchange is the act of obtaining a desired object from someone by offering in return. Every companies want to build strong relationship by constantly delivering superior customer value.
5. Markets : Maximum people believes that markets is the place where products are buy & sell. But actually ,this is not the right believes,because market is the set of all actual & potential buyers of a product or services and these buyers have particular need & want that can be satisfied through exchange relationship.
The five core & marketplace concepts are -
1. Needs ,wants & demands;
2. Market offerings( products,services & experiences);
3. Value & satisfaction;
4. Exchanges & relationships;
5. Markets
Now,I'm going to described this five core customer & marketplace concepts .
1. Customer needs, wants & demands:
Human needs are the most basic concept underlying marketing. Human needs are states of felt deprivation like physical needs for food,clothing,warmth & safety; social needs for belonging & affection; individuals needs for knowledge & self expression. This are the basic part of human makeup,no marketers can create these needs.
Wants are the form of human needs take as they are shaped by culture & individual personality like a Bangladeshi wants rice & a Chinese wants Noddle's, pasta .
Human wants that are backed by buying power,wants become demands.
2. Market offerings - products,services & experiences :
Market offerings are some combination of products ,services ,information or experiences that. Offered to a market to satisfy target customers needs & wants. Market offerings are not only physical products but also intangible products like services ,benefits,satisfaction. For example; airline,hotel,retailing,home repair,banking etc.
3. Customer value &,satisfaction:
Every customers have their own right level of expectation. That's why marketers are careful to set their plan. If marketers set the right level of expectations, they'll satisfy the current customers and keep and grow customers. If they fail to do that they only satisfy who buy their product but fail to attract enough buyers. There is no doubt that customer value & satisfaction are key building blocks for developing & managing customer relationship.
4. Exchanges & relationships:
Marketing occurs between buyers & sellers when buyers are decide to satisfy their needs & wants through exchange relationship.
Exchange is the act of obtaining a desired object from someone by offering in return. Every companies want to build strong relationship by constantly delivering superior customer value.
5. Markets : Maximum people believes that markets is the place where products are buy & sell. But actually ,this is not the right believes,because market is the set of all actual & potential buyers of a product or services and these buyers have particular need & want that can be satisfied through exchange relationship.
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