Understanding the Market and Consumer Ne

As a first step, marketers need to understand customer needs and wants and the market place within which they operate. Now we examine five core customer and marketplace concepts.
• CUSTOMER NEEDS, WANTS AND DEMANDS:
NEED: "A state of felt deprivation". They include basic physical needs for food, clothing, warmth and safety. Social needs for belonging and affection and individual needs for knowledge and self-expression. These needs are invented by marketers, they are a basic part of the human make-up.
WANTS: Wants are the form taken by human needs as they are shaped by culture and individual personality.
DEMANDS:
• MARKETING OFFERS: Some combination of products, services and experiences offered to a market to satisfy a need or want or need. Marketing offers physical products but also services, activities on benefits. Such as banking, airline, hotel etc.
PRODUCT: Anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need. It includes physical objects, services, events, persons, places, organizations and ideas.
SERVICE: Any activity or benefit that one party can offer to another that is essentially intangible does not result in the ownership of anything.
• CUSTOMER VALUE AND SATISFACTION
CUSTOMER VALUE: The difference between the values the customer gains from owning and using a product and the cost of obtaini the products.
CUSTOMER SATISFACTION: The extent to which a product's perceived performance matches a buyer's
• EXCHANGE AND RELATIONSHIP: Exchange is the act of obtaining a desired from someone by offering sometimes in return. Marketing consist of actions taken to build and maintain desirable exchange relationship with target audience involving a product, services, idea or other object.
• MARKETS: The set of actual and potential buyers of a products or services.