Core Concepts of Marketing

In: Business and Management

Submitted By matchi
Words 476
Pages 2
The core concept of marketing is divided into five: the consumers' needs, wants & demands; products and services; value, satisfaction and quality; exchanges, transactions and relationships; and markets.

Needs may be defined with the deprivation of basic things needed for survival, wants are the things desired but are not explicitly needed in order to survive, demands are human wants supported with an exchange.

Products may be things given in exchange for something else of value in order to satisfy a need or want, while services may be a product in the form of an activity. In order to be able to keep up with the market, it is important for the marketers to always be extra attentive with the needs and wants of their consumers. Marketing revolves around the exchange of anything of value that is able to satisfy a need or want. Costumer value may be the weigh of pros and cons of buying a product versus the amount spent on a certain product. Costumer satisfaction heavily relies on the performance of a certain product, and how impressed a consumer is with the product. The total quality management is a form of management in which a company constantly evolves in a way that improves the quality of their products, and services. For companies like this, it is important for them to have an excellent strategy in keeping their quality and monitoring their consumers, and be able to provide both marketing quality and production quality.

Exchange is the process of obtaining a desired item of service for something else in return. Discrete exchange is the type of exchange in which the likeliness of another transaction is low, while continuous exchange is the type of exchange that recurring or is meant to become long-term.

Market refers to a collection of buyers and sellers for a certain type of product. Marketing has 4 P's which are variables that a company may…...

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