Products and ServicesValue, satisfaction,and qualityNeeds, wants,and demandsExchange, transactions,and relationshipsMarketsCoreMarketingConcepts

Needs, Want, and Demands Needs describe basic human requirements.Want are shaped by ones society.Demands are wants for specific products backed by ability to pay.examples

Demand States and Marketing Tasks

No demand Latent demand Declining demand Irregular demand full demand Overfull demand Unwholesome demand

Value and satisfaction Benefits functional benefits emotional benefitsCostsMonetary costsTime costsEnergy costsPsychic costs

Value and satisfaction benefitsValue = ----------------- costs

Exchange and transactionExchange is the act of obtaining a desired object from someone by offering something in return.transaction is a trade between two parties that involves at least two things of value, agreed-upon conditions a time of agreement, and a place of agreement.

EXCHANGE

Relationship marketingThe process of creating, maintaining, and enhancing strong, value-laden relationships with customers and other stakeholders.

Product and serviceProduct---Anything that can be offered to a market for attention, acquisition, use or consumption that might satisfying a want or need. It includes physical objectives, services, persons, places, organizations and ideas.Service--- any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything.

4.marketing philosophiesThe production conceptThe product conceptThe selling conceptThe marketing conceptThe societal marketing concept

Potential consumers make up a market, which is:1.people2.with the desire and3.with the ability to buy a specific product.What is Market?

The Scope of MarketingGoods ServicesExperience EventsPersons PlacesProperties OrganizationsInformation Ideas

**The key to achieving these two objectives is the idea of exchange