3. Need
A need is a consumer's desire for a product's or
service's specific benefit, whether that be
functional or emotional. For example, food is
considered a consumer need.
Basic Terms of Marketing:
4. Want
A want is the desire for products or services that
are not necessary, but which consumers wish for.
The five step consumer decision process
includes need identification, information search
and processing, identification and evaluation of
alternatives, the purchase decision, and post-
purchase behavior.
5. Demand
Demand is the total amount of goods and services
that all consumers are willing and able to
purchase at a specific price in a marketplace.
In other words, it represents how much consumers
can and will buy from suppliers at a given price
level in a market.
6.
7. Customer
A customer is a person or company that receives,
consumes or buys a product or service and can
choose between different goods and suppliers.
At the core of marketing is having a good
understanding of what the customer needs and
values. We often refer to customers who have a
relationship with the supplier as clients.
8. Product
A good, idea, method, information, object or service created
as a result of a process and serves a need or satisfies a
want. It has a combination of tangible and intangible
attributes (benefits, features, functions, uses) that a seller
offers a buyer for purchase.
A good or service that most closely meets the requirements of
a particular market and yields enough profit to justify its
continued existence.
9.
10. Exchange
The Exchange concept holds that the exchange
of a product between the seller and the buyer is
the central idea of marketing.
11. Value
Value in marketing, also known as customer-
perceived value, is the difference between a
prospective customer's evaluation of the
benefits and costs of one product when
compared with others. The basic underlying
concept of value in marketing is human needs.
12.
13. Satisfaction
Customer satisfaction measures how well a firm
is able to meet the expectations of customers.
Customer satisfaction is a key concept in
marketing, as a firm cannot retain its
customers unless it has highly satisfied
customers.
14. Market
A market is a place where two parties can gather to
facilitate the exchange of goods and services. The
parties involved are usually buyers and sellers. The
market may be physical like a retail outlet, where
people meet face-to-face, or virtual like an online
market, where there is no direct physical contact
between buyers and sellers.
15.
16. According to American Marketing Association
Marketing is the activity, set of institutions,
and processes for creating, communicating,
delivering, and exchanging offerings that have
value for customers, clients, partners, and
society at large.
17. Product oriented definition
• Product orientation is defined as
the orientation of the company's sole focus
on products alone.
Hence, a product oriented company put in
maximum effort on producing
quality product and fixing them at the right
price so that consumer differentiates the
company's products and purchase it.
18. Customer oriented definition
• Customer Orientation is a management and
sales approach in which the customer is at the
center and the business departments work
around their needs and demands. All its
actions and decisions at every business keeps
in mind the needs of the consumer.
19. Value oriented definition
When selling products or services, values-based marketing
is an appeal to a customer's values and ethics.
It shifts marketing from a product-centric approach to a
customer-centric one. A company's advertising and
promotions to its customers express its values as part of
its core brand message. Values-based marketing might
also entail incorporating customers' values into the way
products or services are marketed.
