1. The document discusses the core concepts of marketing, including needs, wants and demands; products; value and satisfaction; exchange and transactions; and markets and marketers. 2. It defines needs as basic human requirements, wants as desires for specific products, and demands as wants backed by ability and willingness to purchase. Marketers can influence wants but do not create needs. 3. A product satisfies human needs and wants, and must deliver value through quality, service, and appropriate pricing relative to customer expectations to achieve satisfaction.

1. Council of Education’s
D. R. K. College of Commerce, Kolhapur
“The Core Concepts of Marketing ”
Session Presented By,
Dr. Tahir S. Zari
Asst. Prof.
D.R.K.College of Commerce, Kolhapur

2. The Core Concepts
of Marketing

3. As every human being has endless
needs and demands. There are many
products which can satisfy human
wants and demands. These wants and
demands can be fulfilled by exchange
of goods and services.-Philip Kotler
Core Concepts

4. Marketers try to increase demand by making
products more attractive, affordable and easily
available. Market is a place where goods and
services exchanged. Marketing means all those
activities that take place in relation to market.
Hence, the marketing is a social process by
which individual and groups obtain what they
need and want through exchanging products
and values with others.

5. Products
Needs,
Wants and
Demands
Core
Concept
Value and
Satisfaction
Exchange
and
Transaction
Markets
and
Marketers
Fig.-The Core Concepts of Marketing

6. 1. Needs, Wants and Demands:
Needs are the most basic concept underlying
marketing. Need arises when a person feels deprived of
some basic satisfaction. Marketers do no create these
needs. They exist automatically in every individual.
Humans possess many elaborated needs which include:
Basic physical needs:
It includes need for food, shelter, clothing and safety.
Social needs:
It includes the need for belongingness and affection.
Individual needs:
It includes the need for knowledge and self-expression

7. Wants are felt for specific products to satisfy human needs.
Human needs are few, but their wants are unlimited. These wants are
continually shaped by one’s social, cultural and individual
personality. Marketers can influence the wants by offering various
products, informing the customers about the products and using
marketing strategies to persuade them to buy the product.
Demands are Wants that are supported by purchasing power i.e.
ability and willingness to buy is referred to as demand. Companies
should emphasis on calculating how many people would actually be
willing and able to buy the company’s products rather than measuring
how many people want their products.

8. A product is defined as anything that can be offered to
satisfy human need or want. The scope of product is not
limited to physical objects only. It also includes services,
experiences, persons, events, places, properties,
organizations, information, ideas etc. Products are vehicles
for delivering satisfaction to customers. In other words, a
product is a solution that marketers offer to its target
market.
2.Products

9. Value is a customer’s estimate of the product’s capacity
to satisfy a set of goals. It is the difference between what a
customer spends to obtain the product and the worth that
he gets from using it. It is the value which guides the
customers to choose among different products that can
satisfy a given need. Value is a combination of quality,
service and price and is known as “Customer Value Triad”.
Satisfaction depends upon a product’s performance as
perceived by the buyer in delivering value relative to their
expectation.
3. Value and Satisfaction

10. Transaction is defined as a trade of values between two or
more parties. It is considered as marketing’s unit of
measurement. It engulfs at least two things of value, agreed
upon conditions, a time of agreement and ace of agreement.
Marketing is a never-ending task.
4. Exchange and Transaction
Exchange is defined as an act of obtaining a desired
product from someone by offering something in return. It is
the process of creating value because it leaves both the
parties better off.

11. When a customer is satisfied from a particular product
based on its overall performance, then the satisfaction
that he has received is known as customer value.
Customers consider the product’s value and price
before making a decision and make a trade-off between
cost and benefit of the product.
5. Market and Marketers
Marketing begins and ends with the customer.
Marketing concerns itself not only with the satisfaction
of the customer but also objects to delight him/her. All
the marketing activities must be targeted and focused
towards the customer.