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Core marketing concepts
This document provides an overview of core marketing concepts including markets, needs and wants, value, exchange, and demand. It defines markets as consisting of consumers, businesses, and being local, national, or global. Needs and wants are categorized as stated, real, unstated, delight, and secret. Value is defined as a product's ability to satisfy consumer needs and wants based on their perception. Exchange requires at least two parties, each with something the other values, and freedom to accept or reject the offer. Demand types include negative, non-existence, latent, irregular, and full or overfull.
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Core marketing concepts
- 1. Core Marketing Concepts GUIDEDBY:- DR. NEETU BAJPAI PRESENTED BY:- VIKAS SHARMA
- 2. Contents • Market • Needand Wants • Value • Exchange • Demand
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- 4. Need and Wants StatedNeed Real Need Unstated Need Delight Need Secret Need
- 5. Value • Value isproducts capacity to satisfy needs/ wants as per consumer’s perception or estimation. • Product fulfils/ satisfies Need/ Want. • Eg. – Travel from city A to city B Need – to reach B ( from A) Method – Rail/ air/ car etc.
- 6. Exchange • There mustbe at least two parties • Each party has something of value for other party. • Each party is free to accept/ reject the exchange offer.
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