We have information on the Marketing – core concept of Marketing.
What is Marketing?
Marketing is a set of activities for creating, communicating, delivering, and exchanging offerings that have value for its customers. In Simple words, it is related to buying and selling goods produced. It is one of the pillars of the business that helps it grow much bigger. Marketing generates the strategy that underlines sales techniques, business communication, and business development. It is an integrated process through which companies build strong communication relationships and create value for their customers. The main reason for doing Marketing is to attract potential customers of the goods that the company has produced.
Marketing – the core concept of Marketing
Marketing is a process of creating, communicating, and delivering value to its customers in market segments. The primary role of marketing is to identify target audiences, promote products or services, and establish relationships with potential customers. The core concept of Marketing revolves around the need, want, demand, market, exchange, and customer value satisfaction.
Core Concept of Marketing
They are as follows:
Need: Need refers to the basic requirement of the customer from the producer. Physical, social, safety, individual need, etc. are the primary needs of the customers. There are 5 types of need. They are Stated Needs, Real needs, Unstated needs, Delight needs, and Secret Needs.
Want: The wants mainly depend upon human needs. In other words, want is a desire for a particular satifier of need. Wants are shaped according to the taste and preferences of the society. Wants may be as per the individual, cultural, social, and institutional wants.
Demand: Demand refers to the human want or willingness to buy a particular product and the ability to pay for the product. Willingness is not enough, but the customer must be able to pay for the products as well. In a simple equation, Demand = Willingness to pay + Ability to pay.
For example, Many People have a desire to buy a BMW, but very few can pay for it.
Market: The Market is the place where all potential customers who are going to buy are available. They share similar needs or wants and are able to pay for the demand. Segments are the parts of the market. So, the market is the set of actual and potential customers for the company.
Customer Value: Customer Value is the sum of the perceived tangible and intangible benefits and costs to customers. Though the Value is relative term, it increases the quality and services of the goods with a similar price.
Exchange: People can get the product in many ways. One of the ways to get products from the seller is through an exchange. Individual needs and wants can be satisfied through exchange.
Customer Satisfaction: When the expectation of the buyer is met by the quality and services of the product, then satisfaction in customer satisfaction is produced.
In short:
- Performance < Expectation → Dissatisfied Customer.
- Performance = Expectations → Satisfied Customer.
- Performance > Expectations → Delighted Customer.
Hence, in simple terms, Marketing is the task of creating, promoting, and delivering goods and services to customers and businesses.
Frequently Asked Questions
a. What is Marketing?
= Marketing is the process by which companies create customer interest in products or high-quality services.
b. What are the 5 core concepts of marketing?
= Following are the 5 core concepts of marketing:
- Needs.
- Wants.
- Demand.
- Market.
- Customer Value and Satisfaction.
