Core Concept of Marketing

Core Concepts of Marketing Needs, Wants and Demand

 Need: - Human Need is a state of deprivation of some basic satisfaction.  Wants: - Wants are desires for specific satisfiers of needs.

 Demands: - Demands are wants for specific products that are backed by ability and willingness to buy them.

 Product: - is anything that can be offered to satisfy a need or want.

 Value: - is the consumer’s estimate of the products overall capacity to satisfy his or her needs.  Cost: - is the amount of money that are going to be expended or already incurred to acquire a product.

 Exchange: - is the act of obtaining a desired product from someone by offering something in return.

 Transaction: - is the trade of values between two parties.

 Market: - consists of all the potential customers sharing a particular need or want who might be willing and able to engage in exchange to satisfy their need or want.