Core Concepts of Marketing

Marketing is the essential part of business. Here are some major core concepts of marketing discussed below step by step:

Core concepts of marketing

  1. Market: The set of actual and potential buyers of a product or service. For example: Share market.
  2. Marketing concept: The marketing concept philosophy which holds that achieving organizational goals depends on knowing the needs and wants to target markets and delivering the desired satisfactions better than competitors do. For example: New design mobile phone.
  3. Marketing management: marketing management is the art and science of closing target markets and building profitable relationships with them.
  4. Needs: A state of felt deprivation, For example:
    1. Basic physical needs (Food, Clothing, Warmth and Safety)
    2. Social Needs-Belonging and affections.
    3. Individual Needs (Knowledge and self-expression).
  5. Wants: Wants are the form human needs take as they are shaped by a person’s knowledge, culture and personality. For example: One needs food but wants Kacchi-Biriani and Borhoney.
core_concepts_of_marketing

Core Concepts of Marketing

6. Demands: Human wants that are backed by buying power. It must include the following condition:

  • Desire to have something
  • Ability to purchase it
  • Willingness to spend money for it.

7. Marketing offer: Some combination of product, service, information, or experience offered to a market to satisfy a need or want. For example:

  • Product’s TV
  • Place    Sea Beach of cox’s Bazar
  • Person Moulana Bhashani
  • Service Teaching.
  • Property Real Estate
  • Organization BUET, D.U.
  • Information Internet
  • Idea Say no to drugs.
  • Experience Result of knowledge
  • Event icc world cup cricket, 2007

8. Demarketing: General demarcating seeks to discourage overall demand and includes such steps as raising prices and reducing promotion.

9. Customer satisfaction: The extent to which a product perceived performance matches buyers’ expectations. Customer satisfaction can be raise thorough the improvement of product quality or reducing price and it take either of following forms:

  • Expectation<Benefits=highly Satisfied.
  • Expectation = Benefits =Satisfied.
  • Expectation>Benefits=Dissatisfied.

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