Core Concepts of Marketing

Marketing is an essential part of the 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 a 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:

    • Basic physical needs (Food, Clothing, Warmth, and Safety)
    • Social Needs-Belonging and affections.
    • 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
  • Willing to spend money on it.

7. Marketing offers: Some combinations of products, services, 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’s perceived performance matches buyers’ expectations. Customer satisfaction can be raise through the improvement of product quality or reducing price and it takes either of the following forms:

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

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