Core concepts of Marketing

Need: A need is a basic requirement that an individual seeks to satisfy. It is a necessity or desire that must be fulfilled to sustain life, such as food, shelter, clothing, and water.

Example: A person needs food to survive.

Want: A want is a desire for a product or service that is not essential for survival, but may provide pleasure or satisfaction. It is a preference for a specific brand or style, and can be influenced by factors such as culture, social status, and advertising.

Example: A person wants a luxury car to show off their status.

Demand: Demand refers to the desire for a product or service, coupled with the ability and willingness to pay for it. It is the quantity of a product or service that consumers are willing to buy at a given price, and is influenced by various factors such as price, availability, and consumer preferences.

Example: There is high demand for smartphones, as they are an essential part of daily life and offer convenience and connectivity.

Customer Value: Customer value is the perceived worth or benefit that a customer receives from a product or service. It is the difference between the total benefits received and the total cost incurred to obtain those benefits.

Example: A customer values a product that is of high quality and meets their needs, while being affordable.

Exchange: Exchange is the process of obtaining a desired product or service from someone by offering something in return. It is the transaction that takes place between a buyer and a seller, where both parties benefit.

Example: A customer exchanges money for a product or service they desire.

Customer Satisfaction: Customer satisfaction refers to the extent to which a customer is happy with a product or service they have purchased. It is the result of the customer's expectations being met or exceeded.

Example: A customer is satisfied with a restaurant if they receive good food, friendly service, and a comfortable environment.

Customer Delight: Customer delight refers to exceeding customer expectations by providing unexpected, positive experiences. It creates a memorable and positive emotional connection between the customer and the company.

Example: A hotel surprises a customer by providing them with a complimentary room upgrade or a personalized welcome message.

Customer Loyalty: Customer loyalty is the measure of a customer's willingness to continue doing business with a company. It is the result of a positive experience with a product or service, and a sense of loyalty to the company.

Example: A customer continues to purchase products from a specific brand, even when other similar products are available in the market.