There are top 5 core concepts of marketing. These are given and explain below.
1. Needs, Wants and Demands
Most basic or core concept of fundamental marketing is that of human needs, wants and demands. These are explaining below.
A. Needs
Identifying of unfulfilled needs is the pre-condition of making successful of marketing activities. Marketers try to satisfy the needs of customers. Human needs are the one kind of deprivation of one thing of basic satisfaction. A need is a thinking of mind that reflects the lackness of something. Actually, needs are felt of deprivation. Marketers normally did not create these needs but they find these needs.
So, needs are the deprivation and satisfaction. For example, needs are food, clothing, warmth, safety, shelter etc.
B. Wants
Wants are the options of satisfying needs that shaped by culture and individual personality. Human beings must require food but what type of food they will take that is depended on cultural and social of individually. One person may like a burger but another person might like rich food. Maximum satisfaction of customers need depends on the quality of a product. Our assets are limited but our wants are many, for the reason marketers try to fulfill on creating satisfying of unlimited wants by limited assets.
C. Demands
When needs arise, wants became for specific products that are backed by the ability and willingness of consumers to buy the products that is call demands. In demand, there is a vital relation with time. Not all wants are transfer into demand. The wants become demand when the wants are supported by ability and willingness to buy. Need is a one kind of wish, want is a selected process of need and the selected thing when it fulfill the ability and willingness then it become the demand.
Thus, a rich man has demand for a Mercedes Car. In addition, rich man will buy it next month. It is a demand for rich man. But it is need for middle class person and want for poor man. All are actually classified by Money, ability, and willingness.
2. Marketing Offerings
Marketing Offering is that making ensuring of consumers satisfaction. Marketing offer is one kind of offer that marketer makes as per requirements of a consumer. The marker try to offer standard product that satisfy the need of a consumer in terms of quality, quantity, price etc. Marketing offering can be ‘tangible’ or intangible’. The marketing offering is explaining below.
A. Products
Product is a thing that give the satisfaction of customers. It is provided the satisfaction of physical and psychological both. Actual, product features are color, branding, packaging, labeling etc. There are two kinds of product is available that are tangible and intangible. Marketing consider product benefits and services.
Therefore, product is very important for marketing offering because marketing offering is fully dependent on product.
B. Services
All kinds of things that are offered to a market to satisfy human needs or human wants or consumers that is called Services. Service is a work or benefit that is given to one party to other party. Service is intangible. For example service of doctor, lawyer, mason, tailor, hotel service, training service, security service, entertainment service, beauty parlor service etc.
C. Experiences
Experience is acquired real knowledge about any thing. Experience is to do, to see, to feel something by acquired knowledge or skilled. The company wants his experience to do better in future. By using experience company ordered to manager to make marketing process. Experience in marketing has an experimental value. Normally in business, experience is very important. Some kind of business organization does not want to appoint their employee without having experience of this job. A company provides more facility or increase salary or gives promotion of manager or other employee only for experience.
3. Value and Satisfaction
Value and satisfaction is very important on marketing core concept. They are explained below in details.
A. Value
Value is the capacity of a product or service. Normally value is determined by the level of satisfaction of customers. If satisfaction level is low, it means the value of the product is low and consumer will leave this product. Customers always think about value of a product when they go to buy this product. It is ever-present in their minds about value of a product. Actual, value is the difference between consume of a product and the cost of buy this product. Customers spend money, give time, power and mental labor for buying a product. For this reason, the consumer wants the best value of a product.
B. Satisfaction
Satisfaction is like a desire of mind that can not be measured or it can not be quantified. Actual, the purpose of marketing is the satisfaction of customers by creating value of a product and make a long-term relationship to customers. The satisfaction of customer is also depended on quality of the product or the quality of the service provided. You have to be careful as a marker in setting your costumers satisfaction level too low. Then your customers will go to your competitors. On the other hand, if you set your satisfaction level too high that you can not achieve then also your customers will go to your competitors. So, you have to determined the level of satisfaction as middle or normal so that the customers come back and buy your product again.
4. Exchanges and Relationships
Exchange and relationship is always very important in core concept of marketing. Exchanges and relationships are explained in below in details.
A. Exchanges
Exchange is very basic concept of marketing. In fact, another name of marketing is exchange. Producers and manufactures are trying to make available all sorts of goods that are needed by the society. Exchange is one kind of activity that creates value and this value is provided to other party. In exchange money is always needed. Without money the exchange process is not possible. Every company products are exchange for money. Marketers provide product, service and idea to the customers in exchange of money.
B. Relationship Marketing
Customer is the king in the business. If you want to grow up your business, you have to create a good relationship to customer. You have to keep always busy to make happy of customers by satisfying his or her needs in terms of quality, price, time, quantity, regularly in supplying. In relationship, the quality of product is very important. If the customer understands the quality, value or facilities of your product he will build the goodwill for your company by telling his friends and relatives because of which this way customers increase.
This think has also negative side and that is customer will be dissatisfied for boring, inequality product. So, if you want to run your business in long-term you have to create a good and long-term relationship to customers for longer lasting loyalty.
5. Market
Marketing follows market. Market is a set of present and future buyer. Market is a place where buyers and sellers are come in touch with detailed information about what sellers are offer and what buyers are ready to buy. Some people do not say that in market a place should stay. But a market is where different types of transactions happen that is also call market. In market, the goods flow from the sellers to the buyers and money flow from buyer to reach sellers to complete the exchange.
We got informed about top 5 core concepts of marketing form above discussion. Marketers have to acquire knowledge of core concept of marketing for improving buyer orientation marketing strategy.
