What are the five core marketplace concepts?

Answer 1

1. Needs, Wants and Demands

The most basic concept here is the human needs, human needs are nothing but state of felt deprivation, this include physical, social and individual needs.

The form which human needs take are called as wants, these are shaped by culture and individual personality, for instance and Indian when he feels hungry he would look for a road side, whereas a person in US would look for a Burger or McDonald.

When a need is backed by buying power it becomes demand.

2. Marketing offering (products, services and Experience:

"

Market offerings are some combination of products, services, information, or experiences offered to a market to satisfy a need or want."

Now, more and more marketers have realized the importance of brand experiences

for consumers. Paying more attention to the specific products than to the benefits and experience produced by these products, marketers or sellers easily suffer from Marketing Myopia.

They are so obsessed with their products that focus only on existing wants and lose sight of underlying customer real

need Marketing Myopia is the mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products.

We always need an oven or something to bake bread but we now really want a user-friendly,

energy-saving,

and inexpensive oven that can be arranged in our kitchen with limited room. We do not like the big oven fueled by gas that used decades ago.
"Smart marketers look beyond the attributes of the products and service they sell.

By orchestrating several services and products, they create brand experiences for consumers.

3. Value and satisfaction

Consumers usually face a broad array of products and services that might satisfy a given need. How do they choose among these many market offerings? Customers form expectations about the value and satisfaction that various market offerings will deliver and buy accordingly. Satisfied customers buy again and tell others about their good experiences. Dissatisfied customers often switch to competitors and disparage the product to others.

Marketers must be careful to set the right level of expectations. If they set expectations too low, they may satisfy those who buy but fail to attract enough buyers. If they set expectations too high, buyers will be disappointed. Customer value and customer satisfaction are key building blocks for developing and managing customer relationships

4. Exchanges and Relationship

Marketing occurs when people decide to satisfy needs and wants through exchange relationships. Exchange is the act of obtaining a desired object from someone by offering something in return. In the broadest sense, the marketer tries to bring about a response to some market offering. The response may be more than simply buying or trading products and services.

Marketing consists of actions taken to build and maintain desirable exchange relationships with target audiences involving a product, service, idea, or other object. Beyond simply attracting new customers and creating transactions, companies want to retain customers and grow their businesses. Marketers want to build strong relationships by consistently delivering superior customer value

5. Markets

The concepts of exchange and relationships lead to the concept of a market. A market is the set of actual and potential buyers of a product or service. These buyers share a particular need or want that can be satisfied through exchange relationships.

Marketing means managing markets to bring about profitable customer relationships. However, creating these relationships takes work. Sellers must search for buyers, identify their needs, design good market offerings, set prices for them, promote them, and store and deliver them. Activities such as consumer research, product development, communication, distribution, pricing, and service are core marketing activities.

Abu

Baker.

Answer 2

1. Needs, wants & demands

2. Products and services

3. Value, satisfaction and quality

4. Exchange, transactions and relationships

5. Markets