Explain the various elements of the marketing concept (con.)

Now I would like to explain extra information about marketing concept. Marketing concept carries out 8 types of core marketing concepts,

Ø  Need

Needs are the numerous basic essentials that all people need to survive. They are food or nourishment, liquid to satisfy thirst, shelter from the elements and clothing to preserve body warmth and to give protection.

Ø  Wants

The difference between what a customer needs and what he or she actually wants, results in the competitive environment where marketing takes place.

Ø  Good and Service

Economics is concerned with the production and distribution of goods and services. Goods would be defined as anything that anyone wants or needs. Services would be the performance of any duties or work for another; helpful or professional activity.

Ø  Demand

An economic principle that describes a consumer’s desire and willingness to pay a price for a specific good or service. Holding all other factors constant, the price of a good or service increases as its demand increases and vice versa.

Ø  Exchange

Trade, financial transaction, or barter, the voluntary exchange of goods and/or services

Ø  Transaction

An agreement between a buyer and a seller to exchange an asset for payment

Ø  Customer satisfaction

Customer satisfaction, a business term, is a measure of how products and services supplied by a company meet or surpass customer expectation.

Ø  CRM ( Customer Relationship Management  )

Customer Relationship Management (CRM) refers to the methodologies and tools that help businesses manage customer relationships in an organized way.