Basically, needs are somethings that are essential for humans to be survive. Needs should be fulfilled to ensure existence of lives. So, needs are not a created things and that are conditions of physical and mental which should be satisfied.
As examples for needs, People require foods, shelters, clothing, esteem, belonging and etc.
Wants are alter ways to satisfy certain needs. People are desire various ways to satisfy their specific needs. As an examples, food is the need and it can satisfied through rice, bread, vegetables, fruits, sweets and etc. These ways are called as wants.
In order to maximize satisfaction of needs, better options should be available to satisfy needs. Wants can be created and they are many for each needs. Therefore, marketers can create new wants for certain needs and satisfy them.
Demand is the want for a specific product that occur in person because of his ability and willingness to buy. Simply, demand is occur when people have abilities to pay and willingness to buy.
Therefore, Marketers can create a product with attractive and affordable in order to cause good demand for that.
Products are anything that can be offered to market to satisfy needs and wants of customers. Generally, products may be in form of goods, services, ideas, events, persons, experiences, places, organization like sports society and properties.
5. Value, Satisfaction and quality
Briefly, value is the estimation that is done by customers about the ability of the product to satisfy their needs and wants. Usually, a product is chosen by a customer based on it’s level of value which means the estimation of how far the product can satisfy needs.
Satisfaction is fulfilment of all expectations of customers. So, satisfaction can be considered as mental happiness of customers that occur because of fulfilling their needs and wants. Therefore, products should be made according to the expectations of buyers.
Quality means the abilities that products (goods and services) have in order to satisfy customer’s needs and wants.
6. Exchange & Transaction
Exchange can be defined as an act of receiving of desired products from someone by offering something in return. In order to happen exchange following conditions should be satisfied.
- There should be at least two parties.
- Each party should have something that might be valuable for other party
- Each party should be able to communicate and deliver
- Each party is free to accept or reject the exchange offer
- Each party believe it is appropriate or desirable to deal with the other party.
Transaction is an agreement that occurred between a buyer and a seller in order to exchange a good or service in return for a monetary value.
Some of you guys may have a question how transaction is different from exchange. So, when it comes to the key difference between these, transactions is a transfer of ownership of goods or services from a seller to buyer after a monetary transaction. But exchange is the trade-off of goods or services as seen in barter trade and currency exchange.
Relationship is a practice of establishing long-term beneficial or rewarding relationships with key stakeholders such as consumers, suppliers, distributors and others in order to preserve their long-term business preferences. Marketer need to be smart in building up good relationship with stakeholders in order to create their trust, commitment, cooperation and high degree of understanding.
Briefly, market is a place where consist of all potential customers and sellers who are involved in exchange of goods and services. In here, sellers can be defined as businesses or individual persons who sell their goods or services to buyers in exchange of money. On the other hand, buyers can be defined as people who are willing & have abilities to purchase the particular products.