Marketing is a word that has a vast practical meaning. For example, the word marketing means a management process in which the goods and services reach the buyers from sellers. But the process of sending and reaching involves so many requirements and steps. Because marketing is more than sending and receiving goods and services. As to identify the customer’s needs, anticipating them, and then satisfying them is all included in marketing. And how you can identify, anticipate, and then satisfy the customer needs are all the core concepts of marketing. So let’s have a detailed conversation about what is core concept of marketing?
To dive into the ocean of marketing at first you have to understand the needs, wants, and demands of people about which you will produce your service and then market it. After that, you have to pay attention to the product or a service that can satisfy your target audience.
If you are done with customer satisfaction, then you have to go through a process of an exchange your product or service with the buyers. And this exchanging also makes the base of relationships and networking which is ultimately the first requirement of marketing.
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What Is Core Concept of Marketing?
The core concept of marketing start from the needs, wants, and demands of people or customers. So let’s have a detailed look at all these three terms to understand the core concept of marketing.
For marketing you don’t have to create customers’ needs, in fact, needs are pre-existing. There are several types of need, as
- Basic needs
This type includes human survival needs, for example, food, clothing, shelter, and health.
- Social needs:
This type of need includes love, affection, or you may describe it as human interaction.
- Self-actualization Needs:
The needs in this category are self-centered to a human, for example, education, mastering a skill, etc. However, this kind of need is at the higher spot among all the others.
For the start-up of marketing, you don’t have to create a need as you get a clear idea that needs already exist.
The only thing you have to know to master the core concept of marketing is to understand the demand to fulfill these needs. But this is not possible without knowing about Wants.
The next step to understand the science of marketing is the customer’s wants. Wants are the products or services that can fulfill the customer’s need. For example, food is the basic need of every human but there are numerous goods available to fulfill this need.
Similarly, education is the self-actualization need and the services to fulfill this need known as want.
But, you have to take into account that needs are fundamental but want depends on several parameters like the place, origin, culture, time, country, etc.
For example, the want to fulfill their food needs in an Asian country is different from the people of European countries. As, in Asian countries, a person seeks for rice to fulfill his food need and a person in European countries looks for some sort of burgers to fulfill the same need.
That’s why to understand the core concept of marketing you have to understand the dominant wants for the specific needs.
However, there are numerous goods and services available for a single customer’s needs. As you can see that to fulfill our food’s need there are numerous goods available. But demand will be of few things to fulfill that need which depends upon the following two factors.
The first one and the most important is the budget of a person. This factor influence wants more. The second factor is the utility of the good or the service to satisfy the customer’s need.
To find the demand of a good or service is the essential part of marketing as it is also one of the fundamental steps in core marketing. And being a marketer, you must identify the demands of people for a certain need and want.
To satisfy the needs or wants or to fulfill the demands you have to provide some goods or services. These goods and services are known as products. However, products can also be known as the bundle of satisfaction for all kinds of needs.
For diving into the core of marketing, a marketer requires goods or services but they should fulfill the customer’s demand.
Because if the product is not according to the customer’s need and demand then there is no need to move on with such a product. As people are not into having products but they have to satisfy their needs and wants.
Utility, Cost, And Satisfaction:
In marketing, utility means that the overall satisfaction a consumer gets after consuming a good or service. This factor influences the product the most to rank it in the list of customers’ demands.
Because fulfilling the need with a high utility rate is that which a customer looking for. However, a product with a high utility rate makes marketing easy for a marketer.
Cost is the factor that influences the numerous customers instead of the good product with a high utility rate. For example, it is hard for a customer to go for BMW with the budget of a Maruti car.
Satisfaction is that part of the core concept of marketing that can hold the customers for a specific product and also help in indirect marketing when a satisfied customer will recommend that product to others.
Exchange And Transections:
The main purpose of marketing or mastering the core concept of marketing is to exchange the product with customers for the other valuable thing. However, the exchange can possible with the exchange of old products with the new ones under some conditions.
Transections involve money when two parties agreed upon a single point of sale. The marketing of transection based on 4P’s,
Relationships And Network:
After the successful exchange or transaction, the next valuable step in marketing is to build a long-term relationship with customers. Nowadays, companies focus on building a valuable relation among customers for long-lasting marketing results.
And the relation with people and customers builds a network which is the core requirement for a marketer.
The result of the marketing is the market, or you may say that marketing follows the market. A market is a place that connects sellers and buyers. A place where both parties, sellers, and buyers can communicate over goods and services.
A market is a place where sellers offer products and buyers can exchange or transect them according to their needs.
A Final Thought:
To sell your services or goods, marketing is necessary. To keep in mind this point of view this article provides you that what is the core concept of marketing? As, few factors make the basis of marketing as to understand the needs, wants, and demands of the people to develop a product according to it.
And to sell that product to people the utility, cost, satisfaction, exchange, transaction matters the most. And to make the marketing effective building relationships and network is necessary.