Core Marketing Concept

Unit 1

Core Marketing Concept
1. Needs, Wants and Demands
2. Products
3. Value, Satisfaction, and Quality
4. Exchange, Transactions, and Relationship
5. Market

The 1st one "Needs, wants, and demand"
Needs, is something that we learnt in our TMG103 Fundamental of Management.
You can take the Hierarchy as on example of "Needs". So, refresh back to your studies.
For example:
Basic needs= Foods, Shelter, Clothes

Wants, is something that human get from different culture and personality.
This can be say "Human wants is to satisfy their needs". How? Let's see..
For example:
Foods is our "needs".
In this case, you can choose to have Chinese cuisine, Italian cuisine, Indian cuisine and so on. This is your "wants".

Demand, is from the human wants that are backed by the buying power.
Have in mind that, "buying power" is a disposal income. Which means, if you have RM2k and you have to settle all your bills including car loan, house loan, insurance and so on. After you settle your bills which cost you RM1,200.
You left RM800 right? That is your disposal income.

Clear now? Ok.. continue.

For example:
When you have save up your disposal income, you have additional money.
Now, choose between two places. France and Kuala Lumpur, which you rather travel? (This is your "wants" because you have choices to choose.)
If you really have disposal income, of course you rather go France. Kuala Lumpur just nearby.. can easily go. So, this is part of your lifestyle as well.

The 2nd one, "Product"
Think this widely. Product is not only a physical stuffs like a bottle, a car, or anything which also known as "object". Product also can be say as anything capable to satisfying a need and want. No matter it is Tangible (can see can touch) or Intangible (cannot see cannot touch). There are many products, which are experiences, persons, places, organizations, information and ideas.
For example:
Experiece (Intangible) is a product. Why?
When you get an experience, it actually satisfied your needs and wants.
You had gain your experience in travelling to France.

The 3rd one, "Value, Satisfaction, and Quality"

The 4th one, "Exchange, transaction, and relationships"

The 5th one, "Market"
I bet you guys know!