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26 Apr 2016

Concepts of Marketing Management

Always The marketing thinking starts with the consumer's demand supply equation. Now the demand is less than supply just reverse to the past times situation. Today each marketer want to retain and satisfy the customer because of the intense competitor. There are several Key cconcepts rests with the marketing. The various core concepts of marketing are as follows;-

1) Needs & Wants;-

The Concept of Marketing starts with human needs and wants. Huan need is a state of felt deprivation of some basic satisfaction. The basic necessities like food, cooking, shelter ensure our survival. Beyond these basic needs, we aspire to have better services. The basic needs are not created by marketer but they are the un-separable  part of human Biology. Wants are desires for specific satisfiers of our basic needs. While our basic needs are few, our wants are many. Our wants are shaped continuously by the environment in which we live. and the institutions with which we interact. Demands are wants for specific products that are backed by an ability and willingness to buy them. Marketers thus basically concentrate on demand management, How many people have the ability and willingness to buy the products. Marketers try to influence the demand by offering a suitable product at an affordable price and make it available to people who demand it. the marketers create needs.

2) Products:-

People satisfy their needs and wants with goods and services.The key idea in this situation is that consumers are buying more than a set of a physical attributes. So the product enompasses not only physical products, but also all other media through which our needs and wants are satisfied.

3) Value, Cost & Satisfaction:-

The people select that product which give them relatively more satisfaction than the competitors product. So a wise marketers sell product benefits rather than just a product. Today cost is not the only consideration is selecting and purchasing the product but also customer value and want satisfaction are more important. Each and every product is valued in terms of its customer value.

4) Exchange Offers:-

The essence of marketing is a transaction and exchange to satisfy human needs and wants through exchange. Exchange is the act of obtaining a desired product from some one by offering some thing in return. Exchange is a social concept of marketing. Whether exchange actually takes place depends upon whether the two parties are agreed to the terms and conditions of exchange. When the exchange is completed it is called as transaction. When the money is offered as consideration for a product in transaction, it is called a monetrary transaction.

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