Satisfying Customer Needs and Wants¶
Needs and Wants¶
Individuals and groups have different needs (basic requirements for survival, such as food, shelter, and clothing) and wants (desires shaped by culture, society, and individual preferences). A marketer's role begins with identifying these needs and wants.
Products and Services¶
Products and services are the means through which needs and wants are fulfilled. These can be tangible goods (like toothpaste or shampoo) or intangible services (like education or entertainment). Every product or service exists because it satisfies some need or want. If it doesn't fulfill a need or want, it ceases to have a market or relevance.
Value¶
The concept of value is central to marketing. Value is derived from the benefit-to-cost ratio. If the benefits of a product or service outweigh its costs, it is considered valuable by the consumer. - The benefits are the positive outcomes of using the product or service (e.g., cleanliness, freshness, or convenience). - The cost is the price a consumer pays for the product or service.
Example:¶
- A toothpaste priced at ₹1000 may not be seen as valuable because the cost outweighs the perceived benefits.
- The same toothpaste priced at ₹50 may be seen as valuable because the benefits are worth the cost.
The Marketing Process¶
Marketing involves creating, offering, and exchanging products or services to satisfy needs and wants. Let’s understand these steps:
1. Creating¶
In this step, if a suitable product or service does not exist to fulfill a need, it is created by the marketer.
2. Offering¶
Once it has been created, the product or service is made available to the target audience. The offering is a strategic process that involves The Four P's of Marketing: Product, Price, Place, and Promotion.
3. Free Exchanging¶
This refers to the transaction where the buyer and seller freely exchange value. In a free exchange the buyer has the freedom to purchase from any seller and the seller has the freedom to sell to any buyer.
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