Podcast
Questions and Answers
What is the difference between needs and wants?
What is the difference between needs and wants?
- Needs are desires for specific satisfiers of basic requirements, while wants are states of deprivation of basic satisfaction.
- Needs are psychological imbalances, while wants are physical imbalances.
- Needs are basic requirements like food and shelter, while wants are desires for specific satisfiers of those requirements. (correct)
- Needs are desires beyond survival like recreation and education, while wants are basic necessities for survival.
What should businesses do to satisfy their customers?
What should businesses do to satisfy their customers?
- Understand who their customers are and what they need and want. (correct)
- Focus solely on promoting their products/services.
- Ignore customer preferences and focus on the business's own vision.
- Increase prices regardless of customer willingness to pay.
What does marketing start with according to the text?
What does marketing start with according to the text?
- Human needs and wants. (correct)
- Physical imbalances.
- Desires for recreation and education.
- Psychological imbalances.
Which of the following is NOT mentioned as a core concept of marketing in the text?
Which of the following is NOT mentioned as a core concept of marketing in the text?
What is one way businesses can attract customers according to the text?
What is one way businesses can attract customers according to the text?
Which term is used in the text to describe a state of deprivation of some basic satisfaction?
Which term is used in the text to describe a state of deprivation of some basic satisfaction?
How does a product differ from a want?
How does a product differ from a want?
According to DeRose, how is 'value' defined?
According to DeRose, how is 'value' defined?
What does 'cost' refer to in the context of acquiring a product?
What does 'cost' refer to in the context of acquiring a product?
In economic terms, what does 'exchange' involve?
In economic terms, what does 'exchange' involve?
How does a 'transaction' differ from an 'exchange'?
How does a 'transaction' differ from an 'exchange'?
Study Notes
Customer Needs and Wants
- Customers have different needs and wants, and businesses need to understand these to satisfy them and improve sales.
- Customers want to explore various products to choose what they like best.
- Some customers prioritize design, while others prioritize high quality and are willing to pay extra.
Understanding Customers
- To satisfy customers, businesses need to understand who they are and what they need and want.
- Businesses should find out:
- What products or services customers want.
- How much customers are willing to pay.
- The ideal business location to reach customers.
- The most effective promotion strategies to attract customers.
Core Concepts of Marketing
Needs, Wants, and Demand
- A person's need arises from physical or psychological imbalances.
- Marketing starts with human needs and wants.
- People have basic needs (food, air, water, clothing, and shelter) and desirable needs (recreation, education, and other services).
Key Marketing Terms
- Need: A state of deprivation of some basic satisfaction, such as food, clothing, shelter, safety, and belonging.
- Want: A desire for specific satisfiers of needs, shaped by social forces and institutions.
- Demand: Wants backed by the ability and willingness to buy, requiring purchasing power.
- Product: Anything that can satisfy a need or want, classified as tangible or intangible.
- Value: The consumer's estimate of a product's capacity to satisfy their needs.
- Cost: The amount of money expended or incurred to acquire a product.
- Exchange: Obtaining a desired product by offering something in return.
- Transaction: The trade of values between two parties.
- Market: All potential customers sharing a particular need or want who might engage in exchange to satisfy their need or want.
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Description
Learn about understanding and satisfying your customers' needs and wants to improve sales. Explore strategies to identify customer preferences and provide better products or services. Understand the importance of product variety, design, quality, and customer satisfaction.
