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Word Count: 454
Marketing is a managerial process by which organizations identify anticipate and satisfy target customer needs and wants better than the competitors do so as to build a mutually beneficial long term relationships Marketing is an ongoing process Developing the 4Ps Product Price Place Promotion is also essential The Core marketing concepts however are the most crucial Firstly there are needs This is the root Needs are divided into three Physical Social Individual A physical need is a need which is believed to improve your performance etc A social need is a way of fitting in whilst an individual need is a means of self - expression A need quickly turns into a want A want basically is a need but with a specific product in mind A want backed by purchasing power becomes a demand Then a product must be bought A product may be a good service person idea etc A company must be very careful as to not fall into marketing myopia and focus on quality at the wrong stage Then customer value is sought after This is what values did the customer obtain by using this product against what heshe paid for it After this customer satisfaction is considered This is the amount of satisfaction the customer gained from using the product against hishers expectation There are three stages of satisfaction satisfied unsatisfied and delighted If the customer is delighted than the company has superseded and expectations or doubts the customer had about the product and part of a relationship has been built After quality is the next important step This is measured on the products ability to satisfy customers not technologically Nowadays marketers have adopted what is called the TQM Total Quality Management to ensure satisfaction TQM is the basis for quality Next there is the exchange This is the core marketing concept Along with this comes the transaction which is the way units are measured in marketing to ensure fairness
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