- Need – this is a state of felt deprivation most of which is inborn and many cannot do without e.g. need for food, shelter and clothing.
- Want – they are specific satisfaction for particular needs and are insatiable ie one can never fully satisfy them.
- Exchange – this is the act of obtaining a desired product from someone by offering something else in return.
- Product – this is anything that can be offered to someone to satisfy a need or want and can be a good/services (doctors, hair cut), tangible or intangible.
- Demand – This are human wants that are backed by the purchasing power of an individual.
- Customer value – this is the difference between the value the customer gains from owning and using a product and the cost of obtaining the product.
- Customer Satisfaction – this depends on the customer’s perceived performance in delivering value relative to the buyer’s expectation.
- Quality -customer satisfaction is closely linked to quality of products and services. Many marketers have now adopted Total Quality Management programmers assigned to constantly improve the quality of their offers and marketing processes.TQM can narrowly be defined as freedom from defects.
- Exchange – this is the act of obtaining a desired object from someone by offering something in return.
- Transaction and relationships – this are created mainly through satisfaction of consumers needs and wants.
- Market – the concept of exchange and relationships led to the concept of a market. These buyers share a particular need or want that can be satisfied through exchange relationships.
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