Introduction
The great author Philip Kotler characterizes modern marketing as “a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.”
- Needs:
Undertaking marketing efforts first requires the existence of unfulfilled demands. Marketing strives to meet consumer wants. Human needs are the experienced lack of some fundamental gratification. A need is the mental state reflecting the deficiency and restlessness of the circumstance.
Needs are physical in character. People also need food, shelter, clothes, respect, affiliation, and similarly. Note that needs are not generated. Human beings already existed in pre-existence. Needs lead to physiological stress that products can help to relax.
- Wants
Wants are the choices meant to meet a given need. They seek for particular satisfyrs to satisfy particular requirement. For instance, variety of foods can meet a demand: sweets, bread, rice, millets, Jawar, puffs, etc. We refer to these choices as wishes. Actually, there are several ways to meet any need.
availability of superior options determines maximum satisfaction of consumer desire. Though wants are many and every need has a corresponding want,. Needs are few. Marketer can affect not only needs but also wants. He focuses on fulfilling needs.
- Demand
Demand is the desire for particular goods, supported by the capacity and willingness to purchase them. May also refer to preparedness. It is always articulated in respect to time. All wants are not expressed in demand. Such wants, accompanied by capacity and eagerness to acquire, can become demand.
marketer strives to affect demand by making the product appealing, reasonably priced, and readily available. Issues in marketing management relate to demand timing and quantum. Demand management is an application of marketing management.
- Exchange, Transaction, and Transfer:
center of marketing is exchange. management of marketing seeks to reach the intended exchange. People can meet their needs and wants in one of the four ways: self-production, compulsion and snatching, begging, or trading.
Marketing only surfaces when people seek to meet their needs and wants by trade. Exchange is the act of receiving a desired good from someone by means of a return offer. One could consider a transaction as obtaining something by spending money.
following five criteria allow one to engage in exchange:
- Every party has something that might be valuable to the other party.
- each party is free to accept or reject the exchange offer.
- each party is competent of communication and delivery.
- each party believes it is desirable to engage with the other party.
transaction is not like exchange
Exchange is a process rather than an occurrence. It suggests people are negotiating and headed toward consensus. An agreement is transaction when it is reached. transaction is the decision or commitment made.
Mr. X spends Rs. 50000, for instance, and gets a computer. Barter, monetary, commercial, employment, civic, religious or charitable interactions are only a few of the several kinds of exchanges that exist.
transaction requires obedience tothe following criteria:
- At least two worthwhile objects
- Agreed to terms
- an agreement period
- a site of consensus
- A contract law (legal framework) to prevent mistrust
Transfer is the setting of anything without any return or offer. Mr. X, for instance, presents gift to Mr. Y. Transfer occurs in only one direction. Practically, though, pure transfer is rare. One moves something with some unresolved expectations. Giving money to a beggar is like asking God to bless you.
donor makes gifts and gets honor, thanks, and a special invitation—or perhaps administrative special influence. gift is rewarded in terms of gratitude, positive behavior, saying “thank you,” or with the hope that the receiver of the gift would do the same in the future. Almost every transfer resembles a transaction. For marketing, both transfer and transactions are vital.
