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Human wants that are backed by buying power is Demand. Given their wants and resources people demand products with benefits they add up to the most value and satisfaction. The needs and demands of products essentially depend on the place, nature and living style of the people. Like what can be required in Srilanka may not be required in America, and what is required in America cannot be afforded by Srilanka.
Marketing offer
Consumers needs and wants are fulfilled through a marketing offer. Its defined as some combination of products, services and information offered to a market to satisfy a need or want. Marketing offers are not limited to physical products. Marketers must be careful to set the right level of expectations. If they set expectations too low, they may satisfy those who buy but fail to attract enough buyers. If they raise expectations too high, buyers will be disappointed. Customer value and customer satisfaction are key building blocks for developing and managing customer relationships. For example in play station marketing if we give free game cds and deliver our products to the customers door they will be delighted..
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Marketers want to build strong relationships by consistently delivering superior customer value. We will expand on the important concept of customer relationship management later in the chapter.
Transactions
A transaction consists of a trade of a value between two parties. The marketer tries to bring about a response to some marketing offer. The response may be more than simply buying or trading products and services. For example if we sell our play station to customer we will get money from the customer. This is called as transaction.
Customer satisfaction
Customer satisfaction is defined as, the extent to which a products perceived performance matches a buyers expectation. If the product performance falls short of expectations, the customer is dissatisfied. If performance matches expectations the customer is satisfied. If performance exceeds expectations the customer is delighted. If we take an example of play station we should give them the best quality and warranty for our products. If we do like these the customer will be delighted.
MARKET
Market is the place where exchange and business takes place. It is the ground for the selling and buying. The study of the market is essential for the launching and the success of any product. In this, statistics plays a great role. For keeping track of sales, profit during years, statistical comparisons can help the company to make faster and logical decisions quickly.
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Human needs are common for everyone. But wants are not common for everyone. We will choose which way we are going to satisfy our wants. The needs and demands of products essentially depend on the place, nature and living style of the people. Like what can be required in Srilanka may not be required in America, and what is required in America cannot be afforded by Srilanka. One of the major functions of marketing is to create an environment for exchange An exchange arises when one person gives something of value, in return for something of value from another person. When exchanging At least two parties must be involved to exchange. Each party must have something to offer to the other. The parties must involve themselves voluntarily and each party must consider the other desirable or at least acceptable to deal. Each party must be in a position to communicate and deliver the product. Each party must be free to accept or reject any offer from the other party. Customer satisfaction or dissatisfaction is a feeling derived by the customer when he compares the actual performance with the performance that he expects of it. Customer expectations: depend on past buying experiences, advice of reference groups and the promises of the marketers and their competitors. The better a company understands its people, their psychology, their financial capacity, the better they can serve the customer to his satisfaction. Unlike earlier, it is now the buyer's market, therefore the demands of the customers are of ultimate importance. The attitude of the market is now not as relaxed as it used to be, now they want to serve the customer