UNDERSTAND MARKETPLACE AND CUSTOMER NEEDS

 At first step, marketers need to understand customer needs and wants and the marketplace within which they operate. we now examine five core customer and marketplace concepts

1-NEEDS, WANTS & DEMAND

Need

"State of being deprivation."

Want

"The form of human need take as shaped by culture and individual personality."

Demand

"Human wants that are backed by buying power."

2-MARKETING OFFERING.

 Some combination of products, services, information, or experiences offered to a market to satisfy a need or want.

PRODUCTS 

Physical /Tangible goods

SERVICES & EXPERIENCES

Activities or services offered for sales that are essentially intangible and do not result in ownership of anythings but experiences.
e.g
Tourism, air travel & hotel stay etc.

3-VALUE AND SATISFACTION

customer usually face a broad array of products and services that might satisfy a given need. How do they chose among these many market offering? Customer form expectations about the value and satisfaction that various market offerings will deliver and buy accordingly.

Satisfied customer buy again and again.

Dissatisfied customer often switch to competitors and disparage the product to others. 

4-EXCHANGE AND RELATIONSHIP

Exchange is the act of obtaining a desired object from someone by  offering something in return. Marketer want to  build strong relationships by consistently delivering superior customer value.

5-MARKETS

The set of all actual and potential buyers of a products or services.