Key Marketing Terms (Demands (Not as reliable as wants or needs (Consumers…
Key Marketing Terms
Wants backed by buying power
Actionable wants. In other words wants that a costumer can in fact buy with money.
Not as reliable as wants or needs
Consumers tend to get tired of things and look for variety. People also choose products based on their income and the products price
Products re just bundles of attributes. A consumer buys the bundle than fits him the most
The most important concept regarding marketing
State of felt deprivation in a person. Not created by advertising
Humand satisfy their needs in two ways
Obtaining goods and services to satisfy them
Particular of Western societies
eliminating the need
Particular of Eastern Societies
Wants are the expression of needs.
Shaped by peoples culture and society
i.e. if a person is hungry in Mexico he will resort to tacos. If a person is hungry in Britain he will resort to fish and chips.
Wants expand as society becomes more complex as individuals are exposed to more objects and ideas
Producers must create desire for their products
Most effective way of doing this is making a connection between an object and a need. By doing this marketers create a want
In a sense there are no products only services performed by products to satisfy needs.
Manufacturers that fail to understand needs and just create products for ants are prone to fail.
Wants can be created, needs can't
Something made available by the marketer for the consumer to satisfy his need