As a first step, marketers need to understand customer needs and wants and the marketplace in which they operate. We examine five core customer and marketplace concepts: (1) needs, wants, and demands; (2) market offerings (products, services, and experiences); (3)value and satisfaction; (4) exchanges and relationships; and (5) markets.
The most basic concept underlying marketing is that of human needs. Human needs are states of felt deprivation. They include basic physical needs for ...
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