What are the Core concepts of marketing?

Core marketing concepts are-

  • Needs wants, and demands
  • Target markets, positioning, and segmentation
  • Offerings and brands
  • Value and satisfaction
  • Marketing channels
  • Competition
  • Marketing environment

Needs

Need is something that is essential or very important or an obligation. In terms of marketing, need states felt of deprivation of something. The need may vary from person to person as well as country to country. When the people of Japanese feel hungry, they usually eat chaw mean or soup; but the people of America usually take burgers, sandwiches, French fries, and soft drinks. Hunger is the need for all.

Types of needs

  • Stated: when a customer directly expresses what they actually want is the stated need. For example, you go to a shop and ask for some chocolate or ice cream.
  • Real: the Real need is like what type of chocolate or ice cream you want, is there any brand preference, taste, or what.
  • Unstated: you may not express that if you find any damages, you may come to return your chocolate or ice cream.
  • Delight: sometimes, you will get some offer that never expects but will feel happy after getting this is known as a delighted need.
  • Secret: sometimes, sellers give you an offer, which is only for you, which is known as a secret need.

Wants

When needs are shaped by culture and individual preferences are known as wants.

Demands

When wants are backed by buying power, wants to become demands. For example; you have 50 dresses. But you also want to buy another new dress and you have the capability to buy a new one. Here you want to become demand having buying power.

Segmentation

Dividing the market into sub-groups based on their characteristics, income, age, gender, style, living standard and usage rate, etc.

Target markets

You can’t serve all customers in the same way. Because there is a greater number of customers with different choices, tastes, and preferences. So you have carefully targeted a market that you can serve well.

Positioning

Doing something better than your competitors can make you a position in the mind of customers. Gives better value, unique designs, features, better quality, warranty, after-sales services, etc.

Value and satisfaction

Marketing channels

Competition

Competition can give you a better result.

Marketing environment

The marketing environment consists of these six elements. Which are inter-depended with each other.

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