1. Core Marketing
Concepts
N E E D , W A N T , D E S I R E &
D E M A N D | E X C H A N G E |
C U S T O M E R V A L U E | S A L E S
V S M A R K E T I N G | 4 P S
F R A M E W O R K
2. Need, Want, Desire, and
Demand
• - *Need*: Basic human requirement (e.g., food,
shelter).
• - *Want*: A specific way to satisfy a need (e.g.,
choosing a burger over rice).
• - *Demand*: Desire backed by the ability to
pay.
3. Desire
• Desires is a deep emotional longing or craving
for something –it may or may not be fulfilled.
• AIT is often driven by personal dreams,
aspirants, or emotions and may not always be
essential .
• Examples: wanting a car is want but dreaming of
owning a luxury car like Land cruiser is desire.
4. Exchange
• Exchange refer to the market worth of a
product or service-What it can be traded or
sold for usually in money.
• The principle of exchange value is the
usefulness of a commodity us the exchange
equivalent by which the commodity is
compare to other object on the market.
5. Customer Value
• - **Definition**: Perceived benefit a customer gains
from a product relative to its cost.
• - **Formula**: Customer Value = Perceived Benefits -
Perceived Costs
• - Higher value leads to customer satisfaction and loyalty.
7. 4Ps Framework (Marketing
Mix)
• 1. **Product**: The goods or services offered to
customers.
• 2. **Price**: The amount charged for the product.
• 3. **Place**: Distribution channels used to deliver the
product.
• 4. **Promotion**: Activities to communicate and
promote the product.
