In marketing, the role of a marketer is to adopt marketing thinking through a mutually beneficial exchange that will create value for all parties involved. When a product or services meets the demands of a certain market, then both the party and market are satisfied. Our small business marketing consultants in Sydney have defined some of the most important marketing concepts that a marketer deals with on a daily basis.
Needs, wants and demands for products
A piece of marketing advice for small business in Sydney is to know that customers look for products that come as bundles of benefits, as they are looking for the best value for money.
Needs: things that are vital for survival e.g. housing, food and water.
Wants: a non-necessary desire e.g. designer clothes and perfume.
Demands: wants backed by buying power.
Products: offered to a market to satisfy needs or wants e.g. goods, experiences, place, information.
Value, satisfaction and quality
Value: Our marketing consultants for small business define this as the customer’s overall perception of the utility of a product based on what is received and what is given. Utility is the usefulness of a product.
Customer satisfaction: The extent to which perceived performance meets expectations.
Quality: Along with the durability and reliability of a product, quality is also defined by how well products satisfy wants.
For more information on marketing concepts please contact our small business marketing consultants in Sydney.