Concept of Marketing Need, Wants and Demands, Transactions, Transfer and exchanges
Concept of Marketing Need, Wants and Demands, Transactions, Transfer and exchanges: Marketing is the process of meeting a customer’s demands and desires. This is why individuals are drawn to this method. All persons have almost identical requirements, but their desires are distinct.
Human desires The translation of wants into a physical product or service is the other marketing notion. This conversion is determined by the individual’s personality or culture.
Demands are what we term desires for certain things that are supported by buying power and readiness to purchase. You are aware that if resources are finite, demands are limitless, and people will always purchase items that offer them with the greatest level of happiness. It suggests that individuals do not acquire everything they desire and cannot afford to do so.
For example, many people want the newest Toyota model, but only a few will be willing and able to purchase one.
As a marketer, you should figure out how many people are ready and able to purchase your product, rather than how many desire it, since the latter is less essential to you.
Concept of Marketing Need, Wants and Demands, Transactions, Transfer and exchanges
Transactions
A transaction is the marketing unit of measurement, while exchange is the primary notion of marketing. A transaction is a deal between two parties that includes at least two items of value, agreed-upon terms, an agreed-upon time, and an agreed-upon location.
A transaction occurs when two parties engaged in the trade come to an agreement. You should be aware that two parties are not involved in trade until they discuss and work toward an agreement, thus an exchange is a process rather than an event.
A transaction is the most fundamental unit of exchange, and it consists of a value exchange between two parties participating in the transaction. It denotes that both sides benefit from a deal.
Both parties get items or services as a transfer of value rather than money in a barter transaction. Marketers go from transactional marketing to relationship marketing throughout time.
Transfer
Obtaining something without making an offer or providing something without receiving anything in return is referred to as a transfer. Mr. X, for example, presents Mr. Y a gift. The procedure of transfer is one-way. In reality, though, pure transfer is uncommon. Something is transferred with certain unspoken assumptions. Giving money to a beggar is a way to gain God’s favour.
Donors get honour, praise, special invitations, and even special influence in administration in exchange for their contributions. Gifts are given in exchange for appreciation, excellent behaviour, expressing “thank you,” or the anticipation that the recipient would reciprocate in the future. Almost all transfers and transactions are the same. Marketers must be able to transfer and trade information.
Exchanges
When individuals opt to fulfil their needs and desires via trade, marketing occurs. The act of receiving a desired item from someone in exchange for something else is known as exchange.
There are several advantages to participating in the exchange.
People do not have to rely on others, and they do not need to be skilled in order to generate what they need.
They have the option of producing items in which they excel and trading them for commodities produced by others.
As a result, the exchange allows for significantly greater production than would have been feasible with any other method.
For an exchange to take place, certain requirements must be met.
At least two parties should be involved in the transaction, and each must provide something of value to the other.
Each side must want to conduct business with the other, and each must be able to accept or reject the other’s offer.
Finally, each side must be able to communicate and deliver on their promises.
In truth, marketing arises when individuals decide to fulfil their needs and desires via an exchange, which we define as receiving something (the desired product) in exchange for something else. The trade is the only acknowledged means for a person to receive his desired item in today’s society, and it is therefore regarded the essential principle of marketing.
Exchange cannot happen in a vacuum. For an exchange to take place, a number of requirements must be satisfied.
A minimum of two parties must take part.
Each must be worth something to the other.
Each side must also wish to work with the other.
Each party must have the option to accept or reject the other’s offer, and
They must all be able to converse and give information.