The Core Marketing Concept comprises five elements.

The first element is made up of needs, wants and demands and the second element is the product or offer created to satisfy them. The third element includes value, satisfaction and quality while the fourth element consists of exchange, transaction and relationship between customer and supplier. The final element is market in which the product is sold to. Terms Needs Wants Demands Offer/ Products Customer value Satisfaction Quality Definition Needs are regarded as the basic necessity or states of self deprivation (Kotler, Brown, Adam, Burton & Armstrong, 2007). Wants are human desires and needs that are molded by unique individual characteristics and culture (Kotler et al., 2007). Demands are human wants that are supported by buying power (Kotler et al., 2007). Anything that can be offered to fulfill the needs and wants of the market in an exchange process or trade ((Kotler et al., 2007). The difference between the value the customer gains from possessing and utilizing a product and the cost of purchasing it (Kotler et al., 2007). The degree to which the customers wants or expectations are satisfied by the perceived performance of the product (Wilkie & Moore, 2007).. A high expectation for a product which begins with needs and ends with satisfaction. It directly affects product performance and thus, customer satisfaction (Wilkie & Moore, 2007). A process in which one acquire a desired item by giving something in return (Kotler & Murray, 1975). A trade between two parties involving at least two things of value, agreed conditions, a time and place of agreement (Kotler & Murray, 1975). The process of maintaining an affiliation with both customers and stakeholders in ways that benefits the company (Kotler et al., 2007). A market is the set of all actual and prospective buyers of a product. They share a common need or want that can be fulfilled through an exchange (Kotler et al., 2007).

Exchange Transaction Relationship Market

The purchase of a toothbrush

Core Marketing concept Needs

Illustrations of definitions and differences (between the two scenarios) - Buying a toothbrush is regarded as needs since it is needed to brush the teeth clean. Brushing the teeth with toothbrush is vital in order to keep the teeth healthy and strong, otherwise, the teeth will decay easily due to plague formation. - Hence, this is considered a need since toothbrush is a basic necessity, and not a want, since buying a toothbrush is not simply a desire shaped by culture or personality. Everyone, adult or children, needs a toothbrush to keep their teeth clean. The actual and potential customers include those who shared a common need of needing a toothbrush to brush their teeth. Unlike a car, the targeted market includes both children and adults and therefore company supplying toothbrush has to account for this difference. For example, smaller toothbrush may be designed for children compared to those made for adults.

Market

Choosing and buying a car

Core Marketing concept Wants Illustrations of definitions and differences (between the two scenarios) - Choosing and buying a car is a want because a car allows one to travel conveniently and at their own pace, either to work or anywhere else. However, unlike purchasing a toothbrush, this is not considered a basic need since a car is not an essential necessity. Even without owning a car, one still has many travel options such as using public transport like bus or cab. - Hence, choosing and buying a car is a desire shaped by culture and personality. For example, if a person is used to traveling by car and is unused to public transport, he may desire a car of his own for convenience. - The potential and actual customers for a company supplying cars include people who are of and above legal driving age. These people share a common want in choosing and buying a car which suited their requirement and tastes and in accordance to their buying power. - For example, BMW cars normally targeted the rich and affluent while sport cars buyers are those who like fast and slick cars.

Market

References:

Kotler, P., Brown, L., Adam, S., Burton, S. & Armstrong, G. (2007). Marketing (7th ed.). Australia: Pearson Education.

Kotler, P. & Murray, M. (1975). Third sector management - The role of marketing. Public Administration Review, 35(5), 467-472.

Wilkie, W. L. & Moore, E. S. (2007). What does the definition of marketing tell us about ourselves? Journal of Public Policy & Marketing, 26(2), 269-276.