Wants - How people communicate to their needs.
Transaction – The trade of values among two parties and marketing’s unit of measurement.
Need - A state of felt deprivation.
Demand - Wants that are backed by buying power.
TQM (Total Quality Monitoring) - the quality of products and processes is the responsibility of everyone involved with the creation of the products or services which requires the involvement of management, workforce, suppliers, and customers, to meet or exceed customer expectations.
Customer Value - difference between the customer benefits from owning and using a product and the costs of obtaining the product.
Market – set of possible and actual buyers who might transact with a seller.
Products – anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a need or want.
Customer Satisfaction – perceived value delivered related to buyer’s expectation.
* Market Segmentation
Market Segmentation is a marketing strategy that involves dividing a broad target market into subsets of consumers who have common needs, and then designing and implementing strategies to target their needs and desires using media channels and other touch-points that best allow to reach them.
Methods for segmenting consumer markets
Geographic segmentation (where)
Marketers may segment according to geographic criteria—nations, states, regions, countries, cities, neighborhoods, or postal codes. or area. Psychographic segmentation (who)
Psychographic segmentation divides consumers according to their lifestyles, personality, values and social class.
Behavioral segmentation (how)
Behavioral segmentation divides consumers into groups according to their knowledge of, attitude towards, use of or response to a product.
Demographic Segmentation (what)
Executed through the adoption of various demographic