Concepts In your own words, define the following marketing concepts and provide a relevant real world example to accompany each definition. Concept DefinitionExample Need what a person is thinking and feeling and what motivates them to satisfy that need. A person can be satisfied by wearing a fashionable coat, which meets their needs and wants of looking great and staying warm. Benefit motivating a consumer to buy a product that satisfies them in more than one way.
A person can look at buying a specific car as a benefit that meets their needs and wants because they need a car to get around, but they want it at a lower cost. Exchange something given to someone and getting something back in return. A person can sell their car to another person for money or something of equal value. Marketplace any type of location for buying and selling items or services. A person can buy or sell a product such as jeans through an internet transaction or at the mall in a store. Utility he value consumers receive from a product or service that they can benefit from. A person may need to rent a car or cater food for a party, which would need to be ready, on time, and at the right place. These services come with many benefits and value for customers. Social Marketing satisfying the needs of customers, society, and still continuing to make a profit for the company or organization. An organization or company can sell a product such as solar energy panels, which promotes saving the environment and turning a profit.
Goods and Services selling a product or service that satisfies the customers’ needs through an exchange. A person can download digital files such as a movie over the internet or they may purchase a smartphone that downloads digital files. Value the benefits that customers get from buying a product or service. A person can compare face lotion costs and benefits to another one such as comparing Neutrogena to L’Oreal.
