Core concept of Marketing

Describe the Core concepts of Marketing / Discuss the basic concepts related with marketing / "Marketing is a social & managerial process whereby individuals & groups obtained what they need & want through creating & exchanging products and value with others."- explain the explicit concepts of this statement.

The core concept of Marketing is a social & managerial process by which individuals & groups obtained what they need & want through creating, offering & exchanging products and value with others.
The core concepts related with marketing are shown in the following figure:

Figure: Core Concept of Marketing. 

1. Customer Needs, Wants and Demands

Needs: Human needs are states of felt deprivation. These needs were not created by marketers; they are a basic part of the human makeup.
Needs aren’t only physical. Needs can be a social thing, for example, social class, belonging to a certain society and need of self-expression.
Wants: Want is a basic problem which is shaped by culture and personality.For example, if we always manage to satisfy our wants, it transforms into a need.
Demands: Demand are human wants that are backed by buying power.
If we, financially, are strong enough and can allow ourselves to buy a $780 iPhone, it means that we’ve transformed our want/need into a demand.

2. Market offerings-Product, Service and Experience

Market offerings are some combination of products, services and experiences offered to a market to satisfy consumer needs or wants.
Product: A product is anything that can be offered to a market for use or consumption that might satisfy a need or want. Example: Camera, earphone, smartphone, game pad etc.
Service: Service is any activity or benefit that one party offer to another which is essentially intangible and does not result in the ownership of anything.
Experience: Experience means achieved real knowledge about anything.

3. Value and Satisfaction

Customer Value: Customer Value is the differences between the values customer gains from using a product and cost of the product. For example, a lady feels attractiveness after coloring her hair in Persona. For these she has to pay some money also. In this case, the differences between benefit from Persona and extended money is called value.
Customer Satisfaction: Customer Satisfaction is depended on customer's expectations and products effectiveness. For example, a customer use fair and lovely to increase fairness within four weeks. If she gets result within three weeks then she will get satisfaction.

4. Exchange and Relationships

Exchange: Exchange is the act of obtaining a desired objective from someone by offering something in return.
Relationship Marketing: Relationship marketing is to build and maintain a long term relationship with customer.

5. Markets

A market is the set of all actual and potential buyers of a product or service.

Figure: A Modern Marketing System. 

At last we can say that the above discussed core concepts of marketing is the heart of marketing. Marketing is developed by these core concepts.