Markets

The concept of exchange and relationships lead to a concept of market. A market is the set of actual and potential buyers of a product. Originally a market was a place where buyers and sellers gathered to exchange goods. Economics use the term to designate a collecting of buyers and sellers who transact in a particular product class (as in the housing market). Marketers see buyers as constituting a market. Modern economies operate on the principle of division of labor, where each person specializes in producing something, receives payment and buy needed things with this money.Thus, modern economies bound in markets.

Exchanges, Transaction And Relationships

Marketing occurs when people decide to satisfy needs and wants through exchange. Exchange is the act of obtaining a desired object from someone by offering something in return. Exchange is only one of many ways to obtain a desired object. Exchange allows a society to produce much more than it would with any alternative system. Whereas exchange is a core concept of marketing, a transaction (a trade of values between two parties) is marketing's unit of measurement. A transaction usually involves at least two things of value, agreed-upon conditions, a time of agreement, and a place of agreement. Most involve money, a response, and action. Transactions in marketing are part of a larger idea of relationship marketing. Beyond creating short-term transactions, marketers need to build long-term relationships with valued customers, distributors, dealers and suppliers. To build this relationship (beyond offering consistently high value and satisfaction ) the marketer can build a marketing network (consisting of customers, suppliers, distributors, retailers, ad agencies and others whom the company has built mutually profitable-business relationships).

Marketing: Value, Satisfaction and Quality

Marketing: Value, Satisfaction and Quality: "Customer value is the difference between the values that the customer gains from owning and using a product and the costs of obtaining the p..."

Value, Satisfaction and Quality

Customer value is the difference between the values that the customer gains from owning and using a product and the costs of obtaining the product. Customers do usually judge product values and costs accurately or objectively they act on perceived value. Customer satisfaction depends on a product's perceived performance in delivering value relative to a buyer's expectations. If performance exceeds expectations, the buyer is delighted (certainly a worthy goal of the marketing company). The term total quantity management (TQM) is an approach wherein programs are designs to constantly improve the quality of products, services and marketing processes. In a narrow sense, quality means "freedom from defects." However, total quantity satisfaction by the customer is a preferred interpretation.