Question

How does customer value link to the core concepts of needs, products, and exchange?

Why do marketers need to understand these concepts?

Answer 1

Consumer values the core concept of the need, products, and exchange. The 5 concepts that help the marketing to understand the core concept and product and exchange areas:

· Need, want and demand,

· Market offerings like Product, Service, and experience,

· Value satisfaction and quality

· Exchange and transaction relationships,

· Markets and its components.

The way the consumer values the product, needs and exchange makes the marketing understand the way the people of a specific market behave with a product or service. The business needs to get the market's perceptions to develop the product and its extensions likewise for the people. The marketing is to make the product and service attracting the consumers capturing the value of competitors in the market. This helps the business work on the concepts of marketing for such a market in such a situation. This helps the business to develop the products for the needs and based on the exchange value of the goods for the future market retention and growth.