Marketplace
A marketplace is a location where goods
and services are exchanged.
Needs:
States of felt deprivation.
Can be physical (clothing, food, shelter), social (belonging,
affection), individual (knowledge and self-expression)
Wants:
The form human needs take as they are shaped by culture and
individual personality. Shaped by society and marketing programs
An American needs food but wants a big mac, French fries and
soft drink.
A Chinese may need rice, fish,.......etc.
Demands
Wants when backed by buying power, wants become demands.
Marketing myopia: when sellers make the mistake
of paying too much attention to the specific product
and not enough to the benefits and experiences
produced by these products
Perceived Value
It is defined as the maximum a customer or
prospective customer will pay for your product
or service
Market share refers to the percentage of sales of a product in units, dollars, or some other
meaningful measure made by a business relative to all sales of that product
GDP measures the monetary value of final goods and services—that is, those that are bought
by the final user—produced in a country in a given period of time