What Are Five-Core Customer And Marketplace Concept

The five-core customer and marketplace concepts described as Needs, wants, and demands; market offerings; value and satisfaction; exchanges and relationships; and markets.

Five-Core Customer And Marketplace Concept

The five-core customer and marketplace concept are Needs, wants and demands, market offerings, value and satisfaction, exchanges and relationships, and markets.

Needs, Wants and Demands:

Needs are Those necessities without them a human cannot meet a living standard to live life. It varies person to person due to geographic, demographic and gender etc.  While on the other hand, wants and demands indicates a person’s willingness to purchase a good and service. In this case, consumer have buying power to avail their wants and demands.

Market Offerings:

Market offering are those goods and services which are available in market to satisfy customers’ needs and wants. These offerings have sufficient information available in market to attract customer to generate sales. After getting the sufficient information about a product customer make decisions to purchase a good and service.

Values and Satisfaction:

Value and satisfaction is lies under five-core customer and marketplace concept. Usually customers are expecting a value from a product or service  to fulfill their needs. When they got the desired benefits from the usages of that product they have more level of satisfaction.

Exchange and Relationship:

When a customer makes a purchase or avail an opportunity to get a service, he will have to pay something in return to company. The in-return payment is called an exchange. In case of well reputed firms they offer after sales service to retain their customer to build strong customer relationship. These all values are derived from the market where products and services are exchanged in return of commodities or cash.

Markets:

Where buyers and sellers interact with each other’s for the purpose of buying and selling of a product or service. However, it is mandatory to perform an exchange or transaction like grocery store, Grain market etc.

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