Which of the following correctly identifies the five-core customer and marketplace concepts?
A. Needs, wants, and demands; market offerings; value; satisfaction; and markets
B. Needs, wants, and demands; market offerings; value and satisfaction; competitors; and profits
C. Needs, wants, demands, market offerings, and markets
D. Needs, wants, and demands; market offerings; value and satisfaction; exchanges and relationships; and markets
E. Needs, wants, and demands; products; value; customers; and competitors
Explanation to correctly identifies the five-core customer and marketplace concepts:
The five-core customer and marketplace concepts described as Needs, wants, and demands; market offerings; value and satisfaction; exchanges and relationships; and markets. 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 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.
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 core values are derived from the market where products and services are exchanged in return of commodities or cash. This place is called market where buyers and sellers interact with each other’s.