Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Needs, wants and demands: A need is a state of felt deprivation or feeling of being deprived of something. Product: Anything tangible or intangible that is offered to satisfy a need or want is a product. Exchange, Transactions and Relationships: As mentioned above, the wants backed by buying power create demand.
Markets: As we have discussed, an exchange may take place between two people, but three people are required to create a market. This is the simplest way to understand business and keeping it simple is a key factor in order to be successful, this way you can focus on what really matters and leave aside what doesn’t help the business growth, and if you want to know more about how to identify and use what really matters for any business, online or offline, keep reading since I will be discussing this in deep detail here.One of the biggest problems to any business is that the people who manage them have not identified the parts that truly compound the business. A product, a service, a place, a person, an idea, information , an event, an organization, property or even experiences. There are always many potential buyers and many potential sellers and the set of these potential buyers and sellers is market. Let me tell you right now that a business is compounded only for those parts which make or help to make sales, anything else could be a nice to have or a waste of time, energy, resources and money. In order for you to see this page as it is meant to appear, we ask that you please re-enable your Javascript! However, there are some basic concepts of marketing, which are interrelated, and one building on one before it. The tangible products are physical products, which can be touched or felt or tested, while the intangible products cane only be experienced.

Exchange is the act of obtaining a desired object from someone by offering something in return.
The problem with this is that some business owners are so busy with many things that they allow themselves to be dragged by the rhythm of any situation, thus they start doing something in the morning and twenty minutes later they are doing something completely different from what they were supposed to do; this is an issue because it means lack of purpose.
For example, a service of a hotel can be experienced (intangible) while food in the restaurant in the same hotel can be tested (tangible). The market offerings have to provide the best value of the money and satisfaction of fulfilling a want. Needs are shaped up by culture, personality and religion and they become wants when the need indicate an object to fulfill that need. Cars, groceries, computers, places, persons , ideas and informations -everything are objects that have the capability of fulfilling the needs and wants. Keep reading.On the other hand there are people who are aware of this and they pay attention to those parts that are important for the business, but the problem is that a large portion of these guys distribute the amounts of time, energy, resources and money in ways that are not helpful for the business’ sake, thus even when they work a lot they seem to have only small wins or very distant ones. Based upon their own perception the customers estimate the product value and judge whether, it has the capacity of fulfilling their need.
Marketing and sales refers to the process of letting people know what you do and why they should get it from you versus someone else.
Three people are at least required to create a market, so that there is competition from at least one side. A good enough product is nice to have but the people will go with that merchant who offers the best deal, and trust me, if your product is a junky-cheap product you’ll make a few sales and after that people will become aware of it and they’ll go with the competition.
People have choices to choose a desired object or service from the want-list to fulfill a particular need.

Both of them must have something to offer each other and both of them should have a value to offer each other. Both of them must be able to communicate with each other and must be able to deliver what they offering to each other.
If no marketing and sales are being made the business will consume the personal money of the owner, this will soon end with everything that feeds the business and it will have to be closed.How to make sure that the business will be successfulIf you want to ensure having a successful business some changes must take place, these are super easy to implement and the more you do this the better you’ll become and the faster results will show up. Recognizing that this is the most important part of the business you will dedicate 80% of your attention to it. The marketer has to know the potential want list of his target market and make them available the best value for their money.
Whether for profit or no profit , an exchange must give some value to the exchange partners.
This as you can see requires a completely different strategy but paraphrasing the saying: If you keep doing what you are doing you’ll keep getting what you’re getting”. Jose now enjoys writing about the best remote control helicopter for beginners as well as helping people with useful tips to buy an AR Drone from Parrot.A post by Jose Lozano (6 Posts)Jose Lozano is author at LeraBlog. The focus of marketing is not to get maximum profit from a single transaction but to get long running relationship with the customers.

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