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CORE CONCEPTS
? Products are in fact a via-media for services
? Hence in Marketing focus is on providing/satisfying service needs rather than providing products.
? Marketing Myopia-Focus on products than on customer need.
? Value is products capacity to satisfy needs/wants as per consumers perception/estimation.
? Product is anything that can satisfy need or want.
Exchange: The act or process of obtaining a desired product from someone by offering
something in return.
Exchange Potential to be satisfied if:-
(i) There are at least two parties.
(ii) Each party has something of value for the other party.
(iii) Each party is capable of communication and delivery.
(iv)Each party is free to accept or reject exchange offers.
(v) Each party thinks it is appropriate to deal with the other.
Transaction: Event that happens at the end of a fruitful exchange.
Exchange is a process towards an agreement, and when agreement is reached a transaction has taken place.
Transaction could be Barter or Monetary.
Transaction could be having at least 2 things of value:
(i) Conditions agreed upon.
(ii) Time agreed upon
(iii) Place agreed upon
(iv) May have legal system for compliance.
Transfer is one-way, hence it is different from transaction.
Negotiation: Process of trying to arrive at mutually agreeable terms:
Negotiation may lead to :
(i) Transaction or decision not to transact.
(ii) Relationships and networks:
Relationship marketing: practice of building long term satisfying relationship with customers/supplie ...