CUSTOMER NEEDS
is a mission-critical for
business looking to create
product that truly speaks to
their customer’s problems.
NEEDS, WANTS, AND
DEMANDS
Needs are a special kind of want and refer to things we
must have to survive, such as our basic needs.
While wants are desires for goods and services we would
like to have but do not need.
Demands are requests for specific products that the
buyer is willing and able to pay for over a specific period.
PRODUCTS, SERVICES, AND
EXPERIENCES
Product is any good, service, or idea that can be offered to
a market to satisfy a want or need.
Services are the non-physical, intangible parts of our
economy, as opposed to goods, which wan touch or handle.
Experiences are knowledge or skill in a job or activity,
which you have gained because you have done that activity
or work for a long time.
VALUE AND
SATISFACTION
Value refers to the value customers place
on a product or service.
Satisfaction on the other hands, is the
measure of how well customer
expectations from a purchased product or
service have been meet.
EXCHANGES AND
RELATIONSHIPS
Exchange is the act of obtaining desired
object from someone by offering
something in return (Armstrong et al
2009).
On another note, relationship is a
connection between two people or things.
MARKETS
Market is defined as the group of
individual or organizational
customers who have both the
willingness and financial capability to
purchase a product or service.
WANTS
NEEDS
Market demand is the total demand
of all potential customers for a specific
product/service over a specific period
in a specific market area.
Value, consumers have different
needs and buying capacities,
consumers assign varying values
on the same product or service.
Satisfaction, to ensure the maximum customer
value and satisfaction, entrepreneurs and
marketers must: balance product or service
quality and price, establish consistency among
product availability, level of customer service and
efficiency and have the consumer and atmosphere
feel comfortable and convenient.
Products are considered tangible goods
wherein the goods can be seen and
touched or the intangible service that
the enterprise offers to its customers to
satisfy their needs and produce the
expected results.
Services are the intangible
goods wherein you will be paid
according to your profession,
skills, and talents.
TYPES OF PRODUCTS
1. DURABLES
these are the products which have long
interval between repeat purchases
because of their long-lasting nature.
(Example. television sets like HAIER and
LG. cars like Toyota and Mitsubishi etc.)
2. NON-DURABLES
products have stronger repeat purchases
because they are consumable. (Example:
shampoo, bar soap, biscuits etc.)
3. SERVICES
these are the products which are
essentially intangible because there are
no physical items involved (example:
training services, food vending, dental
and rental services etc.)
CATEGORIES OF PRODUCTS
1. CONVENIENCE PRODUCTS
have the lowest risk and lowest effort in
buying the products because consumers
will not spend a lot of time or money in
buying those products and can be sold by
wholesales. (example; staple goods)
2. PREFERENCE PRODUCTS
are consumer goods that have
the specific preferences for
brands or suppliers but are
willing to make substitution when
necessary.
3. SHOPPING PRODUCTS
are products that consumers feel are
worth the time and effort to compare
with other competing products.
(example: Airline tickets, furniture,
electronics, clothing and phones)
4. SPECIALTY PRODUCTS
are unique, customized products
which have their own niches, and
this commands utmost loyalty
from another buyer.
Sports cars, designer clothing,
exotic perfumes , etc.
