Marketing vocabulary

is a state of perceived lack inherent to the human condition, caused when there is no balance between what is required and what is available

• Want

• Need

• Demand

............. is that which can be offered in a market for purchase, use or consume and can satisfy a need or want.

• Quality

• Demand

• Product

........... is the act of obtaining a desired product by offering something in return

• Demand

• Exchange

• Satisfaction

........ is the way people communicate their needs. It is the way to satisfy a need

• want

• satisfaction

• need

............. is the difference the consumer makes between the benefits of owning or using a product and the costs of acquiring it

• Quality

• Value

• Satisfaction

.......... is the desire to purchase a specific product based on a given purchasing capacity. When desires materialise they become .........

• Demand

• Want

• Need

...... is the totality of the characteristics of a product or service that has to do with its ability to satisfy customer needs

• Satisfaction

• Product

• Quality

......... occurs when an exchange relationship comes to an end.

• Transaction

• Exchange

• Satisfaction

.................... focuses on establishing a stable and lasting relationship with profitable customers for the company

• Satisfaction

• Quality

• Marketing relationship

The place where supply and demand meet

• Satisfaction

• want

• market