Module 4 (Lesson 1-2)

This is a form of human need shaped by culture and individual personality.

• Wants

• Needs

• Demands     

• Value 

These are human wants and needs back up by purchasing power.

• Demands

• Wants

• Value 

• Needs

This term refers to a state of felt deprivation. It is also known as natural essential elements designed for survival.

• Needs

• Value 

• Wants

• Demands

This is known as the act of obtaining a desired object from someone by offering something in return.

• Transactions

• Exchange

• Relationships

• Quality

These are group of people who have the money and the willingness to spend it.

• Markets

• Customer

• Consumer

• Demand

The extent to which a product tends to meet the buyer’s expectation of this product.

• Satisfaction 

• Quality

•  Relationships

•  Transactions

A bundle of attributes and benefits designed to be offered to buyers to satisfy their needs, wants and demands.

• Products     

• Goods

• Services

• Value 

It is essentially an intangible product offered for the benefit and satisfaction of buyers.

•  Services

• Goods

• Markets

• Value 

The human interaction between an enterprise and its customers designed to create value-laden dealings and associations.

• Relationships

•  Transactions

• Exchange    

• Value          

This term means putting parts together to form a final product.

• Assembly     

• Operation   

• Finishing

• Inspection