Concepts of Marketing

&NewLine;<&excl;-- WP QUADS Content Ad Plugin v&period; 2&period;0&period;94&period;1 -->&NewLine;<div class&equals;"quads-location quads-ad1" id&equals;"quads-ad1" style&equals;"float&colon;left&semi;margin&colon;0px 0px 0px 0&semi;">&NewLine;&NewLine;<&sol;div>&NewLine;<ul>&NewLine;<li><strong>Customer value<&sol;strong> <&sol;li>&NewLine;<&sol;ul>&NewLine;<p align&equals;"justify">&NewLine;Before defining customer value we should know the meaning of value&period; Value is a relative term which refers to the amount of other goods and service which is obtained in exchange for the product&period; For example if a book is exchanged with two pens then the value of a book is two pens&period; Similarly customers pay money to obtain goods and services&comma; therefore the difference between the cost of obtaining a product and benefits which a customer gain from using a product is the value of a product&period; <&sol;p>&NewLine;<p> &&num;160&semi;<&sol;p>&NewLine;<ul>&NewLine;<li><strong>Customer Satisfaction<&sol;strong> <&sol;li>&NewLine;<&sol;ul>&NewLine;<p align&equals;"justify">&NewLine;When customers are purchasing a product they do not accurately judge the value and costs of the product therefore they have to rely on perceived value&period; Satisfaction and dissatisfaction of customers depend upon the degree to which a perceived performance of a product matches the expectations of a buyer&period; For example&comma; if the performance is higher than the expectation&comma; the buyer is satisfied&period; <&sol;p>&NewLine;<p> &&num;160&semi;<&sol;p>&NewLine;<ul>&NewLine;<li><strong>Product Quality<&sol;strong> <&sol;li>&NewLine;<&sol;ul>&NewLine;<p align&equals;"justify">&NewLine;There is close relationship between the product quality and customer satisfaction&period; Improvement in the quality of product increases the product performance which results in customer satisfaction&period; Therefore many organizations are involved in improving the quality of their products for which they have adopted total quality management programs&period;&&num;160&semi; <&sol;p>&NewLine;<p> &&num;160&semi;<&sol;p>&NewLine;<&excl;-- WP QUADS Content Ad Plugin v&period; 2&period;0&period;94&period;1 -->&NewLine;<div class&equals;"quads-location quads-ad2" id&equals;"quads-ad2" style&equals;"float&colon;none&semi;margin&colon;0px 0 0px 0&semi;text-align&colon;center&semi;">&NewLine;&NewLine;<&sol;div>&NewLine;&NewLine;<ul>&NewLine;<li><strong>Exchange<&sol;strong> <&sol;li>&NewLine;<&sol;ul>&NewLine;<p align&equals;"justify">&NewLine;When a person obtains a particular object from someone he will have to give something in return&period; This act of give and take is called exchange&period; <&sol;p>&NewLine;<p> &&num;160&semi;<&sol;p>&NewLine;<ul>&NewLine;<li><strong>Transaction<&sol;strong> <&sol;li>&NewLine;<&sol;ul>&NewLine;<p align&equals;"justify">&NewLine;Transaction is an agreement between buyers and sellers to exchange goods and services for money as well as other items of value&period; The important types of transaction are&colon; money transaction &lpar;which involves exchange of goods for money&rpar; and barter transaction &lpar;which involves exchange of goods for goods&rpar;&period; <&sol;p>&NewLine;<p> &&num;160&semi;<&sol;p>&NewLine;<ul>&NewLine;<li><strong>Relationship Marketing<&sol;strong> <&sol;li>&NewLine;<&sol;ul>&NewLine;<p align&equals;"justify">&NewLine;In the early age&comma; marketers try to increase the profits through large-scale selling and promotion efforts&period; But they soon realize that they should build long-term relationships with valued customers&comma; suppliers&comma; dealers&comma; and distributors by providing them high quality products&period; Such relationship will increase the profit of organization in the long term&period; &NewLine;<&excl;-- WP QUADS Content Ad Plugin v&period; 2&period;0&period;94&period;1 -->&NewLine;<div class&equals;"quads-location quads-ad3" id&equals;"quads-ad3" style&equals;"float&colon;none&semi;margin&colon;0px&semi;">&NewLine;&NewLine;<&sol;div>&NewLine;&NewLine;