From a marketing perspective for understanding the marketing, the marketplace and customer needs, we need to understand those two concepts: customers. They always want value right and they want to get more satisfaction.
You know you go, and you say I want to buy french fries and you want more french fries than normal and marketers are on the other side.
They try to set the right level of expectations and not too much high or low.
So if you are a marketer, you want to tell them.
We offer this much okay and you kind of set the quantity.
This way will they come to you.
They have good expectations.
This way they don’t feel bad, but they don’t get that much.
You know if you give them less or or they don’t look at what you offer them to be less than what they expected right.
You always want to have good expectations, and you need to do this in a balanced manner right, for example, if you say I have this great product, you don’t want to say it is the greatest in the world, because if you say it, this is The greatest in the world, people expectations will be very high and therefore they will come to you and they will never be satisfied until they get the whole world and you will neither be able to offer them the whole world. So it’s important that you keep this expectations.
Okay, so customers will be very disappointed if they don’t get what they had in mind.
Do you see? But if you go and you hide in mind – you will get this much and they give you this much.
You will be very happy highly appreciating, so you need to manage customer expectations.
Customer expectations is very important to keep customers happy you want to.
You know you meet you, you have to meet expectations now.
If you exceed a little bit now, you exceeded the expectations, but you need to set the expectations before to exceed it.
Do you see don’t over clean that’s a good that’s? A good sentence date, don’t over clean just be about right now, understanding the marketplace that the customer needs.
What do we mean by exchange exchange? Is the act of obtaining a desired object from someone by offering something in return? Remember if you go and you buy a pizza, you see what’s a good price for a pizza 1003 ad for a reasonable price 1800 is a good price for a large pizza.
Now remember, if you go and you buy a pizza, the person who sells you, the pizza, will give you that large pizza with the toppings and with take surf at 1800. In exchange the idea of exchanges, the customer is happier after they got a pizza before they got the pizza after they got the pizza.
You know they were happy with the 1800 in their pockets or it was better to have the pizza instead of 1800 in their pockets.
The 1800 in the pocket is worth less for the customer than the pizza, the pizza worth more, so they got the pizza for a thousand eight hundred now, on the other hand, the person who sold the pizza are they better with the 1800 in the pocket.
After the sale – or they were better with the pizza, the 1800 was better.
So here we can see an exchange.
Everyone gain right.
The idea of exchange is the idea of exchange.
Is that when you obtain a desired object from someone by offering them this something? In return you see now, after the exchange, everyone is happier if you see before the exchange.
They were both not very happy at the VEX age.
They are both happier. So the idea is that we are both happier after the exchange makes trade.
You know remember in economics, trades make everyone better off now.
This is the idea from a marketing perspective.
We look at it as an exchange of value.
Now I am have more value, which is the money I got as for selling the pizza and then the customer from their perspective they think.
Okay, I have now a pizza which is worth more than 1800 that sits in my pockets.
Do you say so now this exchange, everyone is better off and that principle remains.
Instead it says it’s, a it’s a doctor and in marketing is that you know every time.
Remember some companies.
They say if you don’t like it return. It they are in deep belief that if the customer is not gaining after the exchange, then there is no point of the exchange.
So if the consumer want to return it return it, it’s, okay, as long as you return it in a shape worth to me, it’s worth it you what it used to.
Then I have no problem.
Why? Because remember we’re here in exchange of value.
So if the exchange doesn’t happen, then we didn’t do good might think all right.
We need to be better off after the transaction if everyone is worse off after the transaction.
You know what’s good.
If this transaction, we need to have a positive exchange worth we’re both after this is we’re both happier? Ah let’s see we look at markets.
Do you guys know what we mean by markets? Markets? Is the set of actual and potential buyers of a product? So this is definition a market would be the say, a company.
You look into competitors, you have suppliers here, they supply you supply or competitors. We’ve got the intermediaries to marketing intermediaries.
Is everyone who’s between your company and your customer, so intermediaries will be let’s say from selling pizza at a bank gave me a loan to make my business.
That would be American intermediary.
I am a pizza house and I sell pizza and there’s an advertising agency.
They made advertisement for me.
They are marked an intermediary.
I make an advertisement on Facebook that’s a.
Marketing intermediary some delivery company.
They take, the bus and.
They deliver the pizza to the customer that’s a marked, an intermediary consumers, the people who actually buy or consume they use it, and there’s a difference. .