Exchanges, Perception, and Satisfaction in Marketing, By MIE

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The purpose of marketing is to create exchanges that satisfy the perceived needs, wants, and objectives of individuals and organizations. There are three important ideas expressed in this definition: exchanges, perception, and satisfaction, what do they mean ?

First term: Exchanges( The Purpose of Marketing and Advertising)

Any transaction in which one person or organization trades something of value with someone else is an exchange. Exchange is the traditional, theoretical core of marketing. Marketing facilitates these exchanges, thus increasing our potential for satisfaction. It does in a variety of ways: by developing goods and services we might want; by pricing them affordably; by distributing them to convenient locations; and by informing us about them through advertising and other communication tools.

Perception Is Everything

 

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Customers who are about to engage in a business exchange sometimes feel apprehensive. They may worry that the exchange is not equal, even when it is truly fair. This is where perception comes in. The perception of inequity is more likely if the customer has little knowledge of the product. In this case, the more knowledgeable party (the seller) must reassure the buyer perhaps through advertising that an equal exchange is possible. If the seller can provide the information and inspiration the buyer seeks, the two may recognize the potential for a perceived equal-value exchange.

 

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What do you see?

Satisfaction: The Goal of the Customer

Advertising reinforces satisfaction by reminding customers why they bought the product, helping them defend the purchase against skeptical friends and associates, and enabling them to persuade other prospects to buy it. If a product performs poorly, the negative effect will be even more far-reaching. And good advertising for a poor product can actually hasten the advertiser’s demise. The better the advertising, the more people will try the product once. And the more who try an unsatisfactory product, the more who will reject it and tell their friends. Thus, we can think of marketing as the process companies use to make a profit by satisfying their customers needs and desires.

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By MIE

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