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The basic underlying concept of value in marketing is human needs. The basic human needs may include food, shelter, belonging, love, and self expression. Both culture and individual personality shape human needs in what is known as wants. When wants are backed by buying power, they become demands.
Given that marketing has its roots in economics, it shares many foundation concepts with that discipline. Most practicing marketers will have a working knowledge of basic economic concepts and theories. Competitive advantages & comparative advantages. Businesses seek to compete by achieving competitive advantages or comparative advantages.
Marketing and Marketing Concepts are directly related. Given the centrality of customer needs, and wants in marketing, a rich understanding of these concepts is essential: [27] Needs: Something necessary for people to live a healthy, stable and safe life. When needs remain unfulfilled, there is a clear adverse outcome: a dysfunction or death.
Based on his observations of their peaceful and cooperative way of life (in contrast to American society), Maslow concluded that human destructiveness and aggression is largely culturally determined and “most probably a secondary, reactive consequence of thwarting of or threat to the basic human needs”. [2]
Market segmentation is the process of dividing mass markets into groups with similar needs and wants. [2] The rationale for market segmentation is that in order to achieve competitive advantage and superior performance, firms should: "(1) identify segments of industry demand, (2) target specific segments of demand, and (3) develop specific 'marketing mixes' for each targeted market segment ...
Social Marketing, [60] Customised Marketing, [61] brand-name shopping, [62] and the consumer's perception of the price of the commodity (directly expressed as the consumer's sensitivity to price) are all main factors for understanding consumer attitudes, and help explain the reaction of market demand to price changes.
Basic needs such as air, water, food and protection from environmental dangers are necessary for an organism to live. In addition to basic needs, humans also have needs of a social or societal nature such as the human need for purpose, to socialize, to belong to a family or community or other group.
Human Scale Development is basically community development and is "focused and based on the satisfaction of fundamental human needs, on the generation of growing levels of self-reliance, and on the construction of organic articulations of people with nature and technology, of global processes with local activity, of the personal with the social, of planning with autonomy and of civil society ...