What are the four core concepts of the marketing process?

The four core concepts of the marketing process involves, consumers needs and wants, as well as meeting the consumer's expectations and demands.

· Needs: is a basic requirement to sustain life, for example water and food. Therefore needs are limited, and the market is able to meet the needs of consumers.

· Wants: are goods/services which consumers see will give them satisfaction and fulfil their desires, for example chocolate or the latest sports car model. Wants are unlimited, or never ending, therefore marketing can have a large influence on the consumer's view to always 'want' certain things. Although wants are not backed up by payment (monetary value).

· Expectations: is based on how consumers judge something that they want. Therefore the greater the want, the greater the expectation will be of a certain good/service. Therefore the good/service will have to work harder to satisfy and meet the consumer's expectations and standards.

· Demands: is where consumers' are willing and able to pay (purchase) a good/service at a given price in the market, at a given point of time.

Then there is also profit that businesses hope to gain with the marketing process.

• Profit: is the money left over after accounting for all the businesses expenses.