Marketing Concept Product. Customer and the company. The marketing concept is a process when a company plans and implements to maximize profit by increasing sales satisfying customers needs and beating competitors.
Philip Kotler the eminent writer defines modern marketing as Marketing is social and managerial process by which individuals and groups obtains what they needs and wants through creating and exchanging product and value with others Careful and detailed analysis of this definition necessarily reveals some core concepts of marketing shown in Figure 4. Production concept Product concept Selling concept Marketing concept Societal marketing concept. At the core of this concept is the principle of quality performance and innovation.
Customer and the company.
Production concept Product concept Selling concept Marketing concept Societal marketing concept. The marketing concept involves identifying consumer needs and wants and then producing products which can be goods services or ideas that will satisfy them while making a profit. The concept is truly applicable in some niches such as electronics and mobile handsets. The term product can be understood in narrow as well as broad sense.
