A marketing concept is a strategy that companies and marketing agencies that work for companies, design and implement in order to satisfy customers needs, maximize profits, satisfy customer needs and beat the competitors or outperform them.
Samsung uses the marketing concept by considering both its customers and competitors in every business decision, and tries to produce what the customer needs.
According to NetMBA: The marketing concept is the philosophy that firms should analyze the needs of their customers and then make decisions to satisfy those needs , better than the competition .
Robert Katai, an experienced marketing strategist, provides the definition of a marketing concept : “A strategy that companies and marketing agencies design and implement in order to satisfy customers’ needs, maximize profits, satisfy customer needs, and beat the competitors or outperform them.” The main five include
Once your business goals are defined, here are the four steps of a successful marketing process: Discovery. What’s going on in your marketplace? Strategy. Implementation. Measurement.
The marketing concept is the belief that companies must assess the needs of their consumers first and foremost. First of all, let us define needs and wants. Needs are basic requirements for an individual to survive. Some examples are water, food, shelter, etc.
Apple promotes their products through commercials and print ads, focusing on how their products are different from competitors. Commercial ads run when a product is first launched and print ads will run throughout the product’s life. Ads are simple and to the point, usually focusing on one key feature of their product.
These seven are: product, price, promotion, place, packaging, positioning and people.
1. Customer -Oriented Focus: The new marketing concept holds that a firm can gain more by being oriented outwards towards the market instead of inward towards the products. There are several benefits when management keeps its eyes on the market rather than on the product.
The concept of modern marketing is comprehensive and user-centric; it means discovering. potential customers and creating goods or services in such a way to fulfill the needs and wants of. the customers rather than simply providing them with what the seller has made.
” Relationship marketing is a strategy designed to foster customer loyalty, interaction and long-term engagement. It is designed to develop strong connections with customers by providing them with information directly suited to their needs and interests and by promoting open communication.”
Marketing is called a social process due to its concern for the long-term welfare of society. Apart from the customer satisfaction, it pays attention to the social , ethical and ecological aspects of marketing .