What are the marketing concepts? Explain the process of evolution of these concepts.
Hello student ,
Marketing concept can be defined as “a strategy that companies can use to satisfy the needs of their customers, increase profits, and beat the competition”.Marketing concept is the way of life in which all the resources of an organisation are mobilized to create, stimulate and satisfy the consumer at a profit. It represents a distinct philosophy of business and considers marketing more than a physical process.
You can divide marketing concepts into five different parts. These are:
- Production concept
- Product concept
- Selling concept
- Marketing concept
- Societal concept
The evolution of these started from a very simple idea of what customer wants and how they satisfy needs by means of product.It constantly stresses on the needs of the buyers. It focuses on the customer.Companies start by making products more efficiently from the competitors to make a place stronger in market.
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