Marketing Concept Definition Quizlet. The idea that a company should supply a product or service based on what customers want and need. Marketing is defined by the American Marketing Association as the activity set of institutions and processes for creating communicating delivering and exchanging offerings that have value for customers clients partners and society at large 1If you read the definition closely you see that there are four activities or components of marketing.
The marketing concept is a process when a company plans and implements to maximize profit by increasing sales satisfying customers needs and beating competitors. Marketers and consumers are increasingly taking stock of what is good for themselves their family their country and the planet. The marketing concept is a business idea which states that the companys success lies in becoming more effective than the rivals in producing delivering and communicating greater customer value to the target market.
The societal marketing concept holds that a company should make good marketing decisions by considering consumers wants the companys requirements and societys long-term interests.
Their most current marketing definition is. Marketing is the promotion of business products or services to a target audience. Approved July 2013 Link to AMA. Marketing looks for opportunities to provide products and services to help consumers reach their goals meet their values while also making profitable decisions for their companies.
