Marketing Concept Requirements. THE SOCIETAL MARKETING CONCEPT The societal marketing concept holds that the organizations task is to determine the needs wants and interests of target markets and to deliver the desired satisfactions more effectively and efficiently than competitors in a way that preserves or enhances the consumers and the societys well being. In general terms the word market is associated with a place where transaction occurs between sellers and buyers.
It is based on four pillars target market customer requirements incorporated market and profitability. The marketing concept holds that the key to achieving organizational goals consists of the company being more effective than competitors in creating delivering and communicating superior customer value to its chosen target markets Kotler and Keller 2006. Palmers marketing definition is as.
Its all about knowing the target market sensing its needs and meeting them most effectively.
Philip Kotler defines marketing as. Marketing is a managerial function primarily economic consisting of activities like research into markets demand forecasting product planning pricing distribution and advertising organised into a system of interdependencies and directed at yielding profits to the enterprises providing satisfaction to the consumers and indirectly benefiting society at large. Long-range customer and societal welfare. For example Mahatma Phule market in Pune is a retail market of vegetables and Dalai Street in Mumbai is the stock exchange market.
