Understanding Marketing Concept Definition. To summarise The concept of marketing relies on market research and determining needs of the customer such that a better marketing strategy can be devised which satisfies the needs of the customer. The marketing concept also demands a holistic approach from the organization.
Kotler 1 defined market as A set of all actual and potential buyers of a product. Today most firms have adopted the marketing concept but this has not always been the case. Marketing is currently defined by the American Marketing Association AMA 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.
Also read Company orientation towards the marketplace.
These approaches are called marketing concepts or a philosophy that determines what type of marketing tools are used by a company. Focuses on satisfying the needs and wants of customers at the same time making a profit for the company. Marketing is currently defined by the American Marketing Association AMA 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. Analyzing their needs and making such decisions that satisfy those needs in a better way than competitors.
