What Are The Basic Elements Of The Marketing Concept. Businesses use a blend of these marketing mix elements. This can be achieved by market research and choosing which the target business sector will give the best returns.
Learning Targets Describe the role of market determination Define the basic marketing concepts and the four elements of the marketing mix. Defining your companys goals is one of the primary components of the marketing concept. THE MARKETING CONCEPT The key to achieving organizational goals consist in determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than competitors.
The marketing concept involves identifying consumer needs and wants and then producing products which can be goods services or ideas that will satisfy them while making a profit.
Implementation of the marketing concept in the 1990s requires attention to three basic elements of the marketing concept. An example of this might be a car manufacturer designing their car so that a driver will be able to plug in his I-pod or other devices. Relationship marketing entails forging long-term relationships with customers which can lead to repeat sales reduced costs and stable relationships. Defining your companys goals is one of the primary components of the marketing concept.
