What Marketing Concept. A marketing concept is a philosophy that encourages companies to develop products based on the markets needs and preferences. But it was only a thing after marketers managed to identify some of the most important modern marketing concepts.
Strategy has found its place at every marketers table. 22 The marketing concept The marketing concept is a philosophy which states that the key to achieving goals is to determine the needs of the target customers and to satisfy those needs more efficiently and effectively than competitors. This theory states that successful products and services are those that actually supply something that the customer is actually requiring.
This theory states that successful products and services are those that actually supply something that the customer is actually requiring.
The marketing concept is the use of marketing data to focus on the needs and wants of customers in order to develop marketing strategies that not only satisfy the needs of the customers but also the accomplish the goals of the organization. The marketing concept does not target to maximize profitable sales volumes but to generate profits through. It is driven by senior. Applying the marketing concept also means knowing what the market needs and expects from the company thereby doing more market research.
