The Marketing Concept

What is the marketing concept? Marketing is one of the three basic areas of activity in the typical industrial business. It begins by influencing the format of the product to secure maximum acceptance in the market. It also defines the prices at which and the quantities in which it should be offered in any given period to secure the maximum return to the business in the long term.

Marketing normally includes an evaluation of the market and estimates of sales, the development of the marketing approach or policy, the planning and operation of the marketing function over all (internal and external) for maximising sales and for dealing with customers, all forms of promoting sales, the setting budgets for the marketing activity, the evaluation of results by reference to internal data and the results of market research.

The marketing concept is a philosophy of business. It means that customers seeking satisfaction becomes the economic and social justification of a company’s existence. So, all company activities in production, engineering, and finance, as well as in marketing, must be devoted first to determining what the customer’s wants are and then to satisfying those wants while still making a reasonable profit.