That supply creates demand in the market. Production concept is on the quantity, not the quality of the products.Ĭoncept started in the mid of 1950s, and it follows the Says Law. Products cheaper to make it available to the mass population. Production concept is one of the earliest marketing concepts where the companyįocuses on the efficiency of its production processes. However, there are five core marketing concepts also known as marketing management philosophies. Some of those concepts exist today and the others have become obsolete. There are as many marketing concepts as many businesses running in the world. Demands – when our wishes, needs, and wants are backed by our capability to pay, then they become demands.Wants – wants are our wishes and desires that what we want in life, our social setup and culture shape our wants.Needs comprises of many things like food, shelter, security, social belonging, self-development, self-esteem, and respect. Needs – it is something necessary for the existence of life, many adverse things can happen without it.To fully understand the marketing concept, first, we have to understand needs, wants, and demands It remained unknown to the world until the 21st century. The marketing concepts were originally derived from the book of Adam Smith, Wealth of Nation. The idea of the marketing concept is to anticipate and satisfy the needs and wants of customers better than the competitors. The purpose is to create a situation that benefits both parties Profit by increasing sales, satisfying customer’s needs and beatingĬompetitors. Marketing concept is a process when a company plans and implements to maximize Once people start using, then they ask them to rate their service by giving them stars. The ultimate function of marketing is the same, and that is to establish a relationship with customers and satisfy their needs by meeting their demands.įor instance, telecommunication creates a marketing strategy that first attracts and convinces people to use their calls, messaging, and internet packages. That customer can be other businesses or the consumers therefore, marketing can be business to business or business to consumer depending upon the situation. Relationship with them, and finally maintaining it by satisfying their needs. Relationship where you start with attract the customers, establishing a Is the art and process of building, managing and maintain an exchange
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