Marketing is a branch of management that tries to plan strategies that will construct cost-effective and profitable relationships with target customers. The marketing conception relies upon marketing research to define market segments, their size, and their needs. To satisfy those needs, the marketing team makes decisions about the convenient parameters of the marketing mix.
To sum up, the marketing concept is based on the following pillars:
(i) Focus of the marketing concept starts at understanding the market.
(ii) Identification of market or customer who are chosen as the target of marketing effort.
(iii) Understanding needs and wants of customers in the target market.
(iv) Development of products or services for satisfying needs of the target market.
(v) Satisfying needs of target market better than the competitors.
(vi) Doing all this at a profit.
(vii) Instead of making an assumption. The marketing concept finds out what really the consumer requires and acts accordingly to them.
Thus, the focus of the marketing concept is on customer needs and the customer satisfaction becomes the means to achieving the firms’ objective of maximizing profit. The purpose of marketing is to generate customer value at a profit.
