Marketing Concepts

Marketing is the function and process of building, managing and maintaining an exchange relationship, where you start with attracting the customers, establishing a relationship with them and finally maintaining it by satisfying their needs. That customer can be other businesses or the consumers; therefore, marketing can be business to business or business to consumer depending upon the situation. 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. For instance, telecommunication creates a marketing strategy that first attracts and convinces people to use their calls, messaging and Internet packages. Once people start using, then they ask them to rate their service by giving them stars. The marketing concept is a process when a company plans and implements to maximize profit by increasing sales, satisfying customer’s needs and beating competitors. The purpose is to create a situation that benefits both parties: the customer and the company. The idea of the marketing concept is to anticipate and satisfy the needs and wants of customers better than the competitors. The marketing concepts were originally derived from the book of Adam Smith, Wealth of Nation. It remained unknown to the world until the twenty-first century. To fully understand the marketing concept, first, we have to understand needs, wants and demands. Table 3.1 shows the description of the three essential elements.