The Marketing Concept

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The marketing concept emerged in the mid-1950s.

  • Instead of a product-centered, "make-and-sell" philosophy, business shifted to a customer-centered, "sense-and-respond" philosophy.
  • Instead of "hunting," marketing is "gardening."
  • The job is not to find the right customers for your products, but the right products for your customers.
  • The marketing concept holds that the key to achieving organizational goals consists of the company being more effective than competitors in creating, delivering, and communicating superior customer value to its chosen target markets.

What is Marketing ?

Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stake holders
(The American Marketing Association definition) We see marketing management as the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.

Marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others. For a managerial definition, marketing has often been described as "the art of selling products," but people are surprised when they hear that the most important part of marketing is not selling! Selling is only the tip of the marketing iceberg

What Is Marketed ?

Marketing people are involved in marketing 10 types of entities:
goods, services, experiences, events, persons, places, properties, organizations, information, and ideas.