The Marketing Concept The marketing concept has evolved over the last years, marketing
reflects to a key approach to doing business. An organisations
objective is to make profit, to do this they have to consider the
marketing concept, in order to satisfy customers. For an organisation
to be successful should divert its attention away from particular
products and towards the interest of the customers. Customers changing
their needs and wants influence an organisations strategies and plans.
Meeting customer’s needs is the main key in marketing.
The chartered institute of marketing used the following definition:
Marketing is “The management process responsible for identifying,
anticipating and satisfying customer requirements profitably”.
The definition explores that the customer is at the centre of the
organisations activity. “Marketing consists of individual and
organisational activities that facilitate and expedite satisfying
societal marketing concept is the newest concept. It holds that the organization's task is to determine the needs, wants, and interests of target markets and to deliver the desired satisfactions more effectively and efficiently than competitors in a way that it maintains and improves the consumer's and the society's well-being. The societal marketing concept is similar to the marketing concept, except that it also takes into consideration the society's well-being.
The main principles of marketing are to satisfy customers, target the 'right' customers, facilitate exchange relationships, stay ahead of competitors and enhance profitability. The ultimate goal is to satisfy targeted customers, seeking their loyalty and consumption. Creating good relationships with customers is an important factor. The buyer must be satisfied with the goods or service received from the exchange, and the seller must likewise be satisfied with the financial reward received in the exchange.