What Are the Elements of the Marketing Concept?

The four elements of the marketing concept are the target market, the customer needs, integrated marketing and profitability. These form the key for the selling company to achieve a competitive advantage.

The target market is the group of customers at which the marketing strategy is aimed. The customer needs are the problems to be solved by the marketed good or service. Integrated marketing is the unification of all marketing methods to complement one another. Profitability is the ability to yield a financial gain, measured by price to earnings ratio. The marketing concept was developed in the economic boom that followed World War II, when increased discretionary income and variety of products demanded more focused and sophisticated sales efforts than had been common.