According to AllBusiness.com, a marketing concept is a philosophy used by businesses that focuses on satisfying the needs of consumers instead of the needs of the company. A marketing concept uses customer satisfaction to determine whether a product or service is successful.Continue Reading
A marketing concept defines the strategy that companies use to market their products or services to customers. The goal of marketing is to promote the benefits of a product. For instance, a cosmetic company can use marketing to explain how its products make a person feel more attractive, confident and happier in order to influence his purchase decisions. A marketing concept also enables companies to gain a competitive advantage in the industry.
Marketing concepts became popular after Word War II. Following the war, people had an increased disposable income and could choose between multiple product offerings. Therefore, a marketing concept gave companies the ability to focus on developing products that would appeal to different customer groups and increase profits by satisfying customer needs over a long period, according to NetMBA. In modern businesses, a marketing concept relies upon marketing research about target markets, market size and the marketing mix. The marketing department of an organization is responsible for implementing marketing strategies.Learn more about Marketing & Sales