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Understanding Marketing Concepts 101 | HiTechNectar

What is marketing and marketing concept?

Marketing refers to an activity of a company correlated with buying or selling a product and service which includes advertising, selling, advertising and delivering products to people or the management process through which goods and services from concept to customer. However, a marketing concept is a strategy that organizations execute to satisfy customer’s need, amplify sales and increase profit.

Marketing concepts that firms adopt and execute

Here is a brief overview of marketing concepts that firms adopt and execute.
It is an operation-based concept where the customer expects products that are easily accessible and affordable or reasonable. In production concept the business focuses on production proficiency, decreasing costs and mass distribution. This concept works in economies that are developing where the need for the product is more than the features it offers.
It is a consumer-oriented concept where the customer expects products that are supreme, high-performance and with exceptional features. The product concept assumes that consumers are likely to be trustworthy or loyal when the product meets all their expectations and so, the business seeks to offer more innovative products.
The marketing concept is buyer-oriented and focuses on the target market, its needs and wants. Instead of making an assumption, this concept finds out what really the customer wants/desires and acts accordingly to them. It is more radical as compared to the concepts above.

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