Can You Explain The Marketing Concept?

Marketing is the process of developing profitable relationships with the customers. Marketing is an important part of a business and is must to generate sufficient revenues to attract customers. Usually marketing plans are made for achieving business objectives. A marketing strategy includes a comprehensive analysis of market, customer needs, competitors, PEST/SWOT Analysis, marketing mix which includes 4Ps (Product, Price, Place and Promotion). The key part of marketing is 'Marketing Mix'. Companies should first understand customer needs and then develop marketing mix. A product can only sell if it has a unique selling proposition and can satisfy customer's unmet need. Therefore marketing concept is key to success in product development and promotion of the product. Advertising and promotion is also an essential part of marketing in order to increase product's sales.

The marketing concept
The term market refers to the place where buyers and sellers meet for the purpose of satisfying their respective needs. Before industrial revolution, the market for goods was very limited. People were almost self sufficient in their daily requirements for goods. A few products which people needed were usually purchased from near their houses either on barter system or on cash. The luxury products of that time such as spices, furs, skins, expensive cloth were brought into the market on a very small scale and these were purchased by the rich people. The goods in those days were produced and sold with very little thought of the customers.

After the Industrial Revolution, the scope of the market has greatly widened due to increase in production of goods, increase in competition, increase in population, increase in income, increase in fashion, improvements in the means of communication and transport etc. Goods are now produced to satisfy the needs of the customers. Marketing here occupies an important position with the business executives and is now an accepted feature of commerce.
In the early days of business the market concept was product oriented. In the 20th century there is a mass production of goods and increased advertisement for their sales.