Can You Describe The Concept And Principles Of Marketing?

Marketing concept is the determination of needs and wants of the customers and then coming up with a product or service catering to that need. Marketing is an approach through which companies can create awareness about their products and services in a specific region, which is known as market. Concept of market in short term deals with increasing sales of the companies and in long term deals with the brand positioning. It is a process through which companies seek lifetime relationships with the customers to increase the profitability of the company and it is always beneficial for the companies to retain the existing customers rather than attracting new customers. Marketing also deals with increasing customers' base for a company. Principles of marketing deals with a lot of concepts in marketing like Production concept which deals with bringing down the prices of the products by making products affordable; Product Concept which deals with higher quality products; Selling concept which deals with promotion matters; Obviously the market concept and Societal marketing concept. Moreover, Consumer-oriented marketing, Innovative marketing, Value marketing, and Sense of-mission marketing are some other principles of marketing.

The marketing concept directs organisations to focus on customers. A company that follows the marketing concepts put the customer at the centre of all its business decisions and business planning. These companies are said to be market-orientated. There are organisations that do not operate in this way, these may have other types of orientation, such as production, product or sales.
There are four marketing principles that are the underlying goals of the marketing function of an organisation, these are;
Understanding consumer needs,
Keeping ahead of the competition.
Communicating effectively with consumers.
Utilising new technology.
Please comment if you wish for more detail on the four marketing principles.