Introduction to Marketing Concepts
Marketing is the act of deliberately stimulating demand for products and services; possibly including selection of a target consumer; generation of statistical data pertinent to the marketed product or service; and the creation of the marketing message. Marketing as it occurs has three specific stages: research, development and advertising. Research is basically the investigation of existing or potential market conditions, in order to find or establish logically the most suitable form of marketing to be employed. Development is the next stage, in which the actual marketing message, i.e., the brochure, letterhead, posters, advertisements, etc., are produced and distributed to interested parties. Advertising is normally considered as the last or one of the final steps in marketing.
The object of marketing management is to satisfy customers by meeting their needs at the lowest possible cost. A principle of marketing management is that the more successfully a marketing concept is established, the more profit will be generated. Marketing concept is a set of practical and effective techniques, strategies and methods, developed over a period of time, that support the achievement of this objective. An essential feature of marketing management is that it attempts to provide a unique selling proposition (USP), to the customer, and one that is capable of closing a sale.
Marketers have to be concerned not only about satisfying customers, but also about ensuring satisfaction of the market itself. One way of ensuring satisfaction of both the market and the customers is to formulate a marketing concept, which is in harmony with the goals of the company and its products and services. The success of any marketing effort is dependent on the understanding, effectiveness and the reliability of the evaluation process used to determine the customers’ needs and expectations. Marketers should always keep in mind that a marketing concept should be capable of predicting the present and prospective needs of the customers.