Marketing is one of the powerful tools employed by organization in their struggle for survival and growth. Marketing may be defined as, “the process of planning and executing the conception, pricing, promotion and distribution of ideas, goals and services to create exchanges that satisfy individuals, organization and society”.
Core concepts of Marketing:
The core concept of marketing can be represented as shown in figure-
Marketing begins with needs and wants. Wants refer to the desires for specific satisfactory of needs. Wants are unlimited. Demands are the wants backed by ability and willingness to buy. People satisfy their needs with products/services. Value is the worth of product which is the ratio of function to cost. Value is consumer’s estimate of products capability to satisfy needs. Exchange is a process of obtaining a desired product from some one by offering in return. Transaction is a trade of values between two or more parties. Relationship marketing refers to establishing a long term mutually rewarding relationship between the customers, supply etc. A concept of market leads to marketing. A marketer is one who is engaged in an exchange of values.
Five concepts of marketing
i.Exchange Concept: - The central idea of marketing is the exchange of product between the seller and buyer.
ii.Production Concept:-The production oriented organizations concentrate on high production efficiency and high production volume.
iii.Product concept: - The concept believes in the fact that customers prefer products which have better quality, performance and innovative features.
iv.Sales Concept: - More concern towards the problems of selling and distribution of products and attention towards attainment of sales volume.
v.Marketing concept: - It is concerned with consumer satisfaction and meeting the needs of the customer profitability.
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