The basic ideas and concepts businesses use in their marketing management remain unchanged. Each business uses the concept that creates a suitable strategy for its core mission and vision. Individual and organizational efforts aimed at identifying, anticipating, and mutually satisfying the requirements of all parties engaged in the transaction are referred to as marketing. Marketing isn’t possible without trade. For some type of payment, one side must exchange a commodity or service with another party. This is the exchange process, which is at the heart of all marketing efforts.
The basics and concepts of marketing may be summed up in four utilities.
The form or when the product is made, or when the product is adapted for the client. The capacity of a customer to purchase a thing when they want to purchase it. When a customer is in a position to buy the desired product at desired place that is convenient for them. This is the location. And finally, the possession or when after making a purchase the ownership of a product or a service transfers to one party (the producer/seller) to another (buyer/costumer).
Basics and concepts of marketing management in four ideas respectively are: product concept. Or if you produce a good product and charge a fair price. Because you won’t need much promotion to sell it. Selling Concept. Meaning unless vigorously pushing the product, buyers are unlikely to buy enough of it. Marketing Concept. When the main goal is to recognize customer demands. And then change the organization to meet those needs more effectively and efficiently than the competitors. In order to fulfill firm objectives and meet its societal duties, this management approach emphasizes on meeting customer wants and exhibiting long-term care for societal welfare. The goal is to strike a balance between social welfare and economic growth.
