What is the Marketing concept? How does it help in the effective marketing of goods and services?

Marketing concept is a new philosophy of marketing which aims at customer satisfaction. Under marketing concept the emphasis is on selling satisfaction rather than on selling a product only.

The basic features of marketing concept are –

1. Customer oriented - All the marketing decisions should be taken on the basis of their impact on the customer. All the business activities should be directed to create and satisfy customer.

2. Market research - The marketing concept suggests that the customer's need, wants and desire is of prime importance, so a regular market research should be conducted to know about customers and their need.

3. Marketing planning - The marketing concept suggests that the marketing planning should be done in such a manner that the overall objective of the firm should be to earn the profit through satisfying the customers and not by maximizing the sales volume only.

4. Integrated Marketing - The activities and operations of various organisational units should be properly coordinated to achieve the defined objectives. Marketing should be a total system of interacting business activities.

The benefits of marketing concept are –

1. It increases the acceptability for the product and adds loyal customers

2. It requires integrated and coordinated approach to marketing which helps in achieving the goal in economical and efficient manner

3. It facilitates rational analysis of all marketing problems along with their effective solutions.

4. With help of marketing concept the firms can effectively respond to the change in environment.