what is the marketing concept

The marketing concept is a strategy that companies implement to satisfy their customers needs, increase sales, maximize profit, and get ahead of their competitors. It is based on the "right" principle, which means finding out the needs and wants of potential buyers and then providing goods and services that meet or exceed their expectations. The marketing concept rests on four pillars: target market, customer needs, integrated marketing, and profitability. The distinction between "strategic" and "managerial" marketing is used to distinguish "two phases having different goals and based on different conceptual tools. Strategic marketing mainly concerns the choice of policies aimed at improving the competitive position of the firm, taking account of the challenges and opportunities proposed by the ... marketplace". The five fundamental concepts of marketing are the production concept, the product concept, the selling concept, the marketing concept, and the societal marketing concept. The marketing concept is about creating exchanges, which take place when two parties give something of value to each other to satisfy their respective needs or wants.