What is the Marketing Concept?

Well the marketing concept is the dominant philosophy of marketing. The concept says that as a company we should have what's called a market orientation.

What is Market Orientation? 

Market orientation means that everything that we do as a company (whether that's in the marketing department, the production group, our finance folks, or everybody and everything we do) should be geared towards creating customer satisfaction.

What is Customer Satisfaction?

Satisfaction is the difference between the actual value that we create and deliver and the expectations of the customer or the market. Customer satisfaction is the comparison of value expected and value received.

So creating customer satisfaction means creating as much or more value than what is actually expected. 

What is Customer Value? 

Customer value is simply the benefit associated with a product. Customers tend to expect a benefit that matches the value they provide in exchange for that benefit. 

Once again, providing value that equals or exceeds the expectations (which the level of expectation is set by the value provided in exchange for the benefit), the customer will be satisfied. 

Related Topics

• What is Marketing?
• Role of Marketing in the Organization
• Role of Marketing in Society
• Micro and Macro Marketing
• Why Does Marketing Matter?
• Purpose of Marketing
• Tasks of Marketing
• Marketing Affects the Economy
• Marketing Changes over Time
• What is the Marketing Concept?
• Relationships Matter in Marketing
• End User
• What do Marketing Managers Do?
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