- Published: September 21, 2022
- Updated: September 21, 2022
- University / College: Concordia University
- Language: English
- Downloads: 4
Marketing is the process in which communication gets the value of the product or service to its customers in order to sell the product or service. This Is a technique used to attract customers to the product or service. Marketing satisfies the wants and needs of people through the exchange process. Role of Marketing: Most modern businesses Identify the needs and wants of their customers and then try to create the product or service to satisfy those needs. Hence why the customer Is at the centre of the business and the decision making process.
Marketing concept: There are three marketing concepts called the production concept, the sales concept and finally the marketing concept. The production concept Is where the business mainly concentrates on producing economies of scale In production and distribution of a product or service. In other words, this expects that customers will chose to buy the cheaper product therefore the demand is driven by availability. This occurs in building work for example, like they would buy building materials at a heaper price to ensure that they increase their profit margins.
The second on is the sales concept which is usually known as ‘ hard sell’ where a product or service is designed and then personal selling and other high pressure selling techniques are used to persuade customers to exchange money for their product. You would see this in some markets where they persuade you to buy a product from them. Finally, the last concept is marketing concept. This is not like all the other concepts above, this puts the customer at the centre of attention and decisions before the product or service is produced.
