What is the important core concept of marketing?

Answer 1

There are many important aspects of marketing. Marketing can be defined as the process of creating, pricing, distributing and promoting goods, services or ideas to facilitate satisfying exchange relationships with customers. Basically, it involves creating the right product, at the right price, putting it in the right place with the right promotion in order to make your customers, or target market, happy. A target marketis the group of customers towards which a company directs a set of marketing efforts. In order to please these customers a marketer must use the '4 P's of marketing': product, price, place (distribution) and promotion. In order to satisfy your customers needs and expectation and still meet your organisations goals you must coordinate all the activities effectively and develop the right mix of the 4 P's to match the needs of the target market. For example, if your target market are young wealthy business people you cannot sell your product in the local chemist or discount outlet. The sale of a product, service or idea can be thought of as an exchange. When buying a product a customer is exchanging their money and time in order to receive the benefits of your product (which could include comfort, status, look etc). For a satisfying exchange to occur each party to the exchange need to have confidence in the something of value held by the other party and when the exchange is complete, be happy with what they have reeived (ie their expectations met). When you market something you should be trying to creating, and then maintain, satisfying exchange relationships. Not only should you be trying to attract new customers, you should also try and increase the profitability of current relationships with customers and increase their duration. To be an effective marketer you need to plan, organise, implement and control all aspects of the marketing process. You need to assess possible opportunities and resources and determine your marketing objectives. You need to organise everything so you are ready to implement your plan. Successful implementation of your plan requires you to coordinate all marketing processes and finally, you need to establish your performance standards and compare your actual performance with your expected perforamance.

Answer 2

The important core concept is to "fulfill the needs" of your market at a profit.

Answer 3

According to Semester Online, there are 7 core concepts of marketing. They are company, customers, competition, product, promotion, price, and placement.

Answer 4

needs wants and demands

Answer 5

marketing concept