The Marketing Concept

October 20, 2008

Consumption is the sole end and purpose of production

So stated Adam Smith in 1776. This has evolved into the modern day Marketing Concept: the key to marketing is the matching of a company’s capabilities to the needs and wants of customers with the purpose of achieving the objectives of both parties.

Traditionally, the marketing mix has been represented by the Four Ps: Product, Price, Place and Promotion.

According to modern marketing theory:

The Marketing Concept implies that all of the activities of an organization are driven by a desire to satisfy customer needs

Source:Malcolm MacDonald, “Marketing Plans”

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Written by Tony Lopes · Filed Under Marketing

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