It consists of all potential consumers sharing a particular need or want who might be willing & able to engage in exchange to satisfy that need or want.
It means Working with markets to actualize potential exchanges for the purpose of satisfying human needs & wants.
It means someone seeking a resource from someone else & willing to offer something of value in exchange.
1. The Production Concept.
The production concepts holds that customers will favor those products that are widely available & low in cost. Managers of production oriented organizations concentrate on achieving high production efficiency & wide distribution coverage.
2. The Product Concept.
The product concept holds that consumers will favor those products that offer the most quality, performance or innovative features. Managers in these product oriented organizations focus their energy on making superior products & improving them over time.
3. The Selling Concept.
The selling concept holds that consumers, in left alone, will ordinarily not buy enough of the organizations products. The organization must therefore undertake an aggressive selling & promotion effort.
4.The Marketing Concept.
The marketing concept holds that the key to achieving organizational goals consists in determining the needs & wants of target markets & delivering the desired satisfaction more effectively & efficiently than competitors.
5. The Societal Marketing Concept.
The societal marketing concept holds that the organization’s task is to determine the needs, wants & interests of target markets & to deliver the desired satisfaction more effectively & efficiently than competitors in a way that preserves or enhances the consumer’s & society’s well being.