The Marketing Concept

The marketing concept rests on the importance of customers to a firm and states that:

All company policies and activities should be aimed at satisfying customer needs, and

Profitable sales volume is a better company goal than maximum sales volume.

To use the marketing concept, businesses should:

Determine the needs of their customers (Market Research);

Analyze their competitive advantages (Market Strategy);

Select specific markets to serve (Target Marketing), and;

Determine how to satisfy those needs (Market Mix).