Concepts and Principles

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(P1) Describe the concept and principles of marketing.

Marketing is “the management process responsible for identifying, anticipating and satisfying customer requirements profitability.”

2003 BTEC Business (Heinemann) – Page 289 - The Chartered Institute of Marketing.

Marketing have certain concepts such as:

  • Production Concept
  • Selling Concept
  • Product Concept
  • Marketing Concept

Production Concept is the idea that certain company should focus on products that are effectively produced. Also the creation of a supply of low-cost products or services would also itself create the demand for the products in the market.

Selling Concept is “the philosophy or orientation of an organisation which emphasises aggressive selling to achieve its . Firms characterised by this  often rely upon pressure selling and manipulative  techniques to win business.”

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Product Concept is “a verbal or pictorial version of a proposed . The  consists of one or more s it will yield, its general form, and the  used to achieve the form.”

Marketing Concept is the “business orientation or philosophy that holds that organisational success is dependent upon the  identification of the  and  of s and the effective  of them.”

Marketing has four common principles to undertake, these principles are:

  • Understanding customer needs
  • Keep ahead of competition
  • Communicate with customers
  • Using technology

Understanding customer ...

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