Basic Marketing Concepts

Basic Marketing Concepts
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Basic Marketing Concepts
Marketing is increasingly becoming a vital part of modern business organizations. Basic marketing concepts include the production concept, the product concept, the marketing concept, the selling concept, and the societal marketing concept (Armstrong et al., 2015). According to the production concept, customers favor products that are affordable and available. The product concept holds that customers value products with high performance, quality, and innovativeness. According to the marketing concept, to achieve the goals of an organization, understanding the needs of the target market and meeting these needs better than competitors is essential. The selling concept holds that for customers to purchase the products of a company, large-scale promotion and selling are necessary. Finally, the societal marketing concept questions whether an organizatio...