Marketing principles and concepts

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Marketing Principles & Concepts



Principles of Marketing

Understanding the needs of the customers.Satisfying them by their expected products

or services.

Explain the marketing concept and principles


The basis of selling and marketing efforts are always guided by a concept, which the company follows. Mainly 5 concepts are there:

The Production ConceptThe Product ConceptThe Marketing ConceptThe Societal Marketing ConceptThe Selling Concept

Explain the concept and use of the marketing mix including the extended marketing mix



Product: The product is designed based on the utility,

characteristics, usages, design, usefulness determined by the

customers. Price: Setting the exact price that the customers perceive and as

per their affordability that provides them value for money.

Place: It includes designing the most convenient option to avail the

product. The market, its distance from the locality, intermediaries,

warehouse, types of products etc are considered in designing place.

Marketing Mix



Promotion: Promotion mix is designed to convey the

details of the products and services to the customers.

People: When talking about people it means the main

backbone of the organization especially for the services

industry.

Process: Designing the procedure of work is

important in hospitality industries.


Physical Evidence: It involves the physical existence of the service organization, its logo, ambience, dress code of the service persons that creates a lifelong impact on the customers.


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Marketing principles and concepts