In marketing, a concept is the way a product or service is formed and presented to its target consumers.
The marketing concept is a philosophy that revolves around the needs of consumers. It entails understanding their needs. A company must also align its functions to be able to satisfy those needs. It does so by developing and producing products and services for the need to be met in a timely manner.
Customer satisfaction is of utmost importance. Goods and services should not only meet the consumers’ minimum requirements. They should also be of excellent quality and have additional features that would make the consumer satisfied. In order to achieve customer satisfaction conceptualization of a product or service requires careful planning in terms of marketing’s four P’s, which include:
Product – This can be in the form of goods, service or information.
Price – Pricing is to be determined not only for production cost, but for product demand and perceived value.
Place – Also called territory, this refers to the region(s) where the product/service is to be sold.
Promotion – Also called advertising. This aspect of marketing is usually confused with the term marketing but is actually just a part of the entire marketing concept.