The word “Business” has its unique identity. Marketing execute a vital role in achieving the ultimate goal of business organization-profit maximization. Different companies follow different strategies and concepts of marketing according to their selected target market and customer.
Marketing has to face innumerable challenges in its way of work. In this report, we have tried to cover the different strategies or concepts followed by different companies or industries in Bangladesh, marketing challenges in Bangladesh, and ways to overcome those.
This report covers –
• Brief discussion on the core concepts of marketing
• Concepts followed by industries in Bangladesh to achieve their marketing goal
• Challenges present in the current marketing system of Bangladesh
• Ways to overcome the marketing challenges
Efforts are also been made to give an overview on the newly adopted relational marketing concept that is becoming more popular day by day.
Concepts of Marketing4
The Production Concept4
The Product Concept:5
The Selling Concept6
The Marketing Concept7
Social Marketing Concept:9
Problems that exist in the current marketing system and measures to remove those:11 4 Ways to Overcome Marketing Challenges Forever:13
A market is any one of a variety of different systems, institutions, procedures, social relations and infrastructures whereby person trade, and goods and services are exchanged, forming part of the economy. It is an arrangement that allows buyers and sellers to exchange things. Markets vary in size, range, geographic scale, location, types and variety of human communities, as well as the types of goods and services traded. Some examples include local farmers’ markets held in town squares or parking lots, shopping centers and shopping malls, international currency and commodity markets, legally created markets such as for pollution permits, and illegal markets such as the market for illicit drugs.
In mainstream economics, the concept of a market is any structure that allows buyers and sellers to exchange any type of goods, services and information. The exchange of goods or services for money is a transaction. Market participants consist of all the buyers and sellers of a good who influence its price. There are two roles in markets, buyers and sellers. The market facilitates trade and enables the distribution and allocation of resources in a society
So it is an event or occasion, usually held at regular intervals, at which people meet for the purpose of buying and selling merchandise. Means by which buyers and sellers are brought into contact with each other and goods and services are exchanged. The term originally referred to a place where products were bought and sold; today a market is any arena, however abstract or far-reaching, in which buyers and sellers make transactions.
Marketing is the process of performing market research, selling products and/or services to customers and promoting them via advertising to further enhance sales. It generates the strategy that underlies sales techniques, business communication, and business developments. It is an integrated process through which companies build strong customer relationships and creates value for their customers and for themselves.
Concepts of Marketing
In today's rapidly changing environment, there are numerous philosophies in marketing management that are profoundly analyzed and practiced. They are:
➢ the production concept
➢ the product concept
➢ the selling concept
➢ the marketing concept , and
➢ and the social marketing concept
(Kotler, Brown, Adam & Armstrong, 2001, p15). These concepts are used to perform tasks to achieve the desired...