Let us recapitulate the important concepts discussed in this unit: Marketing is a social activity directed towards satisfying customer needs and wants through an exchange process. The five core concepts of marketing are: Needs, wants, and demand, Product and services, Exchange process, Customer value and satisfaction, and Markets. The main functions of marketing are advertising, sales promotion, market research, and sales planning. Marketing is not only important for a company but also for consumers and the economy. It attempts to improve standard of living through better product and service offers. Marketing, as a concept, has evolved over a period of time and has witnessed changes and modifications with the progress of civilisation. There are five concepts that explain this change and offer ways to companies on how to conduct their activities. They are production concept, product concept, selling concept, marketing concept, and societal marketing concept.
Exchange process: It occurs when the buyer with a demand and a seller with a product offering confront each other. Marketing myopia: It refers to a short-sighted and inward looking approach to marketing that focuses more on the needs of the producer than the needs and wants of the consumers. Marketing: A societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others. Marketing orientation: It requires the firm to look for consumer needs and the necessity to search for new opportunities to satisfy the consumers in a better way than the competitor. Needs: A condition or situation in which something is required. Production concept: A concept that assumes that customers will choose products and services that are widely available and are of low cost. Product concept: A concept based on the proposition that consumers will favour...