Marketing Concept

Marketing concept is the strategy adopted by the management to meet customer’s need, make profits, and stay ahead of other competitors. There are 5 basic marketing concept namely,

  1. Production Concept
  2. Product Concept
  3. Selling Concept
  4. Marketing Concept
  5. Societal Marketing Concept

There are three types of market and let’s discuss them one by one.

  1. Market Places: Market with good and products which have physical existence. In this type of market, manufacturers try to sell their products.
  2. Market Space: Market space is a new concept which means virtual market. Physical boundaries are removed in this type of market. For example: Dell, Amazon, Ebay are selling their products directly through their websites.
  3. Meta Market: Meta market targets different customers for the same product/services via website/other social media platforms. For example: Computer Source BD targets customers with the need of electronic gadgets.

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