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,
- Production Concept
- Product Concept
- Selling Concept
- Marketing Concept
- Societal Marketing Concept
There are three types of market and let’s discuss them one by one.
- Market Places: Market with good and products which have physical existence. In this type of market, manufacturers try to sell their products.
- 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.
- 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.