Business

13 Pages 3278 Words

, whether based on perception or attitude, and albeit, affected by moods or peers – no one by law can force a consumer to purchase. Concept 1: The Marketing Concept Marketing is based on the principle of exchange where interested parties exchange something of value. When Adam Smith stated, “Consumption is the sole end and purpose of production”, he was describing what in recent times has become known as the marketing concept (McDonald & Keegan, 1997, pg. 1). Marketing is not simply involved with advertising, selling and promotion; it is a complex process involved with conception through to final consumption of the product. The marketing concept has been adapted to suit a range of organisations, be they involved primarily in retail, wholesale, service, profit or non-profit, large or small. There are five alternative concepts under which organizations conduct their marketing activities: the production, product, selling, marketing and social marketing concepts (Kotler & Armstrong, 1996, pg. 14). Of these, selling and marketing concepts are r...