BUS MKG 1.3 - BOLUSO

• Marketing concepts are the fundamental philosophies and ideas used by companies to approach the marketplace.
• Traditional marketing concepts: Production concept, product concept, selling concept
• production concept is considered one of the oldest philosophies in marketing. It assumes that consumers favor products that are widely available and more affordable than others.
• product concept assumes that consumers prefer and patronize products that offer the highest quality, performance, and features.
• selling concept assumes that consumers will not buy a product unless the company engages in a large-scale selling and promotion effort.
• traditional marketing approaches are product-based and product focused
• traditional marketing concepts lead companies to focus on product improvement, production and distribution efficiency, and promotional efforts