Marketing is the process of finding out what the consumer wants and providing it for them.
a) Exchange concept: exchange between the buyers and sellers covering distribution aspect and price fixation mechanism.
b) Production concept:
– Marketing is an appendage to production.
– Generally high volume of production and low unit cost.
c) Product concept: It seeks to achieve winning market and profits via product excellence. It deals with quality assurance or product attributes.
d) Sales concept: No automatic demand for the product unless there is promotional works in terms of aggressive advertising, high power personal selling, large scale sales promotion, price discount and strong publicity and public relations.
e)Marketing Myopia: A colored or crooked perception of marketing and short sightedness about business may result into failure in the market place.