Marketing means working with markets to bring about exchanges for the purpose of satisfying human needs and wants.
Marketing Management as the analysis, planning, implementation & control programs designed to create, build and maintain beneficial exchanges with target buyers for the purpose of achieving objectives.
There are five concepts under which organizations conduct their marketing activities: the production, product, and selling, marketing & social marketing concepts.
a) The production concept holds that consumers favor products that have available at low cost and that management’s task is to improve production efficiency & bring down prices.
b) The product concept holds that consumers favor quality products and that little promotional effect is this required.
c) The selling concept holds that consumers will not buy enough of the company’s products unless stimulated through heavy selling & promotion.
d) The marketing concept holds that a company should research the needs and wants of a well-defined target market and deliver the desired satisfactions.
e) The social Marketing concept holds that the company should generate customer satisfaction and long run societal well being as the key to achieve both its goals and its responsibilities.