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The Marketing Concept • A business philosophy that involves the entire organization in the process of satisfying customers’ needs while achieving the organization’s goals • To achieve success, a business must – Talk to its potential customers to assess their needs – Develop a good or service to satisfy those needs – Continue to seek ways to provide customer satisfaction Copyright © Cengage Learning. All rights reserved 12 | 1 Implementing the Marketing Concept • Obtain information about present and potential customers – Their needs; how well those needs are being satisfied; how products might be improved; customer opinions about the firm • Pinpoint specific needs and potential customers toward which to direct marketing activities and resources Copyright © Cengage Learning. All rights reserved 12 | 2 Implementing the Marketing Concept (cont’d) • Mobilize marketing resources to – Provide a product that will satisfy customers – Price the product at an acceptable and profitable level – Promote the product to potential customers – Ensure distribution for product availability when and where wanted • Obtain information on the effectiveness of the marketing effort and modify efforts as necessary Copyright © Cengage Learning. All rights reserved 12 | 3