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Chapter 2 Marketing Basics
Marketing Concept
The marketing concept is an approach to
business that focuses on satisfying customers
as the means of achieving profit goals. The
three elements of the marketing concept as
shown in Figure 2-4 are customer satisfac-
tion, total company approach, and profit.
Customer Satisfaction
Customer satisfaction is the degree to
which customers are pleased with a compa-
ny’s goods or services. One of the ways it
can be measured is by the number of repeat
customers. The marketing concept benefits
customers because the business is focused
on meeting their needs. Think about a store
you like and shop at often. Why do you like
it? Would you consider yourself a satisfied
Critical
Thinking
Key
Terms
Objectives
Web
Connect
Section 2.2 Marketing Concept
After completing this section, you will be
able to:
¶ explain the marketing concept in business.
¶ describe the seven functions of market-
ing and related activities.
marketing concept
customer satisfaction
profit
channel
channel management
marketing-information
management (MIM)
market planning
product/service
management
selling
Do an Internet search for the best customer
service in the United States. Review the
top-ten list of companies that appear in the
search results. What do they do that makes
them the best? Is there a common theme
with the companies? Write a paragraph
about what makes these companies recog-
nized for their customer service.
Think about what is important to you when
you make a large purchase. Make a list and
prioritize your criteria. What is number one?
Elements of the Marketing Concept
Customer
satisfaction
Total
company
approach
Profit
Figure 2-4 The marketing concept focuses on every
aspect of the business to keep the customer satisfied
because that is the key to long-term profit.
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