Marketing is an organizational effort to create and retain profitable customers through positive relationship building between the organisation and its internal as well as external customers in a socially responsible manner.
In order to create and retain profitable customers, the marketing concept has become the way of thinking with the customer located at the centre of the business. Over the years the concept of market has evolved from one concept to the other.
In the earlier development of the marketing concept the role of the customer in the development of products had been minimal, until latter developments when the customer gained a centre stage in the product development decisions.
The underlying assumption of all the concepts, irrespective of the market era in which they were dominant, is to create and retain satisfied and profitable customers.
For the achievement of business objectives of creating and retaining profitable customers.
The Production Philosophy (1850-1900):
The production philosophy is assumes that consumers are mostly interested in product availability at low prices; its implicit marketing objectives are cheap, efficient production and intensive distribution.
The Production philosophy does not work in most business practices today. However, where the business objective is for expansion to meet unsolicited demands, or where new products are introduced, the production philosophy might be a good complement to other more dominant philosophies.