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KEY PRINCIPLES IN THE MARKETING CONCEPT
Customer needs, wants and requirements must be satisfied.
Future needs have to be identified and anticipated.
Success depends on focusing on customers’ needs over the long-term.
BASIC ELEMENTS OF THE MARKETING CONCEPT
The term marketing mix refers to the four major areas of decision making in the marketing process that are blended to obtain the results desired by the organization: product, price, promotion, and place. The four elements of the marketing mix are sometimes referred to as the four Ps of marketing.
The marketing mix shapes the role of marketing within all types of organizations, both profit and nonprofit. Each element of the four Ps consists of numerous subelements. Marketing managers make numerous decisions based on the various subelements of the marketing mix, all in an attempt to satisfy the needs and wants of consumers."
From: Truell, Allen D. "Marketing Mix." Encyclopedia of Business and Finance, 3rd ed., vol. 2, Macmillan Reference USA, 2014, pp. 518-522. Gale eBooks, https://link-gale-com.i.ezproxy.nypl.org/apps/doc/CX3727500217/GVRL?u=nypl&sid=GVRL&xid=466d416b. Accessed 8 June 2020.
However, for purposes of this guide, a fifth P -- PEOPLE -- is added, because without PEOPLE, the P that every business needs -- PROFIT -- is not possible.