A basic marketing theory states that to maximize sales, a company must position its products or services in the marketplace in such a way that consumers believe they need a particular product for service or that a product or service they need has a particular benefit. This is also known as creating an image or brand.
The concept started as the 4Ps — product, place, price, and promotion — in 1960. But two academics, Booms and Bitner, expanded the theory in 1981 to include three more elements—physical evidence, people, and processes. The 7Ps are the elements around which businesses should structure their marketing campaigns
.There are 5 marketing concepts that organizations adopt and execute. These are;
(1) production concept
, (2) product concept,
(3) selling concept,
(4) marketing concept, and
(5) societal marketing concept.
Summary. That is the conclusion of the five theories & models that all marketers and business owners should understand.
