The Marketing Concept Marketing Concept. Specific businesses and their managers may still focus on more narrow concerns than satisfying customers. The Importance of Profit. Profits refer to the difference between a firm s revenue and its total costs. Identifying, developing, and implementing the products and product changes that consumers demand requires that the company be profitable.
Profits provide the resources to pay for satisfying customers.
Adoption of the Marketing Concept. While consumer product companies adopted the marketing concept early on, many industrial products companies still have failed to do so. To better understand what it takes to satisfy a customer, it s useful to take the customer s point of view. Customer value reflects benefits and costs. Customer value is the difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits.