The essence of a marketing concept is to fulfill the purpose of a business in creating economic value. A firm does this by:
Producing and delivering products and services that customers want
Providing value at a price that is attractive relative to the price offered by competition
Having a price that is more than the cost (hence making a profit)
In order to achieve all of this, a company must have a clear purpose and a strategic plan that is well communicated and executed by employees. Taking a long-term view of a business for sustained profitability, Theodore Levitt defines the purpose of a business as creating and ...