Marketing on the one hand is a business philosophy and on the other an action oriented process. The philosophy – also termed as marketing concept – has its roots in market economy. There are four critical ideas that form the foundation of such an economy:
Individuals pursue their self-interest to seek rewarding experience
Their choices determine as to what would constitute such experience, the choices themselves being shaped by personal (taste) and external (cultural) influences.
Consumers enjoy the freedom to choose; they are sovereign.
This freedom ensures free and competitive exchange between “buyers and sellers”.
Marketing in turn is based on these four principles.
Marketing on the one hand is a business philosophy and on the other an action oriented process. The philosophy – also termed as marketing concept – has its roots in market economy. There are four critical ideas that form the foundation of such an economy:
Individuals pursue their self-interest to seek rewarding experience
Their choices determine as to what would constitute such experience, the choices themselves being shaped by personal (taste) and external (cultural) influences.
Consumers enjoy the freedom to choose; they are sovereign.
This freedom ensures free and competitive exchange between “buyers and sellers”.
Marketing in turn is based on these four principles.
Marketing on the one hand is a business philosophy and on the other an action oriented process. The philosophy 
– also termed as marketing concept – has its roots in market economy. There are four critical ideas that form the foundation of such an economy:
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