What is the Marketing Concept

The video tutorial explains the marketing concept as a dominant philosophy in marketing, emphasizing the importance of market orientation. It highlights that all company activities should aim to create customer satisfaction by delivering more value than expected. Satisfaction is achieved when the actual value exceeds customer expectations. The tutorial further defines value as providing more benefits than the cost of a product or service, ensuring customer satisfaction and adherence to the marketing concept.

What factors contribute to a customer's satisfaction according to the marketing concept?

Describe the relationship between value and customer satisfaction in marketing.