Concept vs. Strategy

A concept as it pertains to marketing is a philosophy that determines what types of marketing tools a company uses. Marketing concepts are driven by a clear objective that takes into account cost efficiency, social responsibilities, and effectiveness within a particular market. The marketing concept is the strategy that firms implement to satisfy customers needs, increase sales, maximize profit and beat the competition. There are 5 marketing concepts: production concept, product concept, selling concept, marketing concept, and societal marketing concept.

A marketing strategy is a business' overall game plan for reaching people and turning them into customers. A marketing strategy combines all of a company's marketing goals into one comprehensive plan. A good marketing strategy should be drawn from market research and focus on the right mix of products in order to achieve the maximum profit and sustain the business. The marketing strategy is the foundation of a marketing plan.