Final answer:
The marketing concept revolves around focusing on consumer wants and needs, which was a shift from earlier production-centric strategies. It embodies the creation of demand through advertising and the idea of selling hope rather than just products. Developments in technology and globalization have further defined modern marketing practices.
Step-by-step explanation:
The marketing concept was a paradigm shift that involved a focus on consumer wants and needs. It marked a departure from previous strategies that centered on production, instead emphasizing the importance of understanding and meeting the specific desires of consumers.
This approach has evolved over time, first gaining significant momentum in the early 20th century when modern marketing techniques began to develop.
Advertisements and marketing strategies were designed to create desire for products and promote a culture of consumption, as suggested by historical advice to marketers to 'sell dreams' of what merchandise could do for consumers.
Moreover, recent advances in technology and the global expansion have further shaped market definitions and competition, with the rise of the internet and 'business-to-business' platforms that connect suppliers and buyers worldwide.
The marketing concept was a paradigm shift that involved a focus on consumer wants and needs. It shifted the focus from production and quality to understanding and satisfying the needs and wants of customers. This is essential for businesses to succeed in today's competitive market.