What are the 3 elements of marketing?

marketing concept states that success is achieved by identifying needs and wants of the target market satisfying them better than competitors. the three characteristics are:

i. customer satisfaction:- the firm should identify and define customers needs and wants as well as their expectations. All goods and services produced by the firm must satisfy the customers needs.

ii. total company effort:- all departments, functions and sections of the business must work together to meet the main objectives of the organization, i.e satisfying customer requirements.

iii. profit:- marketing concept assumes that profit can only be achieved when customers are satisfied. The customers are entitled to a reasonable product for a reasonable price, while the firm is also entitled to a reasonable profit for a reasonable product.