Five Marketing Concepts: Philosophies Of Marketing Management
Five Marketing Concepts The marketing idea is the strategy companies implement to satisfy customer needs, increase5 sales, maximize incomes, and beat the competition. There are five marketing concepts that companies adopt and implement
Marketing is a management department trying to create strategies that build profitable relationships with target consumers. manufacturing concept
The idea behind the production concept: “Consumers will prefer products that are available and very affordable.” This concept is one of the eldest marketing management orientations that attendant marketers.
Organizations that go in this direction risk becoming focused on their business and losing sight of true purpose.
Most often, the production concept can lead to marketing myopia. And the management focuses on improving the efficiency of production and sales. Although the production concept is still a practical philosophy in some situations. sale concept
The sales concept includes the idea that “unless it makes a large-scale sales and promotional effort, consumers will not buy adequate of the company’s products”.
Here, management is focused on creating sales transactions because building profitable long-term relationships with customers.
In other words, the goal is to sell what the company does, not what the market wants. Of course, such an aggressive sales program involves very high risks.
In the sales concept, the marketer assumes that customers will be lured into buying the product they like; If you don’t like it, you can forget your disappointment and repurchase it later. So unfortunately, this is usually a fragile and expensive assumption.
what is the idea of marketing
The marketing concept is valid: “Achieving corporate goals depends on knowing the needs and desires of the target markets and distributing the desired satisfactions better than the competition.”
Here, marketing management follows a “customer first” approach. According to the marketing concept, customer orientation and value are the means to achieve sales and profit.
The marketing concept is a customer-oriented “Feel and React” philosophy. The task is not to find the right customers for your product but to find the right products for your customers.
The marketing concept and the sales concept are two revolutionary concepts and are different from each other.
Cost-Effectiveness Five Marketing Concepts
The marketing concept aims to make a profit through customer satisfaction. Satisfying customer indicates profit made.
As the customer kisses change day by day, a company focuses on the marketing concept, which considers and modifies its products, services, and activities, along with the kisses and my satisfaction, to satisfy the customers present for the sake of Long – Expression.
Marketing Concept Example:-
Restaurants and startups follow the marketing concept. They try to understand the consumer and offer the best product or service better than the competition.
The Dollar Shave Club is the best example of this. They changed the barber market. People were not satisfied with their previous personal care products and prices they understood .