Every company can have diverse thoughts or philosophy. Marketing concepts are determined by clear objectives like cost competence, product eminence, customer’s need accomplishment, etc. Marketing management means the administration of the marketing role. It includes all activities from production to distribution of goods and everything in between.
Marketing management can be guided by five different philosophies:
(a) The Production Concept –
The production concepts hold that consumers will favor products that are available and highly affordable. Therefore, management should focus on improving production and distribution efficiency. This concept is one of the oldest philosophies that guide sellers. For instance, the local mobile handset producing organizations manufacture them at a lower price than the well-known companies. Thus, consumers in these countries would buy the handsets produced locally rather than branded ones. Management focuses on improving production and distribution efficiency.
The production concept is still a useful philosophy in two types of situations. The first occurs when the demand for a product exceeds the supply. Here, management shout looks for ways to increase production. The second situation occurs when the cost of the product is too high and improved productivity is needed to bring it down.
(b) The Product Concept –
Another major concept guiding sellers, the product concept. The idea that consumers will favor products that offer the most quality, performance, and features and that the organization should, therefore, devote its energy to making continuous product improvements. Hence, organizations need to consider developments and traits sincerely and give precedence to consumer needs. A detailed version of the new product idea stated in meaningful consumer terms.
Here; under this concept, Marketing strategies are focused on making continuous product improvements. For example, two organizations which stand detach from the multitude when we converse the product perception are Apple and Google. Both of these organizations have strived durable on their products and offer rich, ground-breaking as well as dissimilar appliance products and individuals are obsessive about these brands.
(c) The Selling Concept –
Many organizations follow the selling concept, which holds that consumers will not and enough of the organization’s products unless it undertakes a large-scale selling and promotion effort. This concept lives up to expectations under poor suppositions that if customers are coaxed into purchasing a product then they will essentially like it.
Here the management focuses on creating sales transactions rather than on building long-term, profitable customer relationships. The concept is typically practiced with unsought goods – those that buyers do not normally think of buying, such as encyclopedias or insurance. Regardless of the fact that they dislike it, they’ll neglect their displeasure over a period of time and purchase the product later on.
(d) The Marketing Concept –
The marketing concept, the marketing management philosophy that holds that achieving organizational goals depends on determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than competitors do implement the marketing concept often means more than simply responding to the customer has, stated desired and obvious needs. Under the marketing concept, customer focus and value are the routes to achieve sales and profits. It is totally contradictory to the ‘manufacture’ concept in addition to sales concept as it stresses on the consumers and their wants.
(e) The Societal Marketing Concept –
The societal marketing concept is the newest of the five marketing management philosophies. The societal marketing concept holds that the organization should determine the needs, wants and interests of target markets. Societal Marketing is actually a branch of the thought of Corporate Social Responsibility and maintainable improvement.
The Societal Marketing Concept puts Human welfare on top before profits and satisfying the wants. It should then deliver superior value to customers in a way that maintains or improves the consumer’s and the society’s well being. This concept urges organizations to carry out more than having a trade involvement with consumers, to go past assigning products and work for the revenue of the customers and the society.
