Management philosophy according to which a firm’s goals can be best achieved through recognition and fulfillment of the consumers stated and unstated needs and wants. Marketing direction implies that focal point on the satisfaction of customer’s needs is the key to the success of any organization in the market. It assumes that in the long run, an organization can attain its purpose of maximization of income by identifying the needs of its current and potential buyers and satisfying them in an effectual way.
A marketer should realize;
- What do customers want?
- Can we develop it while they still want it?
- How can we keep our customers satisfied?
In response to these discriminating consumers, firms began to assume the marketing concept, which involves:
- Focusing on customer needs before developing the product
- Aligning all functions of the company to focus on those needs
- Realizing a profit by successfully satisfying customer needs over the long-term
All the decisions in a firm are taken from the point of view of the customers. In other words, customer’s satisfaction becomes the focal point of all decision making in the organization.
The marketing concept underscores:
- identifying the market or targeting consumers;
- understanding the needs and wants of the consumers in the target market;
- creating products or services based on the consumers’ needs and wants;
- satisfying the needs of consumers better than competitors; and
- accomplishing all of these while earning a profit.
