Businesses engaged in perfect competition may follow this concept. If these two elements are present in marketing, the enterprise will succeed. → Marketing Concept is a Philosophy . The societal marketing concept . However, even so, the ones Kotler revealed still play a considerable role in our day to day work. This is a relatively new marketing concept. But still, many companies follow other philosophies and generate profits. The marketing concept has been criticized by some of the people because of the challenges posed by social problems like environmental pollution, deforestation, population explosion, inflation etc. Basic of Trademark Registration Process, What is Intellectual Property with its Types & Rights, Schizoaffective disorder vs Schizophrenia with Symptoms and Types, Ergonomics: Definition, Applications, Advantages. Many big reputed companies like banks, TV channels, telecommunication companies, etc. Essays, Research Papers and Articles on Business Management, Marketing and Selling | Difference | Functions | Marketing Management, Essay on Market: Meaning, Concepts and Types, Exam Questions on Marketing Concepts | Marketing Management, Core Concepts of Marketing: Top 8 Concepts. Businesses who want long-term existence in the market can apply this concept. According to this concept, company or business being a part of the society has corporate social responsibilities such as eliminating illiteracy, poverty, controlling alarming population growth, ensuring better health and treatment facilities, helping victims of different natural calamities like flood, cyclone, excess cold, draught, etc. Thus, the focus of business firms is to ensure the sale of products through aggressive selling techniques such as advertising, personal selling and sales promotion without giving any consideration to customers’ satisfaction. A company following selling concept cannot have long-term existence in the market because it cannot fulfill customers’ needs. Dennis Adcock defines marketing as. Many big reputed companies like banks, TV channels, telecommunication companies, etc. Content Guidelines 2. According to Philip Kotler, popularly known as the father of modern marketing, Marketing is "the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Sometimes customers don’t always buy products which are inexpensive and easily available. Selling Concept is only concerned with selling the product whatever may be the quality of the product and need of the customer. Disclaimer 8. This is quite similar to the Say’s Law which states ‘Supply creates its own demand’. The concept of marketing is the rationality that urges association to concentrate on their clients’ necessities. The main aim of selling is to convert the goods into cash by using fair or unfair means. Marketing Concept: According to this concept, customer satisfaction is the key to organisational success. Prohibited Content 3. (Grönroos, 1989). follow this concept. The large scale of production of the product helps the companies to avail the economies of scale which lead to inexpensive products and thus attracting more customers. The right product, in the right place, at the right time, at the right price. Breaking down their needs and settling on such choices that fulfill those needs in a superior manner than contenders. The drawback of this concept is that it focuses only on production but not on the product quality which in the long run may cause decreased sales if the product is not up to the mark. For example. A core concept is one which has a very clear cut, definite, widely acceptable, relevant, and verifiable to understand the very process of marketing that directs the flow of goods and services from producers to consumers. The marketing concept is the philosophy that urges organization to focus on their customers’ needs. (iii) Developing products or services for satisfying the needs of the target customers. Before uploading and sharing your knowledge on this site, please read the following pages: 1. While the societal marketing concept highlights the needs and wants of a target market and the delivery of better value than its competitors, it also emphasizes the importance of the well-being of customers and society as a whole (consumer welfare or societal welfare). This concept is based on an idea that customers buy the products accomplishing their needs. The purpose is to create a situation that benefits both parties; customer and the company. So, it may fail to attract those customers whose attentions are on the other mentioned factors. Uploader Agreement. However, the main drawback of this concept is that customers will buy the product only if they require the same. So, different types of businesses use different marketing management philosophies or marketing concepts. (iv) To ensure better satisfaction of needs of the target market as compared to competitors. Marketing concepts or marketing management philosophies refer to the philosophies utilized by the businesses to direct their marketing efforts. The thesis is comissioned by Company X. Huge Collection of Essays, Research Papers and Articles on Business Management shared by visitors and users like you. Dishonest or illegal companies may apply this concept. Companies applying this philosophy can even deceive the customers to sell their products. (ii) To understand the needs and wants of customers in the target market. Companies belonging to the technology industry may apply this concept. The marketing concept is a process when a company plans and implements to maximize profit by increasing sales, satisfying customer’s needs and beating competitors. Any company whose product’s demand exceeds its supply may follow it. According to this concept, companies concentrate on developing a better quality product which is usually expensive. Content Filtration 6. are now applying this concept. The chief motive is making money, not developing a relationship with the customers. For example, fleet shoes. Here, we are concerned with only CORE CONCEPTS and not all. The holistic marketing concept is newly added to the existing marketing management concepts. The same philosophy cannot be helpful for all types of businesses. This philosophy is only applicable when the demand exceeds the supply. Some companies concentrate on the large scale production while some concentrate only on the quality of the product etc. Companies have to make products fulfilling their customers’ needs to be successful in today’s era. Plagiarism Prevention 5. So, companies produce the product on a large scale and make sure that it is easily available everywhere to the customer. Account Disable 12. Copyright 10. Image Guidelines 4. So, there is less possibility of repeated sales. Again, a customer is not always attracted to an inexpensive product because his/ her purchase decision may be influenced by other factors. Advantages and Disadvantages of it, Basic concept of Globalization with definition and advantage, What is a Trademark? The choice of the concept is totally dependent on the demand, supply, and the engaged parties’ needs. This concept holds that potential exchange would be realized when the products are inexpensive and are widely available. As we know, every company has different idea regarding philosophy of marketing. In the theoretical part, the thesis covers areas of marketing concepts and business concepts. No to plastic bags, recycled paper. Privacy Policy 9. Marketing and marketing concepts are different from each other - marketing promotes, while marketing concepts are philosophies determined by a clear objective for an organization's market. The drawback of this concept is that it focuses only on the product quality but not on other factors like usability, availability, price, etc. Accordingly, marketing should aim at the reduction in the cost of production and concentrate on mass production and distribution. Companies enjoying a monopoly advantage may use this concept. Therefore, under the marketing philosophy, there are following five concepts: Production concept lays emphasis on availability and affordability of products. This concept is based on the following pillars: (i) To identify the market or customers who are selected as the target of marketing effort. This concept stresses on attracting and persuading customers to buy the product by making aggressive selling and promotional efforts. The holistic marketing concept is very important for brand building, consistency, efficiency, and effectiveness. Companies concentrate on fulfilling their customers’ needs as well as contributing to social welfare without polluting or affecting the environment and natural resources. The enterprises following this concept direct their maximum efforts into creating superior products and improving the existing products. But the buyers cannot be manipulated every time; hence selling can be successful only for short period but not during long period. This concept is based on an idea that inexpensive and widely available products generate more sales because customers prefer those. ", "Marketing management is 'the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value. Marketing Functions: 12 Essential Functions of Marketing – Discussed. As a Digital Marketer, you need to add as many reading materials into your collection as possible and you can go through them whenever you have some leisure time.There are plenty of free digital marketing PDF books to download available on the Internet. Business firms don’t sell what they can make; rather they make and sell what customers want. Business people should have a clear and complete idea about the basic concepts of Marketing Management to achieve long-term success. Over the period of time a variety of concepts have stemmed. There are mainly five marketing management philosophies but nowadays a new concept or philosophy is added to the existing ones. Marketing concepts or marketing management philosophies refer to the philosophies utilized by the businesses to direct their marketing efforts. 2. Report a Violation 11. For example, a firm may be dealing in very spacious, luxurious and expensive cars but the customers will demand same only when they really need them and can afford their price. Marketing Concepts or Marketing Management Philosophies: What is Nanotechnology? how marketing and business concepts can be used in designing concept changes, and how the concepts work in practice. This is because any activity which results in customer satisfaction but is harmful for the interest of the society at large cannot be justified. Companies based on marketing philosophy perform customer-researches to know their needs and wants and make products to meet the same better than their competing companies. The marketing concept examples you should use Throughout the years, many marketing concepts emerged based on customers’ needs. What are the Marketing Concepts? Product concept lays emphasis on ‘quality of production’ rather than ‘quantity of production’. According to this concept, a business and its different parts are one single entity and have a common goal, aligned and integrated activities to achieve that goal. According to this concept, customer satisfaction is the key to organisational success. Mainly, marketing concepts denote the philosophies a business uses to define and accomplish the needs of its customers, serving both the … Terms of Service 7. It assumes that a firm can achieve its objective of maximizing profit in the long run only by identifying and satisfying the need of present and prospective buyers in an effective way.