The Particular Societal Marketing Concept
As stated earlier, the marketing concept places the consumer as the main priority for business operations. All motivations for creating a product and creating a marketing strategy to reach potential consumers is all for meeting their wants and needs to increase their satisfaction. This can lead to a business being the preferred choice among its competitors due to putting the consumers’ needs first. Competition awareness is imperative when developing a marketing concept for a particular product or service. For example, two different companies can be selling similar wine glasses at the same price. Marketing Concepts and marketing key concepts is an institution or a person engaged in making the products and services available to the customers.
The production concept is one of the earliest marketing concepts where the company focuses on the efficiency of its production processes. It is to produce the products cheaper to make it available to the mass population. The focus of the production concept is on the quantity, not the quality of the products. Supporters of the marketing concept have contended that it does not stifle innovation and that it does recognize that consumers cannot conceive of every product that they may want or need. In the microwave and personal computer examples, the need was not for the specific product, but there was a need to cook food faster and a need for writing and calculating. The microwave and personal computer satisfied those needs though the consumer never imagined these products.
These businesses emphasize the sales process and try to make it as effective as possible. While companies in any industry may adopt the sales concept, multilevel-marketing companies such as Herbalife and Amway generally fall into this category. Many business-to-business companies with dedicated sales teams also fit this profile.
Wal-Mart’s motto of “satisfaction guaranteed” is an example of the marketing concept. Whether the Wal-Mart employee is an accountant or a cashier, the customer is always first. The next philosophy might be a bit confusing, since it shares its name with our overall focus for this lesson.
To differentiate, we’ll call this one marketing concept/approach, in which companies believe that consumers want to see the products meet their wants and needs more than the competition. Businesses that use this concept for marketing their goods and services hold to the idea that consumers want to do business with a company or a brand that they can relate to. Today many people choose who to do business with because of things such as could they be a green company, do they support charity groups, do they pay a fair wage to their employees, and so forth. The way society views the company is one of the most important factors that drive the success or the failure of the business or the brand. Unique from other methods and approaches, this concept puts social responsibility first and foremost in terms of how the business succeeds.
He/she may have his/her own portfolio of goods that are offered to interested buyers. Marketers create only the place, awareness utility, and time ownership. They do not produce but buys from manufacturers and sells them to customers either for further processing or final consumption. The time-line of the major business philosophies begins, roughly, just before 1900 and extends through today. At the top is the production concept, the oldest of the business philosophies that we will cover. This philosophy eventually evolved into the selling concept of the 1930’s The marketing concept, in turn, evolved from the selling concept in the early 1950’s.
It is not something that the marketing department administers, nor is it the sole domain of the marketing department. From top management to the lowest levels and across all departments of the organization, it is a philosophy or way of doing business. The customers’ needs, wants, and satisfaction should always be foremost in every manager and employees’ mind.
The marketing concept does not stifle creativity and innovation. The implication of the marketing concept is very important for management.