As we know, marketing is the strategy that aims to build profitable relationships with target consumers to satisfy customers needs. so, whatever you work in marketing or just interested, you would know these most important marketing concepts that help organizations to design and carry out their marketing strategies.
The marketing concepts -that include Production, Product, Selling, Marketing, Societal marketing- proposes that in order to satisfy the organizational objectives, an organization should anticipate the needs and wants of consumers and satisfy these more effectively than competitors.
5 marketing concepts
1- Production Concept
This concept is one of the oldest Marketing management orientations that guide sellers. it depends on Consumers will favor products that are widely available and highly affordable. so, it is based on the approach that a company can increase supply as it decreases its costs. Moreover, the production concept highlights that a business can lower costs via mass production.
of course, Companies adopting this orientation run a major risk of focusing too narrowly on their own operations and losing sight of the real objective. it can lead to marketing myopia. Management focuses on improving production and distribution efficiency.
2- The product concept
This concept supposes that customers prefer products of greater quality and price and availability doesn’t influence their purchase decision. And so company develops a product of greater quality which usually turns out to be expensive. it believes in the consumer and it says the consumers are more likely to be loyal if they have more options for products or they get more benefits from the product of the company.
One of the best modern examples would be IT companies, who are always improving and updating their products, to differentiate themselves from the competition. Since the main focus of the marketers is on making continuous product improvements, they often lose or fail to appeal to customers whose demands are driven by other factors like price, availability, usability, etc.
3- Selling Concept
Of course, in this era of marketing, we know that selling is not the only tactic to sell your product. You have to focus on marketing as well.
Consumers will buy products only if the company aggressively promotes or sells these products. so, this concept focuses on making every possible sale of the product, regardless of the quality of the product or the need of the customer.
The selling concept highlights that customers will not buy enough of the firm’s products unless it undertakes a large-scale selling and promotion effort. This philosophy doesn’t include building relations with the customers. so, the management focuses on creating sales transactions rather than on building long-term, profitable customer relationships.
4- Marketing Concept
shortly, a company that believes in the marketing concept places the consumer at the center of the organization. All activities are geared towards the consumer. It focuses on the needs of target markets delivering value better than competitors. The marketing concept believes in the pull strategy and says that you need to make your brand so strong that customers themselves prefer your brand over every other competitor. This can be achieved through marketing.
5- Societal Marketing concept
This is considered a new marketing concept. 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. it aims to build social and ethical considerations into their marketing practices. They must balance and juggle the often conflicting criteria of company profits, consumer wants satisfaction and public interest.