Holds that consumers will favor products that are available and highly affordable
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The marketing concept is a strategy that companies implement to satisfy their customers' needs, increase sales, maximize profit and get ahead of their competition. There are five common marketing concepts that organizations adopt for this. Show
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The Marketing department designs strategies that will build profitable engagements and relationships with their target market and buyer personas. But which philosophy is the best for your company, and which matches your marketing strategy? There are five different concepts that you can design and implement for marketing strategies:
Production ConceptA production concept has beendescribed as: “Consumers will favour products that are available and highly affordable”. Companies adopting this orientation run a major risk of focusing too narrowly on their own operations and losing sight of the real objective. It is one of the oldest known marketing concepts. Most of the time, the production concept can lead to marketing blind. Management focuses on improving production and distribution efficiency. However, there are some situations where the production concept is still a very useful philosophy, and worth still thinking about. Product ConceptThe product concept holds that the consumers will favour products that offer the most in quality, performance and innovative features. Marketing strategies are focused on making continuous product improvements. Product quality and improvement are important parts of marketing strategies, sometimes the only part. Targeting only on the company’s products could also lead to marketing myopia. Selling Concept The selling concept is the idea that “consumers will not buy enough of the firm’s products unless it undertakes a large-scale selling and promotion effort”. Management focuses on creating sales transactions rather than on building long-term, profitable customer relationships. In other words, the aim is to sell what the company makes rather than making what the market wants. Such aggressive selling program carries very high risks. In selling concept the marketer assumes that customers will be coaxed into buying the product will like it, if they don’t like it, they will possibly forget their disappointment and buy it again later. This is usually very poor and costly assumption. Typically the selling concept is practiced with unsought goods. Unsought goods are that buyers do not normally think of buying, such as insurance or blood donations. These industries must be good at tracking down prospects and selling them on a product’s benefits. Marketing ConceptThe marketing concept holds- “achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do”. Here marketing management takes a “customer first” approach. Under the marketing concept, customer focus and value are the routes to achieve sales and profits. The marketing concept is a customer-centered “sense and responds” philosophy. The job is not to find the right customers for your product but to find the right products for your customers. The marketing concept and the selling concepts are two extreme concepts and totally different from each other. Difference between Selling Concept and Marketing ConceptNo.The Selling ConceptThe Marketing Concept1undertakes a large-scale selling and promotion effortundertakes activities such as; market research,2The Selling Concept is suitable with unsought goods—those that buyers do not normally think of buying, such as insurance or blood donations.The Marketing Concept is suitable for almost any type of product and market.3Focus of the selling concept starts at the production level.Focus of the marketing concept starts at understanding the market.4Any company following selling concept undertakes a high-riskCompanies that are following the marketing concept requires to bare less risk and uncertainty.5The Selling Concept assumes –“customers who are coaxed into buying the product will like it. Or, if they don’t like it, they will possibly forget their disappointment and buy it again later.”Instead of making an assumption, The marketing concept finds out what really the consumer requires and acts accordingly to them.6The Selling Concept makes poor assumptions.Marketing concept works on facts gathered by its “market and customer first” approach. Societal Marketing ConceptSocietal marketing concept questions whether the pure marketing concept overlooks possible conflicts between consumer short-run wants and consumer long-run welfare. The societal marketing concept holds “marketing strategy should deliver value to customers in a way that maintains or improves both the consumer’s and society’s well-being”. It calls for sustainable marketing, socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs. The Societal Marketing Concept puts the Human welfare on top before profits and satisfying the wants. The global warming panic button is pushed and a revelation is required in the way we use our resources. So companies are slowly either fully or partially trying to implement the societal marketing concept. Which concept holds that customers will favor products that are available and affordable?Production Concept “Consumers will favour products that are available and highly affordable”. Companies adopting this orientation run a major risk of focusing too narrowly on their own operations and losing sight of the real objective. It is one of the oldest known marketing concepts. Which concept holds that consumers will Favour product that offer the most in quality performance and innovative features?The Product concept holds that consumers will favour those products that offer the most quality, performance, or innovative features. The product concept proposes that consumers will prefer products that have better quality , performance and features as opposed to a normal product. What are the 4 concepts of marketing?The five main marketing concepts are production, product, selling, marketing, and societal. Companies utilize these five concepts in regards to the product, price, distribution, and promotion of their business. What is the selling concept?[ S ] the idea that a company should sell the products that they have already produced rather than creating and selling new products that customers might want. Which concept holds that consumers will Favour product that offer the most in quality performance and innovative features?The Product concept holds that consumers will favour those products that offer the most quality, performance, or innovative features. The product concept proposes that consumers will prefer products that have better quality , performance and features as opposed to a normal product. What are the 4 concepts of marketing?5 Basic Marketing Concepts. Product Concept. The core purpose of the product concept is to manufacture cheaper products because the consumers won't pay much price for the products or services. ... . Production Concept. ... . Selling Concept. ... . Marketing Concept. ... . Societal Marketing Concept.. What does concept to consumer mean?Therefore the definition of the concept of consumer is a natural person who purchases, uses goods or accepts services for the purposes of daily consumption. The rights and interests of consumers shall be protected by these regulations. But those whose act is profitable shall be excluded. What is a selling concept?[ S ] the idea that a company should sell the products that they have already produced rather than creating and selling new products that customers might want. What concept holds that consumers?The Product concept holds that consumers will favour those products that offer the most quality, performance, or innovative features. The product concept proposes that consumers will prefer products that have better quality , performance and features as opposed to a normal product.
What are the 4 concepts of marketing?5 Basic Marketing Concepts. Product Concept. The core purpose of the product concept is to manufacture cheaper products because the consumers won't pay much price for the products or services. ... . Production Concept. ... . Selling Concept. ... . Marketing Concept. ... . Societal Marketing Concept.. Which concept holds that consumers will not buy enough?The Selling concept holds that consumers and businesses, if left alone, will ordinarily not buy enough of the organization's products. The Selling Concept proposes that customers, be individual or organizations will not buy enough of the organization's products unless they are persuaded to do so through selling effort.
What are the 3 most effective methods to reach your best customers?8 Simple Ways to Reach out to Your Customers. Know your audience. ... . Provide consistent customer experience. ... . Invest in Content Marketing. ... . Take advantage of customers' testimonials. ... . Set up a referral program. ... . Stay connected via newsletter. ... . Listen to your customers' feedback. ... . Demonstrate your products or services.. |
