One of the main processes of an organization is marketing management. It has its key focus on the best techniques, methods, and practical orientation of marketing strategies. It is marketing management that assists in building a lucrative relationship with the customers. For effective marketing management, the firm must prefer an effective marketing concept. In an organization, the marketing concept is used to examine the customer’s needs and make powerful decisions to satisfy those needs, increase sales, make profits, and stand among the opponents.
There are five different types of marketing concepts which are followed by the organizations:
As stated by the production concept, the customers prefer to choose the products which are available in the best quality and at the most reasonable price. This concept is stated in accordance with the outlook of the customers and it is considered as the oldest marketing concept.
In general, customers choose products of the best quality that are well presented and are full of exciting features. Under the product concept, companies put their main focus on the improvement of the product’s quality, designing and features. But, keeping product’s improvisation as the only aim can pose a great threat to company’s profitability. Thus, companies must also innovate their products in such a way that they gratify the customer’s needs simultaneously.
As stated by the selling concept, customers opt for products with high advert and customer ratings or reviews. However, with only focus on this concept, the sales transaction becomes the major spotlight of company’s management instead of maintaining long-term profitable relationships with the customers.
Most of the companies follow the procedure of selling products matching their needs and objectives rather than those of the customers or market, which can pose a threat for those companies. With this concept, the marketers presume that customer will buy their products, no matter whether they like it or not.
With the marketing concept, the organisation starts achieving its goals by understanding the needs and desires of potential customers through surveys and providing them with better satisfaction than competitors. Thus, the marketing concept follows ‘customer first’ approach and that’s why it is customer-oriented. The concept focuses on providing the right products to the customers rather than finding right customers for their products.
SOCIETAL MARKETING CONCEPT
This concept puts human welfare or society’s well-being above the profits of the company. According to the concept, the marketing strategy should provide value to the customers so that it can enhance the well being of both the society as well as the customers. The concept also stresses sustainable marketing which aims at satisfying the needs of the customers as well as business while preserving for future needs.
Mind Admission offers the Concept of Marketing Management. The course imparts field-specific knowledge and educates the candidates about various trends in the industry.