What are Marketing and Marketing Concepts?
Marketing refers to an activity of a company correlated with buying or selling a product and service which includes advertising, selling, advertising, and delivering products to people or the management process through which goods and services from concept to the customer.
However, a marketing concept is a strategy that organizations execute to satisfy customer’s needs, amplify sales and increase profit.
Marketing concepts that firms adapt and execute
Here is a brief overview of marketing concepts that firms adopt and execute.
It is an operation-based concept where the customer expects products that are easily accessible and affordable or reasonable.
In the production concept, the business focuses on production proficiency, decreasing costs and mass distribution.
This concept works in economies that are developing where the need for the product is more than the features it offers.
It is a consumer-oriented concept where the customer expects products that are supreme, high-performance and with exceptional features.
The product concept assumes that consumers are likely to be trustworthy or loyal when the product meets all their expectations and so, the business seeks to offer more innovative products.
The marketing concept is buyer-oriented and focuses on the target market, its needs and wants.
Instead of making an assumption, this concept finds out what really the customer wants/desires and acts accordingly to them. It is more radical as compared to the concepts above.
The selling concept is seller-oriented where the business believes in push marketing that the customer will not respond until pushed and its products will sell only through active promotion and selling.
This concept seeks to preserve the well-being of its target market along with the focus on the target market’s desires, wants, and society as a whole.
Also called sustainable marketing, this marketing concept is an environmentally and socially responsible concept.
That, in addition, meets the current needs of businesses and consumers while enhancing or preserving the ability of future generations to meet their needs.
Furthermore, there are different types of marketing, each of which varies in the function that they deal with.
Marketing is a department of management that attempts to design strategies that will build a profitable relationship with target customers.