Evaluation of marketing concept
Answers
A correct understanding of marketing concept is fundamental to the study of modern marketing and marketing management. In any walk of life, thinking precedes doing; the way of thinking that determines the very course of action.
A ‘concept’ is a philosophy, an attitude, a course of thinking, an idea or a notion relating to any aspect of divine and human creations. The philosophy of an organisation in the dynamic realm of marketing is referred to as a ‘marketing concept.’ A concept is an orientation or a philosophy;
Thus, marketing concept is the way of life in which all the resources of an organisation are mobilized to create, stimulate and satisfy the consumer at a profit. It represents a distinct philosophy of business and considers marketing more than a physical process.
prevails, that marketing organisation is future oriented, customer oriented, value oriented, profit oriented and applies modern management practices to all sales, distribution and other marketing functions.
It is a managerial philosophy and organizational structure that centres on the desires of the consumers.
It calls on the company, in essence, to make only “what it can sell. It, therefore, reserves the right of reversing the logic of the past that the task of marketing is to sell what the firm makes.
Evolution of Marketing Concept:
This marketing philosophy has undergone a thorough and gradual change since the great Industrial Revolution that took place during the latter-half of the 18th and first-half of the 19th centuries. This gradual change can be traced under four periods and captions namely, production orientation period, sales-orientation period, customer-orientation period and social orientation period
The marketing concept is the belief that companies must assess the needs of their consumers first and foremost. Based on those needs, companies can make decisions in order to satisfy their consumers' needs, better than their competition