what is the concept of marketing?
Answers
Answer:
- Production Concept
The idea of production concept – “Consumers will favor products that are available and highly affordable”. This concept is one of the oldest Marketing management orientations that guide sellers.
example:You see in Amazon or retail stores; the market is flooded with cheap products from china. Everything from the cheap plastic product from China is on your cart now.
- Product Concept
The product concept holds that the consumers will favor products that offer the most in quality, performance and innovative features.
example:Suppose a company makes the best quality Floppy disk. But a customer does need a floppy disk?
She or he needs something that can be used to store the data. It can be achieved by a USB Flash drive, SD memory cards, portable hard disks, etc.
- Selling Concept
The selling concept holds the idea- “consumers will not buy enough of the firm’s products unless it undertakes a large-scale selling and promotion effort”.
example:Every saw an ad online or TV commercial that you almost can’t escape and hide from? The Selling Concept is in play.
- Marketing Concept
The 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”.
example:
Restaurants and startups do follow the marketing concept. They try to understand the consumer and deliver the best product or service, which is better for the competition.
Marketing concept is the philosophy that companies should examine the requirements of their customers and then make decisions to satisfy those needs in a better manner than the competitors.