5 core marketing concepts essays
The 5 core concepts of customer and marketplace allow you to understand and examine the customer, marketplace, and why it behaves in various situations. For understanding the customer, marketplace, and their behavior; 5 core concepts customer and marketplace that needed to be mastered. All marketing efforts are made for attracting customers, serving superior value and capturing return value for the customer in a superior routine than the competitors in the marketplace who compete with the same motive. So, understanding the customer, the marketplace, and their behavior is essential for any marketing decision and action. Marketing pundits and gurus have examined the customer, the marketplace and the way it behaves are situations. They have identified and acknowledged that 5 core concepts of customer and marketplace; Needs, wants, and demands, Market offerings such as products, services, and experiences, Value, satisfaction, and quality, Exchange, transactions, and relationships, and Markets.
Marketing Concepts: Top 6 Core Concepts of Marketing
We use cookies to give you the best experience possible. Firms and businesses, approach and conduct business in different ways in order to achieve their organizational goals. There are five competing concepts by which firms and business are guided in their marketing effort.
The first three concepts production, product and selling, focus all on the product. The last two concepts marketing and societal marketing, focus on the customer. However, the commonality in all five philosophies is that they all have the same goal which is organizational profit. The choice as to which concept or philosophy to adopt depends on the circumstances of the situation.
The first concept, the production concept, is the philosophy that consumers will favour products that are available and highly affordable. Don't use plagiarized sources. This philosophy states that any amount of goods produced will sell if it is available and affordable to customers.
When firms adopt this concept, generally they produce goods on a mass production level, to be able to produce large quantities, therefore make it more available; investing in technology is essential, to reduce the costs of production and make it more affordable.
In such case the management is required to focus mostly on improving the production and distribution of a particular product. The production concept can be an appropriate philosophy in two types of situations: The first one is where the demand for a product exceeds the supply. Here the management should concentrate on finding ways to increase production.
A disadvantage of the production concept, is that firms which employ this concept risk to lose sight of what the customers really want. The product concept holds that consumers will favor those products that offer the most quality, performance, and features, and therefore the organization should devote its energy to making continuous product improvements.
This concept holds that if one manages to produce the best product it will sell it self easily. A disadvantage of this concept is that firms adopting the product concept, tend to focus too much on the product and this can lead to marketing myopia.
Buyers might be looking for a better solution to a problem, but not necessarily a better product in that category. The selling concept states the idea that consumers will not buy enough of the product unless the firm undertakes a large-scale of selling and promotional effort.
This task involves investing a lot in advertising and selling because this concept states that demand will be generated by doing so. This requires a good sales force, and firms to perfect various sales techniques to track down prospects and hard-sell them on the benefits of their product.
The selling concept is generally practiced with unsought goods, such as insurance, encyclopedias, and funeral plots. A situation in which the selling concept is typically adopted is, when firms have overproduction, and try to sell what they have rather than what people want.
A disadvantage of the selling concept is that by adopting this concept, firms mainly aim to get the sale and do not bother about any post-purchase satisfaction.
This carries high risks, if customers are not satisfied, relationships are not created and therefore they are not inclined to make other purchases. The marketing concept is the philosophy that holds that achieving organizational goals depends on determining the needs and wants of target markets and delivering the desired satisfaction more effectively and efficiently than others do. Firms practicing the marketing concept, start from the customer, by targeting a specific market and determining its needs and wants through market research.
Hence, while the selling concept takes an inside-out perspective, the marketing concept takes an outside-in perspective. The selling concept focuses on the needs of the seller whilst the marketing concept focuses on the needs of the buyer. On the other hand the marketing concept aims to satisfy the needs of the customer by means of the product and the whole process associated with creating, delivering and finally consuming it. A disadvantage of the marketing philosophy is that this concept must be based on a long-term process and profits are realised in the long run.
Also firms adopting this concept must invest a lot financially, in conducting research and in building relationships with their customers. The fifth concept, the societal marketing concept is the newest concept. This concept was developed in a time where society began to question if the marketing concept was adequate in the face of worldwide environmental problems, resource shortages, and other social problems. Firms adopting the societal marketing concept believe that consumers will respond more favourably to companies which are socially responsible and react unfavourably to companies which they feel are not socially responsible.
This gives socially-responsible companies a competitive edge over their competitors. The disadvantages of the societal marketing concept are the same disadvantages of the marketing concept, with the exception that this concept involves more extra costs with regards to the well being of society. Explain The 5 Marketing concepts. Accessed May 22, This is just a sample. You can get your custom paper from our expert writers.
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It would also involve the marketing and business strategy of the organization, how they align to achieve profitability Describe how ASOS applies the marketing mix online?
With the help of a marketing mix, the company can meet its marketing objectives. Product- ASOS uses an online platform This is in contrast to more traditional supply chains which often start with a manufacturer or distributor shipping goods Check Writers' Offers. What's Your Topic? Hire a Professional Writer Now. The input space is limited by symbols. What's Your Deadline? How Many Pages?
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Value and Satisfaction. Exchanges and Relationships.
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Marketing Management Philosophies – 5 Marketing Concepts
Marketing gives you an opportunity to gain profits with your business and build long-lasting relationships with customers. Marketing is the crucial tool in the modern business organizations; it involves understanding of marketplace, demands of consumers, building profitable relations, customer driven market strategy and provide quality among the customers. The business organizations have realised the importance of customer relationships and they are trying to get an innovative approach towards marketing strategy in business. The awareness regarding marketing essentials is too high in the current market scenario around. Marketing is a key aspect within a business and has several different functions. Some of these functions include, research, analysis, promotion, pricing and distribution.
5 Core Customer and Marketplace Concepts
Top Five Core Concepts of Marketing. M arketing is a management process. Marketing creates the value for customers. For this reason, the marketers need to find, anticipate and satisfy the customer requirements at profit. Marketing is the name of large task like create ideas, brand, how to communicate with customers, how to design, research of consumer behavior etc all count as part of marketing. There are top 5 core concepts of marketing. These are given and explain below. Needs, Wants and Demands Most basic or core concept of fundamental marketing is that of human needs, wants and demands. These are explaining below.
Over the period of time a variety of concepts have stemmed. A core concept is one which has a very clear cut, definite, widely acceptable, relevant, and verifiable to understand the very process of marketing that directs the flow of goods and services from producers to consumers.
Behind every business success there is some important decisions taken by the marketing team about the marketing concepts and theories, so we have also taken some consideration into these marketing theories as it helps to build the close relationship with the customers. The 5 main marketing concepts are : 1. In this chapter I learned the basics and introduction to marketing.
The Five Main Marketing Concepts Essay
The first three concepts production, product and selling, focus all on the product. The last two concepts marketing and societal marketing , focus on the customer. However, the commonality in all five philosophies is that they all have the same goal which is organizational profit. The choice as to which concept or philosophy to adopt depends on the circumstances of the situation The first concept , the production Core concepts In the process of marketing your business it is important to factor in your customers What are the essential characteristics of a marketing -oriented company? Marketing oriented companies focus on customer needs and get close to their customers so that they understand their needs and problems. In the past, the Traditional Marketing Concept was achieved their profit and other objectives by satisfying customers but it neglects the competition. But now, the Modern Marketing Concept it achieve the corporate goals through meeting and exceeding customer needs and expectations better Question 1 Identify three key characteristics of the marketing concept. According to marketing concept customers should be at the centre of all the organisations activities. Therefore all departments of organisation are responsible for customer satisfaction Answer: Marketing Concepts : Studies reveal that different organisations have different perceptions of marketing. And these differing perceptions have led to the formation of different concepts of marketing such as 1. The Exchange Concept 2.
