Marketing Homework Help
Marketing Homework Help
The consumer-oriented marketing has given rise to a new philosophy in business known as ‘marketing concept’. The marketing concept emphasizes the determination of the requirements of potential customers and supplying products to satisfy their requirement.
Under the marketing concept, customer is the fulcrum about which the business moves. The objective of a firm is not the maximization of profitable sales volume but profits through the satisfaction of the customers. And all the marketing activities in a firm are integrated and directed towards this objective. The managers practicing this philosophy think in terms of what benefits the market or what needs are they satisfying.
The marketing concept considers marketing as an integrated process of identification assessment and satisfaction of human needs and wants. It regards creation of customer and satisfaction of his wants as the justification of business. Determination of wants of the customers takes precedence over production and other business activities. In other words, production is carried on according to the needs of the customers. Thus, the emphasis in modern business is on selling satisfaction and not merely on selling goods.
The marketing concept is based on following pillars :
(i) Identification of the prospective customers or the target market.
(ii) Understanding the needs and wants of the customers or the target market by connecting with them
(iii) Development of products or services for satisfying the needs of the target market.
(iv) Satisfying the needs of target market better than the competitors.
(v) Ensuring profitable sales for the business.
Features of the Marketing Concept
The marketing concept is characterized by the following features :
(i) Customer Orientation. It emphasizes the necessity of consumer-orientation of the entire business. Marketing starts with the determination of customers’ wants and continues until the customers’ wants are completely completely satisfied and they are delighted with the goods and services.
(ii) Integrated Approach. Marketing concept forces business firms to use an integrated approach in their operations. Each firm should coordinate the activities of production, finance and marketing departments to satisfy the needs and expectations of customers. Thus, marketing functions. Each and every department has to contribute for the satisfaction of customers.
(iii) Long-term Perspective. Marketing concept seeks development of the business and profits over a long period of time. The marketers offer value proposition to the customers and build lasting relationship with them so as to attract new customers and retain them in future.
(iv) Profitable Sales Volume. Marketing is considered successful only when it is capable of maximizing profitable sales through customer satisfaction over the long-run.