Components Of Basic Marketing Ideas
During this period, the vital role of selling, advertising, and other marketing functions was organized truly, and the selling concept came into existence. In selling concept, the marketer assumes that customers will probably be coaxed into buying the product will like it; if they don’t like it, they will possibly forget their disappointment and buy it again later. These 5 alternative marketing concepts are also called marketing management philosophies.
They usually use a mix of marketing concepts or change it depending on the market situation, competition, and sales numbers. Companies may adopt the societal marketing concept if it does not result in competitive disadvantage or loss in the company profits. It is because any contemporary company’s basic goal is to keep its customers happy and make profits through serving and satisfying customers. Selling concept-oriented companies start planning with the factory, focuses on the company’s existing products, and undertakes heavy selling and promoting to produce profitable sales. Theodore Levitt of Harvard drew a perceptive contrast between the selling and marketing concepts.
According to him, “selling focuses on the needs of the seller; marketing on the needs of the buyer. The end of the marketing concept is to make profits through customer satisfaction. This suggests that profit is to be made by satisfying customers’ needs. Internal marketing is to be carried out first because unless a company is not ready to provide customer satisfaction, it cannot go for external marketing. Under the marketing concept, marketing becomes the basic motivating force for the entire firm. When companies started achieving the capability to produce in excess of existing demand, executives started realizing the need to reappraise marketing in business operations. They also started recognizing the significant changes in the market, in the field of technology, and how to reach and communicate with markets.
These changes had led to the evolution of the “marketing concept, ” which, in essence, is a philosophy of management. The marketing concept and the selling concepts are two extreme concepts and different from each other. Producing quality products does not necessarily guarantee its sale.
With this approach, the most important thing, first and foremost, is the idea that customers want a product that is easy to get and that makes their lives better somehow. The production concept focuses on the business’ ability to boost output while lowering costs. Companies that decide to move the production of their product overseas is a perfect example of this concept- economizing the cost to make the product which will, in turn, maximize profits. With this approach, the products are often able to be sold for a cheaper price, which appeals to many customers; however, there is usually a tradeoff of lower quality in the final products.
They also noticed that women are fed up with being told what makeup products to use. With this in mind, Glossier introduced a line of skincare and makeup products that not only nourish the skin but are also easy to use and promote individualism and personal expression with makeup. Thus, this marketing strategy focuses on continuous product improvement and innovation. This philosophy can be useful when a company markets in a business experiencing tremendous growth, but it also carries a risk. Businesses that are overly focused on cheap production can easily lose touch with the needs of the customer and ultimately lose business despite its cheap and accessible goods. This concept came about as a result of the rise of early capitalism in the 1950s, at which time, companies were focused on efficiency in manufacturing to ensure maximum profits and scalability. All of these marketing concept mindsets can help you achieve organizational goals depending on if you understand the needs and wants of your target market while delivering quality products people prefer.
Of course, in today’s marketing, we know that selling is not the way to full marketing success. We more so find this marketing concept popular in the days of WWII where there was aggressive advertising to promote people to buy bonds and different products.
The societal marketing concept is a relatively new marketing concept. Companies who keep this philosophy intact direct their marketing efforts in raising their product quality. With this in mind, it is not surprising that many companies in technology use the product concept. It is then important for these technology companies to create strong decisions on how often they should release their new products. Even though they can get a burger from Burger King, what they might truly want is a half-pound grilled burger from a bar in their local neighborhood. Marketers acknowledge the needs of consumers and use the consumers’ desire for what they want to steer them towards specific products and services. The company understands that many women are unhappy with the way that makeup affects the health of their skin.