Grasp on the five marketing concepts or philosophies that have evolved over time in the easiest way possible. Also, find the notes in the description.
There are 5 main philosophies of marketing:
1. Production Concept
2. Product Concept
3. Selling Concept
4. Marketing Concept
5. Societal Marketing Concept
PRODUCTION CONCEPT:
The Production concept says that consumers would favor those products which are widely available at an affordable price. Those companies who believe in this philosophy think that if the goods/services are cheap & they can be made available in many places, there cannot be any problem regarding sales. keeping in mind the same philosophy, these companies put in all their marketing efforts in reducing the cost of production and strengthening their distribution system. In order to reduce the cost of production and bring it down to the minimum level, these companies indulge in large scale production.
The utility of this philosophy is apparent only when demand exceeds supply. Its greatest drawback is that it is not always necessary that the consumer every time purchases cheap or easily available products.
PRODUCT CONCEPT:
The Product Concept found that the consumer favor those products which are superior in quality, features, and performance, Those companies who believe in this philosophy are of the opinion that if the quality of the goods or service is of a good standard, the customers can be easily attracted. The basis of this thinking is that customers get attracted to the products of good quality. Keeping in mind the same philosophy, these companies direct their marketing efforts in increasing the quality of their products.
This is not the absolute truth because it is not the only basis of buying goods. Customers do take care of the price, its availability, etc. A good quality product and high price can upset the budget of the buyer.
SELLING CONCEPT:
The selling concept is focused on pushing the product in the market. Those companies who believe in this concept think that leaving alone the customers will not help. They think that goods are not bought but they have to be sold. The basis of this thinking is that consumers can be attracted. Keeping in view this concept, these companies concentrate their marketing efforts towards educating and attracting the customer. In such a case, their main thinking is ‘selling what you have’.
This concept offers the idea that by repeated efforts one can sell anything to anyone. They may be for some time, but they cannot do it for a long time. If you succeed in enticing the customer once, they cannot be won over every time.
On the contrary, he will work for damaging your reputation. Therefore, it can be asserted that this philosophy offers only a short term advantage is not for long term gains.
MARKETING CONCEPT:
This philosophy is focused on understanding the needs of the consumer and satisfying them effectively. Those companies who believe in this concept are of the opinion that success can be achieved only through customer satisfaction, The basis of this thinking is that only those goods/services should be made available which the consumers want or desire and not the things that you can do.
In other words, they do not sell what they can make but they make what they can sell. Keeping in mind the same philosophy, these companies direct their marketing efforts to achieve customer satisfaction.
In short, it can be said that it is a modern concept and by adopting it, profit can be earned on a long term basis. The drawback of this concept is that no attention is paid to social welfare.
SOCIETAL MARKETING CONCEPT:
This concept stresses not only customer satisfaction but also gives great importance to consumer welfare/societal welfare. This concept is almost a step further than the marketing concept. Under this concept, it is believed that the mere satisfaction of the consumers would not help and the welfare of the whole society has to be kept in mind.
In short, it is said to be the lastest concept of marketing. The companies adopting this concept can achieve long term profit.
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