December 13, 2011
Marketing is very important and a key concept in creating a successful business. “Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably” (Chartered Institute of Marketing). The primary purpose of a business is to obtain and retain customers. Through key marketing concepts, businesses have the opportunity to obtain customers which is vital to the life of the business.
The marketing concepts of a business must align with the organizational goals in order for a business to be successful. Organizations must determine the needs and wants of their target market before setting their goals. There are a few concepts to consider when a business is determining their marketing strategy. The first one that we will take a look at is the product concept.
The product concept is one that believes consumers will choose products that are easily available and affordable. These products must also have great quality, performance and features. With this concept, organizations need to focus on several different items to meet the demand of their customers. Management should focus on improving production and product distribution. Also, with this concept an organization needs to be continually focused on making product improvements. The bottom line is that consumers demand the highest quality products at a reasonable price. Consumers will buy from organizations that can deliver on their promise. Companies that operate under this concept should have great products with an effective and efficient way to distribute their products.
The next concept that we will take a look at is the selling concept. This concept is believes that organizations will not be able to sell enough of their products unless they engage in a big promotional or selling effort. Consumption is the key element in having a successful business. Consumers...