The marketing concept holds that the key to achieving organizational goals consists of the company being more effective than its competitors in creating, delivering, and communicating customer value to its chosen target markets. The marketing concept rests on four pillars: target market, customer needs, integrated Marketing and profitability.
. The selling concept takes an inside-out perspective. It starts with the factory, focuses on existing products, and calls for heavy selling and promoting to produce profitable sales. The marketing concept takes an outside-in perspective. It starts with a well-defined market, focuses on customer needs, coordinates activities that affect customers, and produces profits by satisfying customers. Instead of product-centred “ make and sell” philosophy, the Marketing Concept is customer-centered “ sense and respond” philosophy.
Target Maket- Consumer Needs- Integrated Marketing- Consumers’ Satisfaction
Companies do their best in choosing their target markets and then tailor their marketing programms.For example for woolen clothes, select the colder areas. CUTOMER NEED
Needs can be described as human requirements. Need is there and its natural. We need food to satisfy our hunger, water to quench out thirst. Of course need can be more than just food, water and shelter. We need recreation, education, entertainment and lots of other things to sustain our living. WANT
Need becomes Want, when they are directed towards a specific object. When hungry we need food; but we want say a burger. Want can vary from place to place and from people to people. A man in USA can want a burger to eat when hungry whereas a man in Pakistan needs a ‘Nan”. Want can be different at different income levels and in various times. DEMAND
Want becomes a demand when backed up by an individual’s ability to pay for it. A hungry person can want a burger, but does he have money to demand a burger. Or is there a burger available to him. INTEGRATED MARKETING
INTEGRATED MARKETING COMMUNICATION (IMC)
The IMC approach in marketing planning and strategy has been gaining popularity since 1990’s and is being adopted by both large and small companies. The proponents of IMC argue that it is one of the easiest ways for a company to maximize return on its investments in marketing and promotions. Some of the reasons for growing importance of IMC are given below: • Marketing budget being shifted to consumer & Trade promotions. • Retailers becoming more powerful & dominating manufacturers. • New tools target specific rather mass media & are economical. • Internet & e-commerce have redefined way business is done & the way companies interact with consumers. • Companies emphasize communication with consumers.
• Advertisers want more accountability of advertising agencies & the change is taking place rapidly. • There is rapid growth & development of database marketing. The tools used to accomplish an organization’s communication objectives are refer to as promotional mix. Promotional mix has various elements that need to be appropriately chosen to design and integrated marketing communication campaign these elements which comprise IMC are illustrated below: The Promotional Mix – The Tool for IMC Elements
Now a days, Advertising has assumed important role in this very fast developing and competitive world. In order to understand it first we have to know what it means or in other words to know its definition. But before we define we must know i.e. six segments of the definition of advertising:
1. It is paid form of communication.
2. The Sponsor is identified.
3. Most advertising tries to persuade or influence consumer to do. Something though in some cases it is merely to make consumers aware of product or company. 4. Message is conveyed through...
Please join StudyMode to read the full document