Marketing is also known as a concept which companies use to raise awareness of their particular product or service in a specific region .Companies seek to keep lifetime relationships with their customers as it would increase the profitability of the company . Retaining existing customers rather than attracting new ones. Marketing is seen as a key to the success of any business, as it is the way of understanding both its customers and the market within which it operates.
The Different Marketing Concepts or Orientations
1. The selling concept
According to this concept the company’s entire focus is on selling and hence making a lot of sales. The selling effort is backed by serious promotional activities and aggressive advertising. The company does not bother about the market demand; they just want to sell what they produce. Important Fact: This is adopted when the firm faces something which we call over capacity
2. The product and production concept
According to this concept, people like products which are very good in terms of performance and Quality.The Company aims at making a continuous effort towards product improvement and innovation. Limitations:
Here the firm may face problems when substitute products are available. For example: consumers may prefer modern digital cameras instead of the non digital camera using film. Production Concept:
The company believes in the fact that it should produce goods efficiently and try to bring down the prices so that products become affordable. The firm undertakes mass production and makes an effort to improve the distribution. Important fact: This happens when the demand is more than the supply
3. The Marketing concept
The marketing concept is concerned with first identifying the consumer needs and then making products that give maximum customer satisfaction. Marketing starts before the product; service or solution is ready and continues even after the sale...