Exactly What Marketing Is All Regarding

However, Henry Ford was sure that his standardized low-price automobile was what the public needed. Consequently, Ford turned to marketing techniques to sell the Model T. It continued to sell, but its market share began to drop.

To gain a better understanding of the thought leading to the marketing concept, the history and evolution of the marketing concept and philosophy are examined first. Next, the marketing concept and philosophy and some misconceptions about it are discussed. The marketing concept and philosophy is one of the simplest ideas in marketing, and at the same time, it is also one of the most important marketing philosophies. According to the selling concept, consumers, if left on their own, will usually not buy enough.

Marketing Concept

An organization must therefore integrate an aggressive selling and promotional effort to get a competitive edge in the market. According to this concept, the company constitutes effective selling and promotion tools in order to encourage more buying. All elements of marketing are driven by consumer psychology and behavior. Every minute detail of advertisements, for example, is carefully constructed to have a psychological impact, whether it be a specific color, image, celebrity, words or phrasing. Product sales is an important component of a company’s marketing program. After the business determines its target market’s needs and desires, and develops a properly priced product to satisfy them, the company will launch its sales efforts. When all variables work in concert, the company is in a good position to meet its sales objectives.

Eventually, even Henry Ford had to recognize consumer desires and introduce a new model. The marketing concept and philosophy evolved as the last of three major philosophies of marketing. These three philosophies are the product, selling, and marketing philosophies. Even though each philosophy has a particular time when it was dominant, a philosophy did not die with the end of its era of dominance. As simple as the philosophy sounds, the concept is not really very old in the evolution of marketing thought. However, it is at the end of a succession of business philosophies that cover centuries.

Five marketing concepts exist, but not all of them apply to all industries – it is up to the company to decide which approach to implement. Many companies within the technology industry utilize the product concept. These companies are constantly updating and releasing new products. It is important for tech firms to make strong decisions on how often to release new products. Releasing too often can leave customers frustrated that there were very few changes. Not releasing updates often enough can leave customers feeling that the company beyond date. Companies must review the needs of the customer and implement those changes as quickly and efficiently as possible.

A company’s well-coordinated marketing program provides a viable structure for ongoing market research efforts. When a business seeks to identify new markets for an existing product, or establish a target market for a new offering, marketing managers conduct consumer surveys to obtain the decision-making data they need. By utilizing this customer-centric marketing approach, the company delivers great value to consumers. Therefore, customers are likely to be receptive to the company’s efforts to cultivate longer-term relationships. This approach may help the company to generate many one-time sales. However, its complete lack of interest in learning about consumers’ needs, and developing products to meet them, sets the stage for short-term customer relationships that don’t encourage brand loyalty.

If your niche is super specific, for example, you probably need sales. So in the end, you and your team should decide which marketing concept is best for you. I think practicing what you preach was born at the same time as the societal marketing concept. It is based on the idea that to beat your competitors, your strategy should aim to take care of your customers and to put profit second. Business-to-consumer marketing, or B2C marketing, refers to the tactics and strategies in which a company promotes its products and services to individual people.