Marketing is the term that involves the various processes and ways which are used for the purpose of creating value to the customers so that their needs and wants can be satisfied. A series of endless actions are usually involved in the process of marketing. These actions are involves the company which is trying to meet the demands of the customer at the market place. The reactions which are made by the customers in response to the various marketing efforts made by the firms is among such actions. Every marketing effort has a primary objective of meeting the needs and the wants of the target customers of the firm.
For every marketing effort to be successful, the business organization has to implement a number of concepts. Marketing concept is the term that is used to refer to these concepts. The term marketing concept may be used to refer to various strategies that are used by most of the firms so the needs and the wants of the customers can be fully met. So that the firms may also beat the competitors existing in the market, the marketing concepts may also be used. The production concept, the product concept, the selling concept, marketing concept and the societal marketing concept are the concepts which a firm may choose to implement.
What the production concept holds is that most of the customers are likely to favor the products which will have a higher availability at the market place. They will also favor the products which are affordable to them. In this case, the firm has to focus on continuous production so as to increase the availability of it products. The product concept provides that consumers will embrace the products which have high quality. Performance and unique features which are more innovative is what defines quality in this case. continuous improvement to the products is what the firm will concentrate on if it chooses to leverage on this concept. On the other hand, the selling concept provides that most customers will buy more of a product if the firm undertakes large scale efforts in product promotion.
What the marketing concepts holds is that the firm has to understand the various needs of the customers. The firms should however deliver the products which will satisfy such needs in a better way than the competitors will do. When using this strategy, the philosophy which is applied is “customer first”. Lastly, the societal marketing concepts holds that the firms should meet the needs and wants of the customers in a way that is likely to maintain their wellbeing.