marketing concepts applied in the current business operations
Chapter 5 in the textbook discusses the various marketing concepts applied in the current business operations. Marketing concepts are the strategy that firms implement to satisfy the client’s needs, increases sales, maximize profit, and beat the competition. As discussed in chapter 5, five marketing concepts are fundamental to business operations. These marketing concepts are production concept, product concept, selling concept, the marketing concept, and societal marketing concept.
According to the chapter 5 textbook, the production concept is defined as production-oriented business dominated the market. In this era of production concepts, the business was concerned primarily with production, manufacturing, and efficiency issues. Firms that use the production concept have the belief that clients want products that are affordable and accessible. The production concept is based on the strategy that a company can add up the supply as it decreases its costs, and it believes in economies of scale whereby mass production can reduce expenses and maximizer profits.
The second marketing concept, as discussed in chapter 5, is the product concept. This concept functions on the assumption that clients prefer products of higher quality and price, and availability clients influence there buying decision. A good example that is presented in the chapter on this concept is that modern standards would be IT companies, who are always improving and updating their products to differentiate themselves from the competition. The main aim of marketers, according to this concept, is the product quality they often lose or fail to appeal to a customer whose demands are driven by other factors such as price, availability, and usability.
The selling concept is the third concept among marketing concepts. Production and product concepts both look up to the production, but selling concept business fusses on making an actual sale of the product. The selling concept focusses on making every possible sale of the product, regardless of the quality of the product or the value of the customer. This selling concept outlines that clients would purchase a company’s products only if the company were to sell these products aggressively, this means that the repeated sales are challenging to get, and customer satisfaction is not well achieved. According to chapter 5 textbook, the marketing concept is the fourth concept, which is discussed. In this, the company believes in the marketing concept places the consumer at the center of the organization.
All operations are directed to client and business purposes to understand the needs and wants of the clients. In this concept, it implements the marketing strategy according to market research, starting from the product conception to sales. Through focusing on the needs and wants of the target market, a company can offer more value than its competitors. The marketing concept pits more focus on pull strategy and tells that the brand is so powerful that clients would always prefer the brand to others. The last idea, as discussed in the textbook, is the societal marketing concept. This marketing concept debated the needs and wants of the target market and the delivery of better value than its competitors; it also emphasizes the importance of the wellbeing of consumers and society entirely.