The marketing concept is relatively new concept of business . This concept was developed after 1950s. The marketing concept gives priority to achieve the objective of the firm through fulfillment of customers' needs and wants. Not any business organization can achieve its objectives of marketing until it produces goods or services according to the needs and wants of customers. So, the main task of the firm is to identify the needs and wants of target markets and provide more satisfaction to the customers at less cost than the competitors. For this, all the marketing activities should be directed towards providing satisfaction to the consumers.
Marketing concept gives emphasis to the satisfaction of customers' needs, Its ultimate goal is to earn profit through the use of integrated and coordinated marketing method. Satisfied customers express loyalty to the firm and buy its products regularly. This helps achieve the organizational goal.
Marketing concept gives emphasis to the satisfaction of customers' needs, Its ultimate goal is to earn profit through the use of integrated and coordinated marketing method. Satisfied customers express loyalty to the firm and buy its products regularly. This helps achieve the organizational goal.
Fundamentals Of Marketing Concepts
1. Target Market Focus
Marketing concept clearly defines target market. A business firm can define target market using the techniques like market segmentation and targeting. Besides this, market price should be properly evaluated through market analysis.
2. Customer Orientation
All the activities of the firm should be customer oriented. In other words, all the activities of the firm should be focused on or directed to identify customers' needs and wants and to satisfy them. Customers' needs and wants should be identified and defined from customers' point of view. The main objective of marketing is customers' satisfaction. Only fulfilling their needs after study, research and proper evaluation can satisfy them.
3. Integrated Marketing Activities
The other important fundamental of marketing concept is the integration and coordination of all the activities of marketing. Only then, customers' wants and needs can be satisfied. Different marketing activities like advertising, sale-force mobilization etc. should be systematically as well as properly integrated and coordinated. Along with this, marketing executive should have all the authorities and responsibilities to conduct marketing activities. Marketing mix should be integrated in such a way that the objectives of marketing can be achieved. Similarly, there should be proper coordination among production, finance, personnel and sales departments to achieve the objectives of the business firm.
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The other important fundamental of marketing concept is the integration and coordination of all the activities of marketing. Only then, customers' wants and needs can be satisfied. Different marketing activities like advertising, sale-force mobilization etc. should be systematically as well as properly integrated and coordinated. Along with this, marketing executive should have all the authorities and responsibilities to conduct marketing activities. Marketing mix should be integrated in such a way that the objectives of marketing can be achieved. Similarly, there should be proper coordination among production, finance, personnel and sales departments to achieve the objectives of the business firm.
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Societal Marketing Concept
4. Achievement Of Organization's Performance Objectives
The objective of marketing concept is to achieve performance objective of a business organization. The objective of any business organization is to earn profit by satisfying its customers. In order to achieve this objective, needs of the customers should be identified and all the marketing activities coordinated.
Features Of Marketing Concept
1. Well-defined Target Market
The marketing concept clearly defines target market of the organization. Remains effortful to conduct more attractive and effective programs than the competitors.
2. Focus On Customer Needs
The marketing concept pays attention to identify the customers and provide them. So, it gives emphasis to create goods that can satisfy the customers.
3. Integrated Activities
The marketing concept believes that customers' needs can be satisfied through integrated and coordinated activities.
4. Organizational Goal
The profit maximizing goal of an organization can be achieved by only through customers' satisfaction.
4. Achievement Of Organization's Performance Objectives
The objective of marketing concept is to achieve performance objective of a business organization. The objective of any business organization is to earn profit by satisfying its customers. In order to achieve this objective, needs of the customers should be identified and all the marketing activities coordinated.
Features Of Marketing Concept
1. Well-defined Target Market
The marketing concept clearly defines target market of the organization. Remains effortful to conduct more attractive and effective programs than the competitors.
2. Focus On Customer Needs
The marketing concept pays attention to identify the customers and provide them. So, it gives emphasis to create goods that can satisfy the customers.
3. Integrated Activities
The marketing concept believes that customers' needs can be satisfied through integrated and coordinated activities.
4. Organizational Goal
The profit maximizing goal of an organization can be achieved by only through customers' satisfaction.
