The marketing concepts were originally derived from the book of Adam Smith, Wealth of Nation. Interpreted literally, the marketing concept only advocates discovering consumers’ wants and needs and satisfying them. Critics assert that consumers may not be aware of all of their wants and needs. In the 1950s, were consumers aware of a need to cook their food by sending microwaves through their food? In the 1960s, were consumers aware of a need to have personal computers in their homes? Critics argue that the marketing concept’s concentration on consumers’ wants and desires stop innovation.
Last but not least, entrepreneurs have to make sure that their organization is prepared to support the resulting growth from their marketing initiatives. Far too often, businesses focus so much on product and strategy that they neglect to develop strong internal service and support teams.
Sometimes inside the enthusiasm to satisfy an user’s wants and needs, typically the marketing concept is interpreted to mean that typically the customer is always most suitable. However, the marketing principle also states that that is essential to meet company goals along with satisfy consumer wants and desires. Satisfying consumer needs and organizational targets may involve conflicts of which sometimes should not be resolved. Typically the organization that adopts typically the marketing concept will perform almost everything in its power to be able to focus on its customers, nevertheless it must make a new profit. Sometimes the wishes of the customers may possibly include the price or perhaps features which are not attainable regarding the organization in case it is to be able to make a profit.
If the growth you’ve been chasing arrives ahead of your ability to support it, you might be able to catch up, but one bad customer experience can poison a client forever. Refining your customer support services alongside your other marketing priorities will ensure that your internal systems are working in sync, instead of at odds. At its most basic level, marketing seeks to match a company’s products and services to customers who want access to those products.
Matching products to customers ultimately ensures profitability. The marketing concept involves analyzing the needs of customers so that a company can make informed decisions to meet their needs and bat competition. Most firms, today, have adopted marketing concepts though this hasn’t always been the case. Eminent economist Adam Smith, in his epochal book Wealth of Nations, said that the needs of the seller can be considered only in the light of the demands of the customer. The selling concept predominated in this country until the 1950’s. They were fed up with businesses trying to force products on them that they did not necessarily want or need.
It is based on new marketing concept and refers to a broader concept. It is multidimensional as along with selling product and getting profit it also gives emphasis on customer satisfaction, planning, after sales service and many other variables. The selling concept is seller-oriented where the business believes in push marketing that the customer will not respond until pushed and its products will sell only through active promotion and selling.
Production, product, and sale concept have become obsolete in most of the fields; they only exist in some fields only. Today’s market follows the marketing concept of meeting and fulfilling customers’ needs and wants, but environmental challenges are questioning the whole strategy of the marketing concept. As the name implies the idea of selling concept is to sell the company’s product through large scale marketing and promotional activities, it doesn’t whether they fulfill customers’ needs or not. There are as many marketing concepts as many businesses running in the world. Some of those concepts exist today and the others have become obsolete. However, there are five core marketing concepts also known as marketing management philosophies. The idea of the marketing concept is to anticipate and satisfy the needs and wants of customers better than the competitors.