2 Marketing Concept

Five types of marketing concepts are as follows. Distinctions between the Sales Concept and the Marketing Concept.

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In this approach the marketer says that the customer is always right and his needs and wants should come first.

2 marketing concept. Value perceptionsincrease with quality and service but decrease with price. 22 The marketing concept The marketing concept is a philosophy which states that the key to achieving goals is to determine the needs of the target customers and to satisfy those needs. The marketing concept directs all marketing decisions about products distribution methods marketing communication price determination.

The marketing concept arrived after a series of other orientations that marketing companies underwent during the 20th Century. The marketing concept holds that achieving organisational goals depends on knowing the needs and wants of target markets and delivering the desired satisfaction better than competitors do. This concept was based on the assumption that customers are primarily interested in products which are accessible and affordable.

The marketing concept holds that the key to achieving its organisational goals consist of the company being more effective than competitors in creating delivering and communicating customer value to its chosen target markets in order to satisfy the customers at a profit. The marketing concept is customer-oriented. Introduce the 3 mega-marketing concepts the buyer decision process the total product and the circle of satisfaction and the hierarchy and relationships between the 3 mega-marketing concepts.

2Consumer orientation 3Social responsibility. The marketing concept involves identifying consumer needs and wants and then producing products which can be goods services or ideas that will satisfy them while making a profit. The role of a mutually satisfying exchange is central to the marketing concept.

We can think of marketing as the identification creation communication delivery and monitoring of customer value. Marketing and marketing concepts are different from each other - marketing promotes while marketing concepts are philosophies determined by a clear objective for an organizations market. Relationship marketing entails forging long-term relationships with customers which can lead to repeat sales reduced costs and stable relationships.

200 Marketing Theory section preview In this module we explore the key concepts that are central to the language of marketing practitioners. The marketing concept rests on four pillars. Kotler and Armstrong 2010.

Define the production concept the product concept the selling concept and the marketing concept Company Orientation and the Marketing Concept In every transaction between a buyer and seller there is an underlying dynamic that governs the parties perception of the exchange. Types of Marketing Concept. Target market customer needs integrated marketing and profitability.

It puts customers in the middle of the marketing process finding out customers needs and wants then satisfying those needs better than the competitors.

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