Marketing concepts are also known as marketing philosophy. It refers to the attitude of business / thinking of the management which guides its marketing efforts.
The main concepts of marketing are:
- The production concept
- The product concept
- The sales concept
- The social concept
- The modern marketing concept / consumer-oriented concept.
PRODUCTION CONCEPT
It is one of the oldest concepts of marketing. It is that marketing philosophy which believes that consumer will prefer those products that are,
- Available at time
- In adequate quantities
- At right place
- At affordable price
Management should try to make a policy to improve production and distribution system and to bring down price
PRODUCT CONCEPT:
It believes and operates on the principal that, quality, performance, naturally attract customers. Customer will prefer and buy products which are of high quality and good performance. Good quality and performance of the product makes the customers willing to pay even more than what they are actually willing to pay in normal conditions.
The main disadvantage of this concept is that no effort is required for the marketing if quality of product is good, but it is not true.
SALES /SELLING CONCEPT:
It assumes that any product does not sell itself, it has to be sold. For selling the product the consumers have to be educated and effectively convinced that it is this and this product only which will satisfy their needs. It is a common approach for any marketing effort.
The main disadvantage of this concept is that it gives emphasis on increasing sales volume and not on consumer satisfaction
SOCIETY OR SOCIAL CONCEPT:
It is also known as human / ecology concept. It believes in assessing the needs and wants of target costumer or target market. Adopting the policies, programmes, procedures and strategies to produce and marketing goods to give expected satisfaction more effectively than its competitors’, in such a way that it enhances the customers as well as the society’s wellbeing.
MODERN MARKETING CONCEPTS:
“This marketing concept believes that the key to achieving organizational goals is depending on determining the needs and wants of target marketing and delivering the desired satisfaction more effectively and efficiently than competitors”. -Philip kotler
It is also known as consumer-oriented concept.
