Marketing

A business combines interlinked operations performed by individuals with unique functionalities. One of these many operations is known as marketing which refers to the actions and procedures related to promoting its services and products. Marketing is referred to as the process of providing the right services and products to the right audience at the right time. This is a complete guide to the overall concept of marketing. Several types of promotions are used to target a specific audience.

What is the Concept of Marketing?

Marketing is based on five fundamental concepts that structure and organise your organisational operations. These five concepts of marketing are:

1. The Selling concept 
2. The Production concept 
3. The Product concept 
4. The Marketing concept
5. The Societal Marketing concept 

These are the five pillars of concepts in marketing. So let’s have a deep dive into these concepts of marketing.

The Selling Concept

The selling concept is a standard business orientation that holds the idea of consumers and businesses. It means that if consumers and businesses are left alone, they will not trade enough of its services and products. This marketing concept presumes the consumer’s nature of resistance and that they must be coaxed into buying. The selling concept also assumes that the business organisation has countless practical promotional and selling tools to initiate and stimulate more business. Nowadays, this concept is practised by most firms to sell whatever they can make, rather than what the market demands.

The Production Concept 

The production concept is the oldest of all the concepts available of marketing in business. It refers that the consumer has a nature of referring to products that are available in more quantity and inexpensive. Several business managers use this concept of marketing to concentrate and follow the path to achieve efficiency in high production with low costs and wide and mass distribution. This marketing concept makes sense and is practised in most developing countries where customers are in client towards the product then its features.

The Product Concept 

The product concept orientation states that consumers fall for the most impressive quality, innovative features, and best-in-class performance. Several managers focus on this concept of marketing with another option that the customer will prefer well-built products and favour quality and performance. However, this concept of marketing sometimes feels when the manufacturer decides to give quality without realising the market demand.

The Marketing Concept 

The marketing philosophy is like a concept that went rogue after seeing the above three business concepts. This concept of marketing challenges all the three previously discussed business orientations. It states that the only way to achieve organisational goals is to become better and more effective than your present competitors in developing, delivering, and establishing better communication with your customers to improve your selected target customers.

The Societal Marketing Concept 

The societal Marketing concept States that the task of an organisation is to determine the demand and interest of its target customers and develop and deliver a product with desired satisfaction and is more effective and efficient than the competitors. In addition to it, it also holds that all these marketing processes must be done to enhance and preserve society and customers’ well-being. The social Marketing concept came into existence when some people questioned whether the Marketing concept is good in resource shortages, world hunger, neglected social services, environmental deterioration, and poverty.

Applications of Marketing Concepts 

The Production Concept 

The production concept is applicable only in two situations:

• First, if the demand for a product becomes more significant than the supply, this results in a price-sensitive and budget-conscious market. Whenever higher demand and supply conditions arise, the customer becomes more interested in owning the product than the quality and features.
• The production concept comes into play when the production costs are incredibly high, and eventually, it makes the customer resist buying the services or product. This results in cost-cutting with a motive to bring down the prices.

The Product Concept 

The application of product concepts can be learned by example.

Suppose a company makes the best in class CDs. But the question here is, do they need a CD?

Whenever they need something used to store the data, they will go for a USB drive, memory cards, or portable hard disks. It signifies that the company should start focusing on meeting customer demands. Just like this, your business should also have a USP to stand out with your product. 

The Selling Concept 

The best example to learn from is soft drinks. They come up with new ideas that create an unforgettable image in the customer’s mind and urge them to buy the product.

The Marketing Concept

It concerns the understanding of customers and then delivering products that are better to stand out in the competition.

The Societal Marketing Concept

These are the organisation’s efforts that concern social well-being. The best example to relate to this concept is renewable energy vehicles.

Conclusion

Marketing plays a crucial role in connecting your brand to your customers. It is a multilevel operation with several concepts in it. These concepts are vital for your company’s operational approach and simplify your customer acquisition to stay and survive in this competitive business world. Five concepts of marketing tie the customer and producer in a two-way relationship where one affects and modifies itself according to the other.