Markerting Philosophies

Marketing can be defined as developing, communicating, and delivering products for satisfying the customers’ emerging needs. Marketing is a standard process for selling and buying, used to gain profit either the fringe benefits or in monetary terms. Please note that all of this comes under the management process. The principal purpose behind the marketing philosophies is to identify individuals’ needs and fulfil them timely. 

Today, this study material focuses on marketing philosophies; you will get a detailed understanding of marketing management philosophies, five different marketing philosophies with examples, and other related topics. So, without further ado, let’s get started with the study of marketing philosophies.

What are the Marketing Philosophies? 

Marketing is a broad term. However, it can be defined as an essential business function that involves the process of planning, executing the conception, distribution of ideas, pricing, promotion, goods, and services to satisfy the customers’ emerging needs. Companies follow different marketing philosophies depending on several factors, such as their customer’s demands and so on. However, mostly there are five marketing philosophies that most companies follow. These are as follows- 

• Product Concept
• Production Concept 
• Marketing Concept
• Selling Concept
• Social Marketing Concept, also known as Societal Marketing Concept 

Explain the Five Marketing Philosophies

As discussed earlier, there are five major marketing philosophies that most marketers follow to satisfy the needs of their customers. Let’s discuss them in detail.

Production Concept

The production concept mainly explains the importance of production in the organisation and marketing management. Among the five major marketing philosophies, the production concept is the first one which is primarily based on an assumption or idea that customers are most likely to choose products that are affordable and are available in bulk. Here, organisations make sure that they produce in bulk, which ultimately reduces the overall cost and increases efficiency. As production increases, the companies can utilise the benefits of economies of scale. As the production prices are low, the product appears inexpensive, which attracts more customers. 

Example: Companies with product markets around the globe generally go for the production approach. Most fast food chains follow this philosophy.   

Product Concept

The following marketing philosophy is the product concept. It is mainly concerned with the overall product quality rather than the product’s price, production, or supply. According to this concept, customers are always on the hunt for good-quality products, no matter their price. Companies that follow this approach mainly produce high-end products to satisfy the customers’ needs without keeping the price point-of-view in mind. Since the company primarily focuses on producing high-quality products, they tend to forget the money and availability aspect. 

Example: The product concept approach is used by the technology industry. 

Selling Concept

The net marketing philosophy is the selling concept that is mainly dependent on the actual selling of the product. In the above two marketing philosophies, the focus was primarily on the production part; however, their selling is given due importance. The selling concept is focused mainly on increasing sales irrespective of price, quality, or the customer’s needs. Companies that follow this concept survive for a short period. 

Example: Companies with short-term profit goals go for this approach. 

Marketing Concept

Although the selling concept is not meant for the long run, the marketing concept does all the talking. In today’s growing economy, the market plays a significant role. Since it’s the place where products are being stored and reach the customer’s house, research has been conducted to determine customers’ needs so that their needs are satisfied timely. 

Example: Companies with long-term business goals generally go for this approach. 

Social Marketing Concept/Societal Marketing Concept

The last, but crucial marketing philosophy, is the social marketing concept or the societal marketing concept. This concept believes in protecting the environment and giving back to society in some or the other manner, such as promoting literacy, poverty eradication, etc. 

Example: Today, most companies follow the social marketing concept. Some biggest names on the list are Mamaearth and so on.   

Influencing Factors in Marketing Management 

There are eight influencing factors in marketing management. Let’s have a look – 

• Population growth
• Expanding household needs
• Removal of income
• Excessive income generation 
• Technological development
• Mass communication media
• Credit purchases
• Altering social behaviour

Conclusion 

With this, we come to an end to our study material on the marketing philosophies with examples. Marketing philosophy is one of the most exciting topics in business studies. Marketing is a standard process for selling and buying, which is used to gain profit, either the fringe benefits or in monetary terms. Companies follow different marketing management philosophies depending upon several factors; however, we discussed five major marketing philosophies in this article. In this study material on marketing philosophies, we studied marketing and its five different philosophies in length. We also covered several factors influencing marketing management and other related topics in detail.