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The Five Concepts of MarketingBY: Raja Vikram | Category: Sales-Marketing | Submitted: 2010-03-18 05:31:42
Article Summary: "This article is about the five important concepts of marketing , which are required for a company to be competitive in the market..."
Marketing is about catering the needs of the customer. Handling the right product at the right time for the customer. It is a process of creating value at the customer place to build good relationship in order to get value from them . So each company works differently depending upon their way of business and the Sector of Business. So they have different strategies to reach the customer in a faster way than competitors. So, in marketing there are five basic concepts which are very much required for a company to implement in its marketing plan and getting up to date depending upon the Marketing Environment.
The five basic concepts are
1. Production Concept:- This is a concept which is applied from olden days. This concept is to make the companies realize what the customer is looking for?. The customer always in need of Continuous availability of the product, and prefers for low price. So the company should focus on the mass production and distribution , making an aim to low the price of the product. So this concept can be used when the company is in expansion mode. This concept gives an idea of fighting in the competitive market of production.
2. Product Concept:- Again this concept is reaching the products to the customer. In other terms the company should offer the products which the customer is looking at. The customer always looks at the products with high quality, performance till long term, Differentiation and user friendly. So by designing these things is not enough for the company , It should take care of Heavy promotions, Distribution, and Pricing. So applying all these , this concept will be helpful for the company to look at their product strategy.
3. Selling Concept:- This concept for the companies use when there is a mass production and they need to sell it at any cost. So by selling only they can have more customers and More profit in terms of money and brand name. And, the only way to reach the customers is selling. So companies use this concepts to look at the front end and getting profits.
4. Marketing Concept: This concept is started in the mid of 1950's. As the business and Marketing changed their way from the earlier days to present , companies are really in need of this concept. In the olden days companies were looking at the product , but now at customers. So it is the time for the companies to deliver the best product at customer point with good service. Now , The companies are working at Total orientation towards market , that is to target the customer ,apply the marketing techniques and give the best of service to retain the customer. This concept will help the company in the marketing front.
5. Holistic Marketing Concept:- This concept includes everything under the umbrella of marketing . It helps in development, Designing and Implementation of all marketing programs. It consists of four marketing components. Those are Relationship Marketing , Internal Marketing, Integrated Marketing and Social Responsibility Marketing. So from these we can make sure that it contains the whole internal and External marketing environment for the Marketing . The Marketing can be, By building internal or External Relationship or from the 4P's of market. So, By changing Internal and External Environment of a company's Marketing plan can help the company to fight in the competitive environment. So this concept contains all components under the marketing Umbrella by which the companies can sustain and get profits in a dense of competitive market.
About Author / Additional Info:
An MBA from GITAM University, India.
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