What is Marketing Concept and Types of Concepts ?

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According to the marketing concept, recognizing the needs and wants of target markets and offering the desired satisfactions more effectively and efficiently than competitors is the key to accomplishing organizational goals. The emphasis in the marketing idea is on selling satisfaction rather than just selling a product. The goal of marketing is not to maximize profitable sales volume, but to maximize profit through customer happiness. The consumer is the center of attention, and all marketing operations revolve around him or her. As a result, it is critical for with them, determine their wants, and supply goods and services that suit those demand.

The components of marketing concept are as :-

A) Customer satisfaction : In today's world, the customer is the center of attention. The goal of the organization should be to produce goods and services that will satisfy customers.

B) Integrated Marketing : To meet the demand and expectations of customers, the operations of production, finance, and marketing should be integrated.

C) Profitable Sales Volume : Marketing is only successful if it can maximize profitable sales while also ensuring long-term customer satisfaction.

1) Exchange Concept

The Barter System is a traditional marketing concept. The core principle of marketing, according to this concept is the exchange of products between customer and seller. It is a fundamental marketing principle. Third-world countries as well as some small traders in developing and industrialized countries, continue to use this approach. The act of receiving the desired object from someone in exchange for something else is known as an exchange. Marketing, on the other hand, is much more than just a transaction. This approach ignores some key components of marketing, such as customer satisfaction, creative selling, and so on.

2) Production Concept

There was large-scale production with the start of the Industrial Revolution in the 1760s. During this period, the production concept of marketing was born. Manufacturers who adhere to a production-oriented ideology focus on obtaining high production efficiency and a broad distribution network. The market is treated as an extension of the production function by such enterprises, with marketing serving as the physical distribution of mass manufacturing.

3) Sales concept

This idea emphasizes salesmanship, advertising, Publicity and sales promotion, among other things. This nation is most commonly used with unsought goods, which are items that buyers do not generally consider purchasing, such as insurance, magazine subscriptions, and so on. The goal of this industry is to sell what it produces rather than what the market want. Such marketing is fraught with dangers.

4) Product Concept

There is a change in this approach from selling low-cost products to marketing high-quality products. Product-oriented businesses consider whether their product will meet people's needs and wants, or whether it will address their customer's problems. Product-oriented businesses invest a significant amount of money in research and develop new innovative products and to improve or alter existing ones.

5) Customer oriented Concept

Around the year 1950, this concept was born. A change from a product to a sales orientation to a consumer orientation is described in this idea. Marketing decisions are centered on the target consumer. The key to achieving organizational goals is to identify target consumers needs and wants, and then to meet those needs and wants more efficiently and effectively than the competition.

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