- 5 Important Marketing Management Concepts
All marketing efforts when are guided by certain logic, strategy, concepts or philosophies that give the directions to the business is call marketing management philosophy. These marketing concepts should be carried out in marketing activities.
There are five famous philosophies and this philosophy is actually a concept that is central focus for the business to do their operations.
Now the concepts/ philosophies are describing details below.
1. The Production Concept
The production concept is one of the oldest concepts in business that is much simpler idea, philosophy and thinks if the goods/ services are cheap then they can be made available at many places. Then there can not be any problem regarding sale. The production concept is oriented business concentrated on achieving high production efficiency, low cost, and mass distribution and vast selling at profit.
2. The Product Concept
The product concept gives priority to produce consumers favor products that offer the most quality, performance and best features. Managers in these departments only focus on making superior products and improving them over time at their best. The companies always try to improve their product and the basis of this thinking is that the customers get attracted towards the products of good or best quality. A new product or improved product will not be successful unless it’s priced, distributed, quality, advertised, and sold properly and at the right way.
3. The Selling Concept
Customer is the king. Without customer your business will not be able to make more profit. The selling concept stresses on attracting customers to buy the product by making aggressive selling and promotional or advertising efforts by the organization. Thus, the focus of business organization is to ensure the sale of products through selling technique like advertising, promotion with the customer’s satisfaction. The main function of selling concept is to convert the goods into cash as profit by using fair or unfair means. Selling can be successful only for short period but not for during long period.
4. The marketing Concept
The success can be achieved only through consumer satisfaction. The basis of this thinking is that the product should be made which the consumers want and should be not the things which you can do or produce. You should not sell what you can make but you should make what you can sell. Keeping in mind this idea or concept, the companies direct their marketing efforts to achieve successful. This marketing concept is a modern concept and by adopting this concept profit can be earned on a short or long-term basis.
5. The Societal Marketing Concept
This concept is very important for business organization and society both. The business need this concept for acquiring believes from society to achieve and the society need this concept for welfare for society. This concept is a further step than the marketing concept. The company has to be kept in mind the welfare of the whole society and we know, mere satisfaction of the consumers would not help for company. It can be easily said that this is the largest concept of marketing.
In conclusion, for achieving success in business the marketer have to follow these philosophies for earning faith in consumers, competition, consumer consciousness etc.