MARKETING CONCEPT

Marketing Concept

Marketing Concept

Introduction

Marketing could be defined as the efforts made by an organization to identify the unmet needs in a market or even more to create those needs, and find ways to satisfy them through a good planning, strategies and the tactics needed following these strategies. We could also say that marketing concept is the way a company is approaching its customers to promote its products by creating value for them and revenue for itself. Of course by keeping customers satisfied, long term loyalty and constant relationships are created so the final aim of an organization can be reached. A good marketer could create demand for its products based on the needs and wants of its customers by making something fashionable or by creating something new.

Discussion

Marketing is defined as a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and values with others.(Kotler.P 2002 : 5) The goals of marketing is to attract new customers by promising superior value and keep and grow current customers by delivering satisfaction. There are five core concepts of marketing, which includes needs, wants and demand; products, services and experience; value, satisfaction and quality; exchanges, transactions and relationships; and finally, market and marketing.

After World War II, the variety of products increased and hard selling no longer could be relied upon to generate sales. Customers afford to be selective and buy products which can precisely met their changing needs with increased discretionary income. The key questions arose: What do customers want? Can we develop it while they still want it, and how can we keep our customers satisfied?

In order to response to these discerning customers, firms began to adopt the marketing concept. This involves focusing on customer needs before developing the product, aligning all functions of the company to focus on those needs, and realizing a profit by successfully satisfying customer needs in long-term. In other words, in the context of marketing concept, company must first determine what the consumer wants, then produces what they wants, then sells the consumer what they wants.

In marketing concept, more listening to and eventual accommodation of the target market occurs. Two-way communication is emphasized in marketing so "learning" can take place and product offerings can be improved. Business must first fulfill consumers' needs and wants. Marketing concept "holds that the key to achieving organizational goals consists in determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than competitors"

Marketing is the most important factor for an organization's success and not only helps a company to accomplish its goals but also helps to remain successful and maintain its high position in the market. All the successful companies have based and owed their success to their marketing teams and their ability to be creative, able to attract customers and being adaptable on the changes in the market.

A company needs to have a strategic plan showing the direction it wants ...