What is marketing concept ? the answer is simple, The marketing concept is the belief that companies must assess consumers’ needs first. Based on needs, companies can make decisions in order to satisfy those needs, better than their competition.
It’s vital to customer-centric companies because it guides them to prioritize satisfying customer needs and wants. This concept also causes companies to perform proactive research to identify preferences within the consumer market prior to development and promotion.
Most companies have incorporated the marketing concept. So if you were a new company, how would you know what a customer would need and want from this market? First of all, let us define needs and wants. Needs and demands are basic requirements for an individual to live and survive. Some examples are water, food, shelter, etc. Obviously, the needs of consumers are wide-ranging. Wants are the desire for something that an individual cannot live without. Some examples are a bigger home, a brand new car, an iPad, and trips. Even though consumers’ needs are broad, wants can be very particular.
Consumers decide to buy based on both their needs and wants. It is at this point that marketers would come in. Marketers acknowledge the needs of consumers and use the consumers’ desire for what they want to steer them towards specific products and services that fit their desires.
Why Marketing Concept
- A better understanding of the market
- Solving problems and affording the needs and wants of the consumers
- Developing products or services based on the consumers
- Boosting business to drive profits
The Production Concept
Any business that uses the production concept has the belief that customers primarily want products that are affordable and easily accessible. The production concept is based on the approach that a company can increase supply as it decreases its costs. Moreover, the production concept highlights that a business can lower costs via mass lines and production. A company oriented towards production believes in economies of scale (decreased production cost per unit), wherein mass production can decrease cost and maximize profits. As a whole, the production
The Product Concept
Companies that focus on the product concept believe that the most significant priorities for a customer are the quality and functional characteristics of the product or the service. What this indicates is that a customer looks for innovative alternatives and always searches for the best of what is currently available in the market. In addition, within this concept, it is assumed that consumers stay loyal if they receive more product options and benefits.
The Selling Concept
The selling concept involves companies that are sales and profit-oriented. What this means is that they can make a product and then sell it to their target market without consideration of their consumers’ needs or wants. The selling concept highlights that customers would buy a company’s products only if the company were to sell these products aggressively.
The Marketing Concept
A company that believes in the marketing concept puts the consumer at the center of the organization and its interest. All activities are geared towards the consumer. A business, oriented towards the market, aims to understand the needs and wants of a customer and executes the marketing strategy according to market research beginning from product conception to sales. As sales begin, further research can be implemented to figure out what customers think about a product and whether improvements are needed. While markets change continuously, product development and market research are always ongoing for a company that concentrates on the market.
So. if you are looking for the right place to help you use the right marketing concepts, you have to consider Muzawed as one of your choices. Because yes, this is what Muzawed provides in its Marketing Services for clients.