Marketing concepts or marketing management philosophies are the philosophies used by the businesses to guide their marketing efforts. In simple terms, marketing concepts relate to the philosophy a business use to identify and fulfil the needs of its customers, benefiting both the customer and the company.
Six competing philosophies can influence a firm’s marketing activities. These philosophies are commonly referred to as production, product, sales, marketing , societal, and relationship marketing orientations.
The Five Marketing Concepts The Production Concept . The production concept is focused on operations and is based on the assumption that customers will be more attracted to products that are readily available and can be purchased for less than competing products of the same kind. The Product Concept. The Selling Concept. The Societal Concept.
Major Functions of Marketing Management Selling. Buying and Assembling. Transportation. Storage. Standardization and Grading. Financing. Risk Taking. Market Information.
There are 5 philosophies or concepts in marketing: the production concept , the product concept, the selling concept, the marketing concept, and the societal marketing concept. Each with its characteristics and uses.
The marketing concept and philosophy evolved as the last of three major philosophies of marketing . These three philosophies are the product, selling, and marketing philosophies . Even though each philosophy has a particular time when it was dominant, a philosophy did not die with the end of its era of dominance.
According to NetMBA: The marketing concept is the philosophy that firms should analyze the needs of their customers and then make decisions to satisfy those needs , better than the competition .
The concept of Marketing Management Philosophies is essential as it gives the concepts of marketing like production of the product, superior quality product, promotional strategies enhances sale of the product, to fulfill customer needs and satisfaction, and also welfare of the customer and society as whole.
These approaches explain clearly the mechanism and concept of marketing . These approaches are Commodity Approach , Institutional Approach , Functional Approach and Decision Making Approach .
4 Types Of Marketing Plans And Strategies Market Penetration Strategy . Market Development Strategy . Product Development Strategy . Diversification Strategy .
These seven are: product, price, promotion, place, packaging, positioning and people. As products, markets, customers and needs change rapidly, you must continually revisit these seven Ps to make sure you’re on track and achieving the maximum results possible for you in today’s marketplace.
Stages in the Product Lifecycle There are four stages in the product life cycle: introduction, growth, maturity, and decline. Life Cycle: Firms’ products progress through the stages of development, which is indicated by their changing profits over time.
The 4Cs ( Clarity , Credibility, Consistency, Competitiveness) is most often used in marketing communications and was created by David Jobber and John Fahy in their book ‘Foundations of Marketing’ (2009).
7 Functions of Management: Planning , Organising, Staffing , Directing , Controlling , Co-Ordination and Co-Operation.
Originally identified by Henri Fayol as five elements, there are now four commonly accepted functions of management that encompass these necessary skills: planning , organizing , leading , and controlling . 1 Consider what each of these functions entails, as well as how each may look in action.