Which of the following is a part of the modern marketing concept? A marketing concept is a business philosophy that is based on satisfying customer needs while maximizing profits. The main aim of a marketing concept is to beat competitors and maximize profits by meeting customer needs. According to marketing strategist Robert Katai, there are five basic types of marketing concepts: production, product, selling, and societal.
The basic marketing concept involves three major aspects: product design, customer satisfaction, and organizational structure. The first part focuses on the customer. It means that the front-line people should interact directly with customers, while the second part is a marketing strategy. The third element focuses on the bottom-line: the company should focus on customer satisfaction. In order to succeed in customer-oriented marketing, the management must know the differences between these three types of interactions.
The selling concept focuses on convincing customers to purchase a product, and is often based on aggressive advertising. Coca Cola, for example, is an example of a product that is neither necessary nor desirable. The company spends massive amounts of money marketing it despite the fact that it is bad for the consumer and has few nutritional benefits. This marketing concept is effective, but has a major flaw.
The concept of customer-centeredness is a common flaw in traditional marketing. Those who focus solely on the product are not likely to be successful in marketing. By focusing on the customer, a business can build a sustainable relationship with customers and retain them for life. While it is true that consumers prefer products that are well-made and affordable, a marketing concept emphasizes quality and value.
Marketing mix is a set of tactical marketing tools. It is made up of everything a company can do to influence demand. It aids in planning and executing the marketing strategy. The marketing mix includes the product, price, and place. Product, price, and place are the activities that make a product available to consumers. Promotion is the communication of product features to persuade consumers to buy it.
Another aspect of the marketing concept is societal marketing. The social focus of a company’s marketing strategy emphasizes the welfare of society. This approach focuses on satisfying consumer needs while maintaining or enhancing the well-being of the society as a whole. Because employees of a company are living in the society they’re marketing to, they should advertise with the community’s welfare in mind.
In order to create a marketing concept, a company’s marketing functions must be coordinated with other departments within the company. The marketing strategy requires the entire company to be planned as one system, and the company’s objectives must be unified. The coordination between all marketing functions eliminates conflict in the operation and allows the company to focus on the customer’s needs and wishes. This way, marketing becomes the basic motivating force for the entire firm.