The term ‘marketing concept’ refers to the use of marketing data in order to focus on the requirements as well as wants of customers to build marketing strategies that not only fulfil the needs of the customers but also achieve the objectives of the organisation.
An organisation makes use of the marketing concept when it identifies the buyer’s needs. It then produces the goods, services, or ideas which will satisfy them (using the “right” principle). The marketing concept is geared toward pleasing customers (be those customers organisations or consumers) through the process of offering value.
How Can You Implement The Marketing Concept?
In order to implement the marketing concept, ask three basic questions to yourself or – alternatively – to your organisation.
- Who is the target market? The first step is to accurately determine who is the target market. This can be by market research as well as deciding which target market will offer the best returns.
- What are the needs, wants as well as demands of the target market? One additional step in marketing research is the consumer choices study. This study will help the organisation to determine the needs, wants and demands of the target market so helping the firm to decide on their strategies.
- How best can we deliver on a value proposition? In this step, the firm decides on what strategy it needs to adopt. What combination of ATL and BTL activities need to be adopted? What type of value should the firm create as well as deliver? How should it integrate its different departments? Finally, the firm decides on how to apply the marketing concept within itself in order to deliver a better customer experience.
To summarise, the concept of marketing is dependent upon market research as well as determining the needs of the customer so that a better marketing strategy can be devised which satisfies the needs of the customer. The marketing concept also demands a holistic approach from the organisation.
The marketing concept appeared after a series of additional orientations which marketing companies underwent during the 20th century. At first, there was production orientation where a company focused on the science of manufacturing. After this there was a product orientation where a company was not just focused on the production processes however also on the quality as well as desirability of a particular product.
Then marketing companies advanced to a selling or sales orientation through which the products would proactively be sold based upon features as opposed to the benefits to the individual customer as well as his or her needs. Consequently the arrival of a market orientation which strengthens our marketing concept, where needs as well as wants are satisfied through the delivery of value to satisfied clients.
If you’re a newbie to the exciting world of marketing, but you are an expert in your product or service, learn how to properly market your wares with our Marketing Fundamentals Course. Read more about this course here.
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