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Essay on The Marketing Concept
I. Marketing Concept
The marketing concept is a business philosophy that challenges the business orientations. Its central tenets crystallized in the mid 1950’s.The marketing concept holds that the key to achieving the organizational goals consists of the company being more effective than competitors in creating delivering, and communicating customer value to its chosen target markets. The marketing concept has been expressed in many colorful ways:
-Marketing needs profitably
-Find wants and fill them
-Love the customer, not the product
-Have it your way (burger king).
Theodre Levitt of Harvard drew a perceptive contrast between the selling and the marketing concepts. Selling focuses on the needs of these sellers, marketing on the needs of the buyer. Selling is preoccupied with the need of seller to convert his product into cash. The marketing pillar rests on four pillars: target, market, customer needs, integrated marketing and profitability. “MARKETING includes identifying unmet needs; producing products and services to meet those needs: and pricing, distributing, and promoting those products and services to produce a profit.”
Primary objective of marketing is to identify and satisfy the changing needs of customers. Competition represents only one force in the environment in which the marketer operates. The marketing environment consists of the task environment and the broad environment. The task environment includes the immediate actors involved in producing, distributing and promoting the offering. The main actors are the company, suppliers, distributors and dealers as well as the target customers. Included in the supplier group are material suppliers and service suppliers such as market research agencies, advertising agencies, banking and insurance companies, transportation and telecommunications companies. Included with distributors and dealers are agents, brokers, manufacturers and their representatives and others who facilitate finding and selling to customers. The broad environment consists of six elements: demographic environment, economic environment...........
