Marketing Concept is a type of Management Philosophy through which a marketing manager set goals and objectives for the firm according to the market situation and to satisfy the needs and wants of customers.
Needs are the basic human requirements i.e. food, clothing, shelter, education, entertainment etc. These needs become wants when they are directed towards specific products such as Rice, Iced tea etc. Wants are shaped by our society.
Different Marketing Concepts are as follows:
- Production Concept
- Product Concept
- Selling Concept
- Marketing Concept
- Societal Marketing Concept
Production Concept: According to Production concept Customer favor those products that are available and affordable and the Goal of the companies is to improve production and distribution.
Product Concept: According to product concept Consumer favor products with best quality, performance, innovative features.The Goal of the companies that follow this concept is to improve product features in a continuous manner.
Selling Concept: Selling concept says that Consumer will not buy enough products unless seller undertakes large-scale promotion and selling effort.
To promote product, persuade people into buying are different Goal of companies that follow this concept.
Marketing Concept: According to marketing concept customer buys product that best satisfies his needs and wants.
Goal behind this concept is to determine needs and wants of target market and deliver the desired satisfaction more effectively than competitors.
Social Marketing Concept: According to Social marketing concept, company should satisfy Consumer in both short and long term; it should works for the benefit of the society and finally earns profit for the company.