Principles of Marketing
MARKETING MANAGEMENT PHILOSOPHIES Management is the process of achieving an organization’s objectives’ through others.
Marketers need guidelines regarding their conduct in the market place. This is because, conflicts are bound to arise between the needs of the society. There are five competing concepts that, may govern the operations of companies.
- The production concept
- The product concept
- The selling concept
- The marketing concept
- The societal/Holistic Concept
Following is a look into the main concepts’ above;
The production concept
This concept holds that consumers will favor those products that are widely available and low in cost. The management thus focuses on high efficiency and wider distribution coverage
The product concept
It holds that consumers favor those products that are of high quality. Management focuses on producing high quality products and improves them over time.
The selling concept
The selling concept holds that consumers if left alone will ordinarily not buy a lot of a company’s products. The organization must therefore undertake aggressive selling and promotion effort
The marketing concept
Under this concept marketers initially identify consumers’ needs and wants and later make products that are in line with these needs and wants.
The societal/Holistic Concept
Under this concept, marketers identify consumers’ needs and wants and later make products that are in line with these needs and want as long as they do not degrade the environment or destroy society’s wellbeing.