Keeping in mind the same philosophy these companies put in all their marketing efforts in reducing the cost of production and strengthening their distribution system.
This concept is one of the oldest Marketing management orientations that guide sellers. Companies adopting this orientation run a major risk of focusing too narrowly on their own operations and losing sight of the real objective.
Most times; the production concept can lead to marketing myopia. Management focuses on improving production and distribution efficiency. Although; in some situations; the production concept is still a useful philosophy.
Product Concept The product concept holds that the consumers will favor products that offer the most in quality, performance and innovative features.
Here; under this concept, Marketing strategies are focused on making continuous product improvements. Product quality and improvement are important parts of marketing strategies, sometimes the only part.
For example; Suppose a company makes the best quality Floppy disk. But a customer does really need a floppy disk? She or he needs something that can be used to store the data. So that company should not look to make the best floppy disk.
Here the management focuses on creating sales transactions rather than on building long-term, profitable customer relationships.
In other words; The aim is to sell what the company makes rather than making what the market wants. Such aggressive selling program carries very high risks. This is usually very poor and costly assumption.
Typically the selling concept is practiced with unsought goods. Unsought goods are that buyers do not normally think of buying, such as insurance or blood donations. Under the marketing concept, customer focus and value are the routes to achieve sales and profits.
The job is not to find the right customers for your product but to find the right products for your customers. The marketing concept and the selling concepts are two extreme concepts and totally different from each other.Marketing budgets ensure that your marketing plan or campaign is realistically costed.
Some pre-budget research into your industry and market, your competitors and your business's historical marketing metrics helps marketing managers make a more informed calculation.
Holistic Marketing: Holistic marketing is the latest phase in the evolution of marketing. As globalization, mass production, and big data became prevalent across industries, marketing evolved to be more targeted and specific across many different potential channels.
The Different Marketing Concepts or Orientations 1. The selling concept According to this concept the company’s entire focus is on selling and hence making a lot of sales. The selling effort is backed by serious promotional activities and aggressive advertising.
The company does not bother about the market demand; they just want to sell what. As the market has changed, so has the way the company deals with the marketplace. The company orientation towards marketplace deals with the concepts which a company may apply while targeting a market.
There are basically five different orientations which a company takes towards the marketplace. Key stage 1 - years 1 and 2. The principal focus of mathematics teaching in key stage 1 is to ensure that pupils develop confidence and mental fluency with whole numbers, counting and place value.
A growing number of research studies have addressed the issues of social media in marketing. • This research reviewed studies on social media in marketing context.