The same philosophy cannot be helpful for all types of businesses. So, different types of businesses use different marketing management philosophies or marketing concepts. If we closely look at the product concept we can see that it focuses more on business output and less on customer satisfaction. This marketing concept only looks at potential customers and their preferences about products. It doesn’t consider consumer satisfaction and has no effective method of competition. The most basic concept underlying marketing is that of the consumer.
Intangible product is a service which is invisible, intangible, not portable, actual presence of renderer and receiver at a point of time and place. The products may be broadly classed as manufactured and produced. In case of manufactured goods, human role and technology play powerful role.
Transactions lead marketers gradually to relationship marketing. Out of this transaction, you have got a trouser, and the other party received $1,000/-. A transaction may also occur without the involvement of money as one of the trades of values, as happens in the barter transaction. Both parties receive goods or services in the barter transaction as the trade of value, not money. Customer satisfaction is the extent to which a product’s perceived performance matches buyers’ expectations.
The chief motive is making money, not developing a relationship with the customers. Companies applying this philosophy can even deceive the customers to sell their products. This concept is based on an idea that customers prefer quality products whatever may be their price and availability.
The most basic concept underlying marketing is that of human needs. Humans have many needs, viz., physical needs, social needs, spiritual needs and so on. Wants are the form taken by needs as they are shaped by the one’s culture and personality.
Again, a customer is not always attracted to an inexpensive product because his/ her purchase decision may be influenced by other factors. Marketing occurs when people decide to satisfy needs and wants through exchange. Smart companies aim to delight customers by promising only what they can deliver, then delivering more than they promise. Customer satisfaction depends on a product’s perceived performance in Delivering value relative to a buyer’s expectations.
It can also help you develop a better understanding of how your business competes against others. The marketing concept is focused on creating a better value proposition for customers. Value propositions are more than just advertising —they’re about how your business operates and every interaction bomdolls reviews you have with clients. Your value proposition isn’t limited to a single product but includes everything that goes into a person’s decision to purchase from you instead of a competitor. You want these products to be unique and stand out compared to other competitive businesses around.
Unless, these are exchanged for money or money’s worth, there is no meaning. If exchange does not take place, there will be inventory pile up badly affecting the whole mechanism of production and distribution as it is not matched to consumption. Companies who have a worldwide market for their products may apply this concept. This philosophy is only applicable when the demand exceeds the supply.
Marketing is the task of managing markets to create exchanges to satisfy human needs and wants. Businesspeople use the term markets to indicate various customer groups such as need markets (holiday-makers), product markets , demographic markets , and geographic markets . Exchange is the act of obtaining a desired object from someone by offering something in return. A customer always forms expectations about the value and satisfaction that various market offerings will deliver and buy them for that reason. If specific products are backed by purchasing power and willingness to buy, we call them demands.
The societal marketing concept is a general belief among marketers that businesses should contribute positively to society through beneficial products and practices. While some may not agree with that sentiment, there is no denying that companies have a unique opportunity to shape culture and affect change. The societal marketing concept is based on the marketing concept just adding the philosophy of social welfare with it. Companies concentrate on fulfilling their customers’ needs as well as contributing to social welfare without polluting or affecting the environment and natural resources. As companies started to use the marketing concept actively, they usually put up individual marketing departments in their organizations.