The marketing philosophy plays a vital role in any organization, the organization should strive to satisfy its customer’s wants and needs to meet the organization’s goals. The customer is the one who decides the quantity and the price so they are treated as the king of the marketing and marketing is based on the thinking of the business in terms of consumer need and satisfaction.
So this is the major part in marketing furthermore it can be explained with the following marketing philosophies
The main philosophies in marketing Management are;
- Production Concept,
- Product Concept,
- Selling Concept,
- Marketing Concept,
- Societal Marketing Concept.
Production Concept :
Consumers will use products that are available and highly affordable according to them. It is the oldest marketing concept. Some company may loose their real objective due to this but some company gets a real rise with these. For example, whenever we go to buy electric gadgets there are all the Chinese products in the market because they are cheap in cost so for them it is the best strategy. (VIVO Chinese phone).
This holds the quality, performance, and innovative features favored by consumers. Marketing strategies are centered around making nonstop item enhancements. Item quality and improvement are significant pieces of advertising techniques.
For example, the evolution of floppy disk to pen drive and SSD is the product concept.
If there are larger-scale selling and promotion effort then the consumer will buy the product more otherwise it is difficult to maintain the sales. Every time the management tries to focus on creating sales transactions but not much in building long-term, profitable customer relationships. The selling concept shows that the marketer assumes that customers will be coaxed into buying the product will like it, if they don’t like it, they will possibly forget their disappointment and buy it again later.
“Mountain Dew” ads are hard to miss. If people like Mountain Dew or not, that is debatable but you can see that PepsiCo is pushing it hard using ads. Almost all soft drinks and soda drinks follow the selling concept. These drinks have no health benefits ( actually harm your health more), you can easily replace them with water
Achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. This is the “customer first” approach.
Customer focus and value are important to achieve sales and profits.
Wai Wai noodles have shown mulitple other products just to satisfy the customer’s needs. Restaurants and startups do follow the marketing concept. They try to understand the consumer and deliver the best product or service, which is better for the competition.
The Societal Marketing Concept shows Human welfare on top before profits and satisfying the wants.
The global warming panic button is pushed and a revelation is required in the way we use our resources. So companies are slowly either fully or partially trying to implement the societal marketing concept.
While large companies sometimes launch programs or products that benefit society; it is hard to find a company that is fully committed socially.
We can see Adidas doing great as they continue to support Colin Kaepernick despite pressure from various parties. Tesla is promising a big push for green energy with electric cars and solar roof panels/tiles.
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