MARKETING PHILOSOPHIES

Photo by Transly Translation Agency on Unsplash

A few decades ago, companies faced a number of tough decisions for marketing their products. They had to determine product features, and quality, establish accompanying services, set prices, determine the distribution channels, and decide their resources among advertising, sales force, and other promotion tools, modern marketing has. become very complex and dynamic.

There are five marketing philosophies; these philosophies are basically how a marketer can think about the market place. They are mentioned below:

1. Production Concept
2. Product concept
3. selling Concept
4. Marketing concept and
5. Societal marketing Concept.

• PRODUCTION CONCEPT: This assumes that customers will favour products that are available and highly affordable and that management should therefore focus on increasing production and distribution. They assume that customers are primarily interested in product availability and low prices. This orientation makes sense in developing countries, where consumers are more interested in obtaining the product than in its features.
  A production orientation may be deployed when a high demand for a product or service exists, coupled with a good certainty that consumer tastes will not rapidly alter. Service and non-profit organizations adopt the production concept when the producers want to attend to too many cases at a time, irrespective of the level of effectiveness. They do not bother about being accused of consumer insensitivity.
• PRODUCT CONCEPT: This orientation holds that consumers will favour those products that offer the most quality, performance, or innovative features. The producers are of the that it is the quality of the product that attracts the customers; the quality of the product that attracts the customers; the quality of product alone will yield satisfactory sales and profit. The concept appears to be initially very sound, it failed in actual operation. Leading companies have produced quality products but have not been able to push up the sales, unless they take positive steps to design, pack and prise attractively to place them in proper distribution channels, bring them to the notice of persons concerned and convinced them the product is of superior quality. No wise marketer can follow this philosophy of marketing in this competitive works.This concept may lead to 'marketing Myopia" or short sighted marketing because of undue concentration on the product rather than needs and desire of consumers for whom the product or services are produced.Hlwever, managers focusing on their concept concentrate on making superior products and improving them over time.
• SELLING CONCEPT: This is another common business orientation. it holds that consumers and business, if left alone, will ordinary not buy enough of the selling company products, other words, assume that the costumers responds will not increase without promotional efforts. The aim of this concept is to sell what the company can produce rather than produce what the market wants. Even the best product cannot have assured sales without the help of sales promotion and aggressive salesmanship. it implies, the consumer satisfaction is considered secondary, selling the product is primary consideration. The seeker in the long run is likely to lose his customers, who would not be satisfied with the product. Dissatisfied customers do aft on their dissatisfaction.
  The seeling concept starts with the factory and it focuses on the existing product and promotion and calls for heavy selling and promotion to obtain profitable sales.
• MARKETING CONCEPT: This management orientation says the major purpose of an organization is to identify consumers need and then adapt the organisational in a way that will satisfy the customers needs more effectively and efficiently than competitors. This concept is the most famous and popular marketing management orientation. marketing concept, before carrying out production, you assess accordingly, then sell and finally take customers feedbacks, in order to assess the level of customer satisfaction . The organisation fully understands that it can win the loyalty of it’s customers and their appreciation only by providing them satisfaction services in respect of their needs and wants. Winning the confidence of customers is as good as fulfilling the goal of the organisation. It fully believes in theory known as “CUSTOMERS SOVEREIGNTY" and ensures the maximum welfare of customers, thereby ensuring a good amount of profit. This concept assumes that organisations produce what customers want and thereby yield customers, satisfaction and make profits.
• SOCIETAL MARKETING CONCEPT: The societal marketing concept is broader than marketing concept because it considers all the three parties involved in the transactions i.e seller, buyer, and the society also which gets affected from transaction, directly or indirectly . The idea is to find a balance between social welfare, co sumer needs,band company profit. Environmenta trends like public welfare concerns for better living quality of life etc. Indicate that organisation would have to adopt socially responsible marketing policies and plans in order to assume social welfare in addition to consumer welfare. For example , if a company produces a vehicle which consumes less petrol spreads pollution, it will result in only consumer satisfaction and not the social welfare……

The socially responsible marketing concept is based on the assumptions.

• The mission of an organisation is to create satisfied and healthy customers and contribute to the quality of life.
• The organisation will not offer a product to customer if it’s not the best interest of customers.
• Marketing plans and programmes shall duly consider consumer wants, interests, desires, social welfare and corporate need e.g profit.
• The organisation will offer long run customer and public welfare.

medium.com/David Lugard …. THANKS FOR READING.. DO ENSURE YOU CLAP, HIGHLIGHT AND SHARE YOUR THOUGHT