Why should an organization embrace the marketing concept

Why should an organization embrace the marketing concept

It holds that consumers will prefer products that are widely available and inexpensive. The unique selling proposition communicates the benefit of the product or the service to customers. Organizations that embrace this certain principle eagerly recognize that consumers are the dynamic strength behind their organizations. For example, many customers want a Rolex watch but few are able to and willing to pay for it. This concept is more theoretical and will undoubtedly influence future forms of marketing and selling approaches. The law of demand illustrates that customers are willing to buy a lot of something at a lower price and less of the same thing at a higher price. Attracting a new customer can cost 5 times as much as pleasing an existing one. This is accomplished by determining what the market wants and then best adapting your product or service to match.

Larger corporations have established methods in place to keep in touch with their customers, be it consumer panels, focus groups, or third-party research studies. The product and selling philosophies eventually evolved into the marketing concept and philosophy.

To gain a better understanding of the thought leading to the marketing concept, the history and evolution of the marketing concept and philosophy are examined first.

modern marketing concept

However, its evolution started before the Industrial Revolution. They can however influence customer demand by creating products and services that are attractive, affordable, quality, and readily available.

The marketing concept does not stifle creativity and innovation. Summary of Learning Outcomes What is the marketing concept and relationship-building?

selling concept

Customer value is rooted in the belief that price is not the only thing that matters. Attracting a new customer can cost 5 times as much as pleasing an existing one. Most firms practice the selling concept when they have overcapacity.

Evolution of marketing concept ppt

The selling philosophy holds that an organization can sell any product it produces with the use of marketing techniques, such as advertising and personal selling. The unique selling proposition communicates the benefit of the product or the service to customers. As we are eventually fulfilling the consumer, the concept of marketing likewise stresses that the association coordinates all its distinctive departments to offer value to the consumer. While this expanded sales department structure can be found in some companies today, many firms have structured themselves into marketing organizations having a company-wide customer focus. It also assumes that the company has a whole battery of effective selling and promotion tools to stimulate more buying. Organizations that hold this belief readily acknowledge that customers are the driving force behind their businesses. For example, two different companies can be selling similar wine glasses at the same price. Example: Sponsored Let us look at the example of 2 interminable opponents — Pepsi and Coke — Both of these organizations sell the same products.
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Marketing Concept