 |
| Concept of Marketing |
What is the Modern Concept of Marketing?
The Marketing concept was introduced to the awareness that marketing starts with the determination of what consumer wants and ends with the consumer satisfaction of those wants.
The Modern Marketing concept put on the consumer at both the beginning what consumer wants and end with consumer satisfaction of the business.
It set down that the company should be organized as per marketing function, and it should be forecasting, and encouraging and meeting with customers’ requirements. As per this concept the customer should be the center of the business.
As per this concept realized that business cannot succeed by supplying to the customer products and services if that is not properly designed to serve their needs.
It is indicating that “the whole business has to be seen from the side of the customer.”
As per this concept the all departments will identify that their actions have shown the impact on the company’s ability to attract new customers and retain that old customer.
As per the Modern Marketing concept represent the essentially following change which as: –
1. From production orientation – to marketing orientation2. From product orientation – to customer orientation3. From supply orientation – to demand orientation4. From volume orientation – to profit orientation5. From sales orientation – to satisfaction orientation6. From internal orientation – to external orientation
We can say that only the marketing concept is capable of keeping any organizations free from “Marketing Myopia”.
Now, the question arises here what is Marketing Myopia?
Marketing myopia. A short-sighted and inward-looking approach to marketing that focuses on the needs of the company instead of defining the company and its products in terms of the customers’ needs and wants.
So, let discuss what include in the Modern Marketing concept which as follows: –
1. Marketing Concept
As per the modern concept of marketing. This concept told that the primary and most important task of a business firm is to study the behavior and the needs, desires, and preferences of the potential consumers and produce goods which are actually needed by consumers and an organization practices the marketing concept, all its’s activities are directed to satisfy the consumer.
2. Social Concept
According to this concept, the other important task of management is to find out and satisfy consumer wants, and following with social interest.
Organizations should not only consider consumer wants and profits but also think about social interests while working on their marketing decision plan.
3. Holistic Marketing Concept
In the modern marketing concept one new marketing concept added which is called the Holistic marketing concept.
Holistic marketing recognizes that “everything matters” with marketing and that a broad, integrated perspective is often necessary.
There are four components of the holistic marketing concept. They are
• Relationship marketing
• Integrated Marketing
• Internal Marketing
• Social responsibility marketing