The Marketing concept
What are the benefits of having a marketing concept?
1) Customers will seek out and remain loyal to the product and more importantly customer value will be gained by the company 2) Satisfied customers buy again and tell others about their good experiences 3) beyond attracting new customers, companies retain and grow their business. 4) If the marketer understands consumer needs; develops products that provide superior value; and prices;distributes and promotes them effectively, these products sell easily. "The aim of marketing is to make selling unnecessary".
What are some arguments against the adoption of the marketing concept?
1) Marketing Myopia - Maslow's idea of needs and wants are key to life and difficult to fulfill. "Many sellers make the mistake of paying more attention to the specific products they offer than to the benefits and experiences produced by these products". These sellers suffer from MM. They are so taken with their products that they focus only on existing wants, and lose sights of underlying consumer needs (Blockbusters, HMV). 2) 'Customers don't always know what they want', further to this that if a firm were 'truly market orientated' they should know what their customers want before their customers can articulate it (e.g. 3M, Chrysler)
What are some other concepts that can be taken into account?
1) Product concept - the idea that consumers will favor products that offer the most quality, performance and features and that the organisation should therefore devote its energy to making continuous product improvements. 2) Production concept - The philosophy that consumers will favor products that are available and highly affordable, and that management should therefore focus on improving production and distribution efficiency
How can the firm satisfy needs? (3)
1) Understand what they want & need 2) Know ho they make choices 3) What influences purchases and enable relationship building
What is the outline of the marketing concept?
Philosophy that firms should analyze the needs of their customers and then make decisions to satisfy these needs, netter than the competition.