Marketing has been described, by The New York Times, as the “art of telling stories so enthralling that people lose track of their wallets”. In a world as globalized as it is today, marketing has become the primary component of business management and commerce. The origins of marketing can be found in the process of exchange of one good for another (the barter system) among the people. It was only after the Industrial Revolution, in the 1900s that it emerged as a discreet discipline, however it didn’t affect most companies right away.
Today, it is through the process of marketing that the movement and exchange of goods and services has become so much more efficient and easier. According to Prof. Haney Hansen, marketing involves the design of the products acceptable to the consumers and the conduct of those activities which facilitate the transfer of ownership between seller and buyer. The improvement in the standard of living over the period of time has been partly due to the evolution of marketing.
Since the field of marketing management is filled with innovations and opportunities, it is really intriguing. Hence, every year several students opt to pursue a career in marketing and go for a degree course in marketing management. When it comes to this subject at hand there are five concepts that are extensively talked about. Assignment help experts at Archlite have explained the five marketing concepts here in this blog. Through years of marketing assignment help and marketing assignment writing, our writers have come to understand the significance of these concepts and thus have explained them in the easiest terms possible. So, without further ado, let’s take a read!
- THE PRODUCTION CONCEPT
The Production Concept states that the consumers favor products that are readily available and highly affordable. It is the most operation-oriented concept as compared to the other concepts. This approach is highly effective where the potential of economies of scale is significant. The only concern here is that the quality might be compromised and there could be customer service problems due to impersonal production.
- THE PRODUCT CONCEPT
The Product Concept is opposite of the Production Concept in the sense that it focuses on the quality, innovation and performance of the product rather than its low cost and its quantity. Thus, under this marketing strategy, businesses concentrate on making superior products and improving them over time. Apple Inc. is the best example of this concept in action. Apple manufactures high quality technological devices, its focus on the quality and the standard of its products over the period of time has been so that its target audience now eagerly anticipates the company’s new releases.
- THE SELLING CONCEPT
Marketing on the Selling Concept involves extensive advertising and aggressive convincing of customers just to get them to buy the product. It frequently excludes customer satisfaction efforts and does not usually lead to repeat purchases. The selling concept is thus centered on the belief that the customers must be induced to buy a product through zealous marketing of the benefits of the product or the service because it is not a necessity. The best example of the selling concept in action is soda pop. Everyone is well aware of the fact that soda pops like Coca Cola, Pepsi etc. lack the nutritional value and are bad for health. That is the reason why they spend an astonishing amount of money on promoting and selling their product.
- THE MARKETING CONCEPT
The Marketing Concept takes a “customer first” approach. It believes that in order to achieve organizational goals it is necessary to know the needs and the wants of the target markets and deliver the desired satisfaction better than the competitors do. Hence, we can say that it is a concept of competition. Under this approach, the marketers focus on the needs of the target market and develop products to specifically address their needs. This creates a sense of satisfaction among the customers and also builds up brand loyalty. Glossier is the best example for the marketing concept in action. The company introduced a line of skincare and makeup products that not only nourish the skin but are also easy to apply and encourage individualism. This was done after they noticed that women were unhappy with the side effects of makeup and were fed up with being told what product to use.
- THE SOCIETAL CONCEPT
The Societal Concept has evolved from the Marketing Concept. It is an emerging one that emphasizes the welfare of society. It is based on the idea that marketers have a moral responsibility to promote what’s good for the people over what they might want, regardless of the company’s sales goals. Hence, the societal concept of marketing it the most progressive and modern-day mindset as compared to the rest. Its primary focus is to give back to society by producing better products that help the world be a better place.
We hope that this post helped you to understand these concepts and will assist you in your study. Pursuing a degree in marketing management is not a child’s play. Students work day and night to complete their assignments in time as well as finish the curriculum for exams. All of this sometimes gets too much to handle, and the students are not able to get the grades they desire. Have you been struggling the same way? Whatever may be the reason, if you’re having trouble keeping up with the assignments, then you should take marketing assignment writing services from the expert writers at Archlite.
The writers working here have years of experience and in-depth knowledge about the subject at hand. They can work on any marketing management aspect no matter how tricky it is. That is the reason why professional writers at Archlite provide the best assignment help. So, what are you weighing up? Take assignment writing services from us and be ready to thrive in academics. We are just a call away!