#1-The Production Concept
#2-The Product Concept
#3-The Selling Concept
#4-The Marketing Concept
#5-The Societal Marketing Concept
1-The Production Concept
- Consumers will favour those products that are widely available and low in cost.
- Therefore increase production and cut down costs.
- And build profit through volume.
2-The Product Concept
Buyers admire well-made products and can appraise product quality and performance.
- Consumers will favour those products that offer the most quality, performance, or innovative features.
- Therefore, improve quality, performance and features.
- This would lead to increased sales and profits.
3-The Selling Concept
Consumers have normal tendency to resist.
Making sales becomes primary function and consumer satisfaction secondary .
- Consumers , if left alone , will not buy enough of company’s products.
- Therefore, promote sales aggressively.
- And,build profit through quick turnover.
4-The Marketing Concept
“ LOVE THE CUSTOMER , NOT THE PRODUCT ”
- The key to achieving organizational goals consist in determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than competitors.
- And build profit through customer satisfaction and loyalty.
5-The Societal Marketing Concept
- It is Marketing Concept (+) Society’s well being.
- Balancing of following three considerations while setting marketing policies :
- Customer’s want satisfaction
- Society’s well being
- Company’s profits
- The societal marketing concept holds that the organization’s task is to determine the needs, wants, and interests of target markets and to deliver the desired satisfactions more effectively and efficiently than competitors in a way that preserves or enhances the consumer’s and the society’s well being.
- It addresses conflicts between consumer’s and firm’s short run wants and long term welfare.
