Bb0001 - Q.2 Explain the Marketing Concepts with Its Relevance in Today’s Marketing Environment.
1882 Words8 Pages
BB0001 - Q.2 Explain the marketing concepts with its relevance in today’s marketing environment.
Marketing Concepts :
Studies reveal that different organisations have different perceptions of marketing. And these differing perceptions have led to the formation of different concepts of marketing such as
1. The Exchange Concept
2. The Production Concept
3. The Product Concept
4. The Selling Concept
5. The Marketing Concept
6. The Societal Marketing Concept.
1. The Exchange Concept : The exchange concept of marketing, as the very name indicates, holds that the exchange of a product between the seller and the buyer is the central idea of marketing. While exchange does form a significant part of marketing, to view marketing…show more content… As a result the public often identifies marketing with hard selling and advertising.
But marketing based on hard selling carries high risks. It assumes that customers who are coaxed into buying a product will like it and if they don‘t, that they won‘t bad mouth it or complain to consumer organisations and will forget their disappointment and buy it again.
These assumptions do not have base. One study showed that dissatisfied customers may bad-mouth the product to 10 or more acquaintances and bad news travels fast. Selling concept is practised more aggressively with unsought goods, goods that buyers normally do not think of buying such as insurance, encyclopedias etc. These industries have perfected various sales techniques to locate prospects and hard sell them on their product‘s benefits. It is also practised in the non-profit area by fund raisers and political parties.
5. The Marketing Concept: The marketing concept holds that the key to achieving its organisational goals consists of the company being more effective than competitors in creating, delivering and communicating customer value to its chosen target markets.
This concept was born out of the awareness that marketing starts with the determination of consumer wants and ends with the satisfaction of those wants. The