The Marketing Concept

Marketing Concept

is an belief that achieving organizational goals depends on knowing the needs and wants of the consumer and delivering offerings that meet their satisfaction more effectively than the competitors.

1. Consumer Orientation

It focuses on the consumer needs, and a way to satisfy them.

2. Market driven approach

Business strategy is based on market/consumer feedback, the current and future prefrences, and competitors.

Why consider competitors?

Because the consumers are loyal and will not turn to a new product unless the feel if the product will meet the expectations of the current. So direct competitors use similar packaging, advertisements and prices to lure the consumers.

3. Integrated market focus

Is when all departments work in coordination to make a superior value product.

If the production department is using cheap material when the marketing department promised a high value product, it is fraud.

4. Goal Orientation

Firm relys on making profits (achieving financial goals) through consumer satisfaction.

• Short-term (monthly) vs Long-term (yearly)

• Financial vs Non-financial goals such as CSR activities.

5. Value-based philosophy

People buy product based on how much benefits they will receive in comparison to the price or what they’ve given up.

• Consumers prefer to gain the most out of their price so they seek such brands.

Selling concept

Begins with the production of a product, and it is sold. The primary goal is to persuade the consumer to buy it.