According to the marketing concept, achieving organizational goals is dependent on understanding the needs and desires of target markets and providing the desired satisfactions. It proposes that in order to meet its organizational objectives, a company should anticipate and meet the needs and desires of its customers more effectively than competitors.
a) Production Oriented: The company's primary goal is not to meet the needs of its customers, but to reduce costs through mass production. By achieving economies of scale, the company will maximize profits by lowering costs.
b) Market Orientation: The customer is prioritized and at the heart of the business. The company attempts to understand the needs of its customers by employing appropriate research methods, processes, and product development to meet those needs. Fundamentally, all activities in the organization revolve around the customer. The customer is unquestionably king.
In today's competitive world, putting the customer at the center of the operation is critical from a strategic standpoint. While some organizations in certain industries may follow anything other than the market orientation concept, those that do have a better chance of success.
c) Sales Orientation: The goal here is to create a product and then sell it to the target market. It is mainly a push marketing concept concerned with selling the produced products and making the earnings without regard for the customer's needs.
Meaning and definition of Marketing:
According to Philip Kotler, "Marketing Management is the analysis, planning, implementation and control of programs designed to bring about desired exchanges with target audiences for the purpose of personal and of mutual gain. It relies heavily on the adoption and coordination of product, price, promotion, and place for achieving responses."
Nature of Marketing:
Marketing's nature develops from its multidisciplinary coverage of activities, which are as follows:
a) Dynamic Process: Marketing is a continuous activity that does not come to an end at any point. Following the determination of the customers' needs and desires, it is necessary to develop products or services that can meet these needs, and then there is the need for advertising, promotion, distribution, and so on.
b) All Encompassing: Marketing is a multifaceted process that includes production planning, research, advertising, financial management, budgeting, selling, and so on.
c) Creative: Marketing is a creative profession that seeks out new ideas, points of view, and activities in order to solve problems or capitalize on opportunities.
d) Customer Oriented: Marketing is focused on the customer. Marketing is the process of identifying customer needs and desires and profitably meeting those needs.
e) Integrating: It integrates all of an organization's departments, including production, finance, information technology, human resources, and so on.
S Scope of Marketing:
Marketing has a very broad scope; it involves all activities from the conception of ideas to the realization of profits. Some of them are identified below:
1. Product Planning: This includes product research, marketing research, market segmentation, product development, and determining the attributes, quantity, and quality of the products.
2. Product branding: Many reputable companies use product branding to make their products more popular among their customers and for a variety of other reasons. The marketing manager must make decisions on branding policy, procedures, and implementation programs.
3. Packaging: Packaging is the provision of a container or wrapper for the product in order to ensure its safety, attraction, and ease of use, and transportation.
4. Channels of Distribution: The marketing and sales managers make the decision on the most appropriate channel of distribution, such as wholesaling, distribution, and retailing.
5. Sales Management: Selling is an aspect of marketing. Marketing is concerned with all selling activities such as customer identification, recognizing customer needs, persuading customers to buy products, providing customer service, and so on.
6. Advertising: Plan involves advertising decisions such as the scope and timing of the advertisement, the advertisement message, the media used, and so on.
7. Finance: Marketing is also concerned with finance because every marketing activity, whether it is packaged, advertising, or sales force, has a budget that must be accompanied and all activities must be completed within that budget.
8. After-sales services: Marketing includes after-sales services provided to customers, as well as maintaining good relationships with customers, responding to their inquiries, and resolving their problems.
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