What Are The 5 Concepts Of Marketing? 5 Marketing Concepts Marketers Must Know
Businesses adopt different ideas in their marketing efforts to market their products or services. A company or a brand must always analyze their potential customers to satisfy their needs and wants.
A business must understand that marketing is a constant effort of attaining the desired results with their target customers.
The marketing concepts are also known as marketing orientations or marketing philosophies. Marketing concepts are in direct relation with 3 things i.e needs, wants and demands of the consumers.
There are 5 concepts of marketing which are – production concept, product concept, selling concept, marketing concept, and societal marketing concept.
So let’s have a look at each element of the marketing concept in detail and in-depth.
The 5 Concepts Of Marketing
1. Production Concept
The production concept is one of the oldest concepts of marketing which believes in the fact that customers will buy the products which are widely available and affordable.
In the production concept, the tastes and the choices of the consumers aren’t taken into consideration. This concept believes that the products which are offered to their customers will be generally accepted and it will be sold.
2. Product Concept
This concept is quite different to that of production. Here in product concept the company believes in the quality, performance as well as the features of the product.
The company continuously does research to get feedback from customers on product quality and always focuses on quality improvement and product excellence.
3. Selling Concept
The selling concept is very different to that of product concept and production concept. In selling concept the companies or the marketing team continuously does the promotional efforts on a large scale in order for the people to buy their product or service.
The products which people generally don’t think of buying for example Insurance policy where the companies must push the products by introducing the product benefits. The companies try to build awareness and gain the interest of the consumers to purchase their product.
4. Marketing Concept
The marketing concept is a customer-oriented concept. Here in this concept, the marketing of products and services starts by determining the needs and wants of the customers.
The companies try to find out the products that would satisfy the needs and wants of the customers and that can actually solve the problems of customers by providing them with a solution. Here the businesses try to make profits by building a long term relationship with their customers.
5. Societal Marketing Concept
The societal marketing concept is the newest and best of all the 5 marketing concepts. The societal marketing concept focuses not just on the customer’s needs, wants, interests and company’s requirements but also on the society’s well-being and the society’s long-term interests.
It gives prominence to the long-term good and well-being of society as a whole to make the world a better place.
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Conclusion
Marketing is easy when it is done right especially when you completely understand the needs and wants of people.
The majority of the companies make use of the marketing concept as they fail to think about the society and environmental impacts which is a concern to be addressed together with providing value to the customers.
The concepts of marketing have evolved over time as the world is becoming smarter and smarter day by day.
Read: Components of marketing
