There are five philosophies or practices that have been adopted by marketers within the good reputation for marketing management. These philosophies give marketing actions direction and purpose. They are expressed by the type of marketing functions performed and the way they’re performed.
Production concept
Companies produce and distribute those products they are able to provide most efficiently. The concept shows:
(a) Concern for production with little or no concern for customers’ satisfaction.
(b) It assumes that there is a market for the merchandise which supply creates it own demand.
(c) Emphasis is positioned on product availability and affordable prices. This marketing philosophy holds in which the following conditions exist.
(i) When consumers possess a low or little discretionary income.
(ii) When shortages exist in the economy.
(iii) High is low competition caused by a cartel operation or monopoly.
Product concept
This idea holds that consumers will favor those products, that offer higher quality, performance and other benefits. This concept is built on the notion that “a good product will sell itself”. Here too, the maker doesn’t take into consideration the needs of the consumers during the product design and planning. A characteristic feature of this concept may be the production of superior products.
Sales concept
The sales concept are operating in an economy high is a rise in the conventional of just living and given rise in mass production. Based on Kotler (1997:19), the manifestation of the selling concept would be to sell what they make instead of making what the market wants. The major features of this idea include hard selling or aggressive selling techniques, utilization of distribution and promotion gimmicks to woo customers. There isn’t any provision for client satisfaction.
Marketing concept
The marketing concept or marketing philosophy holds that producers should do an analysis of the potential prospects and then make decisions designed to satisfy these need. The companies where marketing concepts are practiced are thought to be customer-oriented companies. Marketing concepts involves:
(a) focus on customer needs
(b) Integration of activities of the organization – productions, administration, finances to satisfy these needs.
(c) Achieving long-run profits through satisfaction of customers’ needs.
The conditions to which marketing concept could be applied are:
(a) a highly competitive market
(b) an economy in which the majority of customers have access to the basic natural needs of life and enjoys a high quality lifestyle.
Societal marketing concept
The philosophy here’s that marketers should consider societal consequences of the actions because they strive to meet the needs of their customers. It’s a making decisions approach that focuses on customers’ needs and their societal consequences. It integrates all activities of the organization to fulfill these customers’ needs, in a manner that is in line with concern for broader societal consequences. The purpose is to achieve long-run objectives with the satisfaction of these customers’ needs, which should be balanced against the needs of society in general. This suggests that finance industry is structured, organic anyway and participants have common and/ or shared needs and goals.
For instance, in an automobile market, consumers within this market possess a common need for mobility, while the sellers of automobiles have need to exchange mobility for something of worth. It’s structured since it is an issue in the number of consumers. It’s organic anyway since it is relying on the quantity of products or services supplied by sellers and getting power from the buyers.
