Question

identify five (5) major marketing concepts that every marketing manager must know.  

Answer 1

The customer's needs and wants are the basic pillers for every businesses and every businesses will make unique strategies to increase sales and profits.

Following are the most important 5 marketing Concepts.

1. Production Concept

2. Product Concept

3. Selling Concept

4. Marketing Concept

5. Societal Marketing Concept

1. Production Concept

This is one of the oldest concept in marketing. In production concept, Consumer is searching for widely available and affordable products. Here the companies wants to penerate in the market and also they increases their distribution channels.They are increasing their production so the cost per unit can be decreased. This concept is helpful when the demand for a particular product is greater than its supply.

2. Product Concept

Product concept is applicable when the cosumers demand quality products. The quality, Perormance and features are the parameters a consumer must consider. The marketer makes improvements in the quality of the product and makes a superior image in the minds of customers.

3. Selling Concept

Selling Concept is different from the above two. It is based on the fact that products are sold rather than cosumer purchase a product. The marketers compel the consumers to purchase a product. They are gaining attention towards the product through advertising and other marketing activities.

4. Marketing Concept

In marketing Concept management takes 'customer first' approach. It is customer centered approach and the aim is to find right product for your customers. The main focus here is to give customer satisfaction.

5. Societal Marketing Concept

Apart from other concepts the Societal Marketing Concept gives importance to social welfare as well. The focus importance on both customer and social satisfaction. Here, companies are more ethical to society also. If the customers and society accepts a product, there is a chance for re-purchase.