What is the marketing concept? How does it help in the effective marketing of goods and services?
What is the marketing concept? How does it help in the effective marketing of goods and services?
Marketing Concept This concept emphasises that in the long-run, profits can be maximised by identifying and satisfying the needs of present and potential customers. Therefore, customer satisfaction became the focal point of all business decisions.
It helps in the effective marketing of goods and services in the following ways:
(i) Role in a firm: Marketing emphasises customer satisfaction as the key to survival and growth of an organisation. It helps to focus the activities of the organisation on fulfilling the needs and wants of consumers, by designing the product according to them. This helps to develop brand loyalty and bring prosperity to the firm.
(ii) Role in the economy: Marketing acts as a catalyst in the economic development of a country and helps in raising the living standard of the people. Marketing inspires people to undertake various activities and to set-up enterprises for producing goods that are demanded in the market, and ensures a smooth flow of goods through an efficient distribution system.
It helps to establish linkages between the business, accelerating economic activity, leading to higher incomes, more consumption, increased savings and investment.
Marketing Concept This concept emphasises that in the long-run, profits can be maximised by identifying and satisfying the needs of present and potential customers. Therefore, customer satisfaction became the focal point of all business decisions.
It helps in the effective marketing of goods and services in the following ways:
(i) Role in a firm: Marketing emphasises customer satisfaction as the key to survival and growth of an organisation. It helps to focus the activities of the organisation on fulfilling the needs and wants of consumers, by designing the product according to them. This helps to develop brand loyalty and bring prosperity to the firm.
(ii) Role in the economy: Marketing acts as a catalyst in the economic development of a country and helps in raising the living standard of the people. Marketing inspires people to undertake various activities and to set-up enterprises for producing goods that are demanded in the market, and ensures a smooth flow of goods through an efficient distribution system.
It helps to establish linkages between the business, accelerating economic activity, leading to higher incomes, more consumption, increased savings and investment.
