MARKETING CONCEPTS sas

The Marketing Concept

Why It's Important ?

In order to participate in the world of marketing, you'll want to understand how businesses focus on the needs

and wants of their customers in order to improve

their products, remain competitive, and increase sales.

Maslow’s Hierarchy of Needs

Need 0 

     

Needs  -­‐  state  of  felt  deprivation  including  physical,  social,  and  

individual  needs.  

Want

Wants  –  Needs  become  wants  when  they  are  directed  to  speci=ic  objects  that  might  satisfy  the  need.  

This is Demand

Wants Buying Power

“Demand”  

Need / Want Fulfillment § Needs  and  Wants  Ful-illed  through  a  Marketing  Offer  :  

 Some  combination  of  products,  services,  information,  or  

experiences  offered  to  a  market  to  satisfy  a  need  or  want.  

The marketing concept states that businesses

MUST satisfy customers' needs and wants in

order to make a profit.

The  Basic  Concept  

Product  &  Service  

A market is all potential customers who share

common needs and wants and who have the ability

and willingness to buy the product.

What  is  a  Market?  

Target marketing is focusing all marketing mix decisions on the specific group of people you want to reach.

Target  Marketing  

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MARKETING  MANAGEMENT  PHILOSOPHIES    

0 The  role  that  marke,ng  plays  within  a  company  varies  according  to  the  overall  strategy  and  philosophy  of  each  firm.    

0 There  are  five    alterna,ve  concepts  under  which  organiza,ons  conduct  their  marke,ng  ac,vi,es:    0 Produc,on  concept  0 Product  concept    0 Selling  concept  0 Marke,ng  concept  0 Societal  marke,ng  concepts    

Produc5on  Concept        The  philosophy  that  consumers  will  favour  

products  that  are  available  and  highly  affordable  and  that  management  should  

therefore  focus  on  improving  produc,on  and  distribu,on  efficiency.  

Product  Concept       The   philosophy   that   consumers   will   favour  products   that   offer   the   most   quality,  performance,  and  innova5ve  features.  

Selling  Concept        The  idea  that  consumers  will  not  buy  enough  of  

the  organiza,on’s  products  unless  the  organiza,on  undertakes  a  large  –  scale  selling  

and  promo5on  effort.    

Marke5ng  Concept        The  marke,ng  management  philosophy  that  

holds  that  achieving  organiza,onal  goals  depends  on  determining  the  needs  and  wants  of  target  markets  and  delivering  the  desired  sa5sfac5ons  more  effec5vely  and  efficiently  

than  compe,tors  do.    

Societal  Marke5ng  Concept        The  idea  that  the  organiza,on  should  determine  

the  needs,  wants,  and  interests  of  target  markets  and  deliver  the  desired  sa,sfac,ons  

more  effec,vely  and  efficiently  than  compe,tors  in  a  way  that  maintains  or  improves  the  consumer’s  and  society’s  well  –  being.    

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MARKETING  CHALLENGES  INTO  THE  NEW  CENTURY    0 GROWTH  OF  NON-­‐PROFIT  MARKETING    0 THE  INFORMANTION  TECHNOLOGY  BOOM  0 RAPID  GLOBALIZATION    0 THE  CHANGING  WORLD  ECONOMY  0 THE  CALL  FOR  MORE  ETHICS  AND  SOCIAL  RESPONSIBILITY