Marketing specialists suggest that the purpose of a marketing concept is to give companies a complete understanding of the buyers so that the service or product they offer can sell itself. However, marketing concept is not free from limitations. TOS 7. This approach set the foundation of modern marketing and helped develop online strategies. TV spots are just one example of traditional marketing. SEO (search engine optimization) and PPC (pay-per-click) are other marketing concepts that can be used instead of traditional methods. Before publishing your articles on this site, please read the following pages: 1. So, this stage is known as self-sufficiency stage of human being. Content Guidelines 2. Because of the increased popularity of the Internet as a source of information, many companies have embraced the world of blogging. The drawback of this concept is that no attention is paid to social welfare. Marketing is a socio-economic process and the process of a company associated with buying and selling of goods and services. Achievement is straightforwardly related to what the client needs. In the beginning of civilization, people had many difficulties in the measurement of transfer of goods and services. Therefore, the companies believing in this concept direct all their marketing efforts towards the achievement of consumer satisfaction and social welfare. Similarly, industrial houses established for the production of finished products for the systematic and institutional development of industry, trade, and auxiliaries. By understanding the complex interplay of different variables, it can detect the impending changes and prepare itself to exploit them. The modern marketing concept. Marketing justifies raison d’etre (i.e. Raison D’etre of Business Enterprises 6. In short, it can be said that it is a modern concept and by adopting it profit can be earned on a long-term basis. This is not the absolute truth because it is not the only basis of buying goods. To put it plainly, the concept of marketing is imperative on the grounds that it characterizes how an organization will conduct business and thrive. For example, a particular company can have its idea or philosophy that if the production is done on a large scale, the cost would be less and the product would be sold automatically. Marketing creates and increases the form place, time, possession and information utility of a product. In short, it can be said that this is the latest concept of marketing. New inventions, innovations, improved technology etc. Before publishing your articles on this site, please read the following pages: 1. ", According to Kotler & Armstrong ,"Marketing is a social and managerial process by which individuals or companies create value for customers and build strong customers relationships in order to capture value from customers in return. The concept of marketing is a dynamic concept. Marketing plays a decisive role in eliminating poverty. Kathmandu: Buddha Academic Publishers and Distributors Pvt. Consumers can get necessary information or messages about different companies about their product or services quality using the method only with the help of marketing. The importances of marketing to business can also be explained: In business, there are many functional areas like production,human resources, finance, marketing etc. TOS 7. While doing everything, the needs of the environment and society should also be considered. A good quality product and high price can upset the budget of a customer. Breaking down their needs and settling on such choices that fulfill those needs in a superior manner than contenders. Image Guidelines 5. Through the help of marketing the business can achieve the organization goals .Companies can sell their products with the help of marketing. Succeeding by meeting the needs of customers is one of the most commonly held ideas of the marketing concept. Accordingly, marketing means, a delivery of the standard of living to masses, in the society. Its greatest drawback is that it is not always necessary that the customer every time purchases the cheap and easily available goods or services. It is likewise imperative to note that the organization must also benefit while fulfilling client needs. It does not recognise the wider social dimension of marketing. Consumer lifestyle and living standards rise high when they can get and use the goods and services which they need. Every activity in between, like designing, pricing, promotion, distribution, transportation, warehousing etc are activities of marketing. it conveys a better value recommendation as contrasted with its rival. This concept stresses not only the customer satisfaction but also gives importance to Consumer Welfare/Societal Welfare. Marketing is everything that a company does to acquire a customer and maintain the relation with customers. It is a firm belief of the followers of the product concept that the customers get attracted to the products of good quality. Privacy Policy 8. Occupation, Business & Technology Education, Meaning, Evolution and Importance of Marketing, Customers-Concept and Classification of buyers, Concept and Classification of Buyers Motives, Buying Process of Individual Buyers and Institutional Buyers, Factors affecting Individuals Buying Decisions, Concept of Needs, Wants and Demands in Marketing, Factors affecting Institutional Buyers Decision, Concepts, Types and Characteristics of Market, Meaning, Importance, Types & Qualities of Branding, Meaning, Function, Types, Importance & Features of Packaging, Meaning, Types, Functions and Importance of Labelling, Meaning, Objective & Importance of Pricing, Pricing Discounts and Allowances & Factors Affecting Pricing, Meaning, Elements & Channel of Distribution, Personal Selling, Types and Qualities of Salesperson, Sales Process: Meaning & Process of Indoor & Outdoor Sales, Meaning, Importance & Components of Promotion, Meaning, Importance& Methods of Sales Promotion, Meaning, Features, Types & Importance of Advertising, Tele Marketing, Televised Marketing and Network Marketing. Ltd, 2014. Importance of marketing process and marketing concept The reason to choose Heineken Beer Long-term profit became a permanent goal, not just the increased sales. Management should consider the general public, for instance, in determining such things as ‘should the firm produce items requiring technologies that cause air pollution?’ and “should not advertisement glorify the image of large families in the era of increasing world population?” Failure to recognise the interests of all parties may result in restrictive laws, negative corporate image and poor industrial relations. Millions of people have got employment in buying, selling, advertising, warehousing etc. Marketing acts as a regulating force in society. According to Peter Drucker, consultant, author and educator, profit is not the primary goal of a company, but an essential condition for its continued existence. Importance of marketing process and marketing concept The reason to choose Heineken Beer However, the value proposal displayed by both is diverse. Prohibited Content 3. Marketing performance has not remained limited to the local and town market with the development of industry and commerce.It has spread throughout the world. Marketing philosophy based on a maximisation of consumer satisfaction, leads to an increase in social welfare. This helps them in effecting the economics of the large scale production. Modern firms enhance success through a comprehensive integration of marketing communication tools such as sales promotion, interactive communications, direct marketing, advertising and public relations. Sustained interaction with customers becomes possible. Moreover, marketing is not as expensive as it was before with the use of modern technology, especially for small starting businesses. Keeping in view this concept these companies concentrate their marketing efforts towards educating and attracting the customers.

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