The Changing Concept of Marketing

Best Practice / Marketing

The Changing Concept of Marketing
AS Sastry , Other, India

Analysis of different philosophies that guide a marketing effort.

The importance of the marketing concept.
According to the Customer Service Institute, it costs five times as much to acquire a new customer than it does to service an existing one.
Customers tell twice as many people about a bad experience over a good one.
According to the American Marketing Association (AMA), for an average company, 65% of its business comes from its presently satisfied customers.

The Marketing Era
We are still essentially in the marketing era, since that is the dominant concept, but increasing pressure is being put on to companies to adopt the societal concept

THE PRODUCT CONCEPT is the understanding of the dynamics of the product in order to showcase the best qualities of the product. Marketers spend a lot of time and research in order to target their attended audience. Marketers will look into a product concept before marketing a product towards their customers

THE SELLING CONCEPT is a traditional concept of marketing. In traditional concept emphasis was on only selling the product. marketers would not bother about customers wants and would think that customers would buy whatever is offered to them. marketing research was not given any importance. emphasis was only on production and selling the product.

THE MARKETING CONCEPT is the modern concept of marketing. here the customer is considered as the soul of the entire marketing activity. The needs of customers are found out through marketing research and then products are developed to satisfy those needs. Building customer relationship and maintaining those relationship is given lot of importance. Customer is considered as the king of the market. This approach is used in today's globally competitive marketing world.

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