Marketing concepts

• Marketing concept


  A philosophy that a company adopts which guides how it promotes its business
• Product concept


  • Customers primarily value products that are of high quality, have innovative features, and perform well
  • Focus is on creating and delivering products that meet or exceed customer expectations
• Product-focused buyers


  Seek innovation and uniqueness rather than solely seeking the lowest price
• Competitive pressure in markets where multiple competitors adopt a product-centric approach


  Intense competition to continually improve product features, leading to diminishing returns and a focus on incremental improvements rather than breakthrough innovations
• Implications of the product concept

  • The firm's product has to be superior to those of its competitors
  • Producing products with the best quality or features can be expensive
  • Firms using this concept have to continuously make improvements to its product in order to maintain a competitive edge
  • This concept is most applicable to industries and products where product quality and performance are critical
• Production concept


  • The business should produce those products that it can produce most efficiently
  • If the firm can produce large quantities of the product at very low cost, it will attract consumers to purchase it
  • People prefer products and services that are easily available and affordable
• Implications of the production concept

  • Neglect of marketing and customer needs
  • Lack of innovation
  • Supply-driven
  • Limited market focus
• Selling concept


  A business philosophy that places a strong emphasis on aggressive sales tactics and promotional efforts to persuade customers to buy a product or service, often regardless of their actual needs or preferences
• Implications of the selling concept

  • Customer resistance
  • High costs
  • Aggressive sales techniques
• Marketing concept


  A customer-centric business philosophy that focuses on identifying and satisfying customer needs and wants as the primary driver of business success
• Implications of the marketing concept

  • Customer-centric focused
  • Customer satisfaction
  • Two-way communication
  • Market research
• The Societal marketing Concept