Marketing Concept
Marketing Concept
BUS-110 IT 1
The marketing concept is a business philosophy where a business provides products or services that a customer wants and needs by setting up a series of activities within the company to also allow for the company to achieve their goals and objectives. Three steps involved in the marketing concept are; the business first must find out what potential customers needs are. Second, a business has to create the product or service that the potential customer wants. Third, a business must continue to find ways to provide the customer with what they need. Businesses should find ways to improve the way they assess potential customer’s needs, and continue to provide the products and services while continuing to make the customer happy. Doing so will benefit the business and the customer’s relationship, which can lead to customer retention. It would also be beneficial to the business to understand the competition, and how they can continue to satisfy their customers better than the competitor’s products or services. The marketing concept, if implemented correctly should not cause too many products to be available to consumers. As stated in our text, in the 1920’s the old way of producing products started to create more supply than the demand for the product (Pride, Hughes and Kapoor). I think the proliferation of a business’s product choices is a sign that a company has implemented the marketing concept, and that the many product choices are what the consumers want. Some businesses may flood the market with different products or services, but if the demand for those products or services is low then the company will end up losing money. This would not be a profitable outcome for any business. A company using the marketing concept would research the needs of current and potential customers to determine what they need and when they need it. This would help the business decide how to produce the products or services their customers want,
BUS-110 IT 1
The marketing concept is a business philosophy where a business provides products or services that a customer wants and needs by setting up a series of activities within the company to also allow for the company to achieve their goals and objectives. Three steps involved in the marketing concept are; the business first must find out what potential customers needs are. Second, a business has to create the product or service that the potential customer wants. Third, a business must continue to find ways to provide the customer with what they need. Businesses should find ways to improve the way they assess potential customer’s needs, and continue to provide the products and services while continuing to make the customer happy. Doing so will benefit the business and the customer’s relationship, which can lead to customer retention. It would also be beneficial to the business to understand the competition, and how they can continue to satisfy their customers better than the competitor’s products or services. The marketing concept, if implemented correctly should not cause too many products to be available to consumers. As stated in our text, in the 1920’s the old way of producing products started to create more supply than the demand for the product (Pride, Hughes and Kapoor). I think the proliferation of a business’s product choices is a sign that a company has implemented the marketing concept, and that the many product choices are what the consumers want. Some businesses may flood the market with different products or services, but if the demand for those products or services is low then the company will end up losing money. This would not be a profitable outcome for any business. A company using the marketing concept would research the needs of current and potential customers to determine what they need and when they need it. This would help the business decide how to produce the products or services their customers want,
Cited: Lamb, Charles W, Joseph F Hair and Carl Mcdaniel. "Marketing Management Philosofies." Lamb, Charles W, Joseph F Hair and Carl Mcdaniel. MKTG. Mason: South Western Cengage Learning, 2008. 4-6. Pride, William M, Robert J Hughes and Jack R. Kapoor. "Evolution of the Marketing Concept." Pride, William M, Robert J Hughes and Jack R. Kapoor. Foundations of Business. New York: Houghton Mifflin Harcourt Publishing, 2009. 370.