Content Guidelines 2. In what capacity would it be advisable for the firm to incorporate its distinctive offices? Millions of people have got employment in buying, selling, advertising, warehousing etc. Marketing occupies an important place because it takes responsibility to create, improve and raise living standard of human society. Marketing helps us to select goods or services according to our need, interest and wants. It includes advertising, selling and distributing products to the people. So, this stage is known as self-sufficiency stage of human being. Product planning and development creates from a utility, exchange creates possession utility, transportation creates place utility and research and promotion create information utility of products. Serving the customers is a company’s primary responsibility. In short, it can be said that this is the latest concept of marketing. Disclaimer 9. Image Guidelines 5. What sort of quality the firm would create and convey? Content Guidelines 2. The barter system is an old method of exchange which has been used for centuries and long before money was invented. 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. TOS 7. These all lead to the economic development of society. Primarily two elements are included under social welfare-high-level of human life and pollution free atmosphere. According to Mitchell – “Marketing includes activities involved in the flow of goods and services from production to consumption.”, According to American Marketing Association – “Marketing is the performance of those business activities that direct the flow of goods and services from producer to consumers or user.”. Marketing plays a decisive role in eliminating poverty. 2) What are the needs as well as the demands of the target market – A further venture in market research is the ‘buyer preference’ study. Because of the increased popularity of the Internet as a source of information, many companies have embraced the world of blogging. 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. 3. However, the value proposal displayed by both is diverse. Its greatest drawback is that it is not always necessary that the customer every time purchases the cheap and easily available goods or services. In this way, such a company will concentrate mainly on the large scale production of goods. Report a Violation, Essay on Marketing: Meaning, Definition and Concept (467 Words), 5 Most Important Marketing Management Philosophies. The firm can very well face the pressures of competition and environmental changes. Content Guidelines 2. Organizations that embrace this certain principle eagerly recognize that consumers are the dynamic strength behind their organizations. Organizations that embrace this certain principle eagerly recognize that consumers are the dynamic strength behind their organizations. On the contrary, he will work for damaging your reputation. Aggressive personal selling and advertising was the best way to move products and convert them into cash. This concept stresses not only the customer satisfaction but also gives importance to Consumer Welfare/Societal Welfare. The concept of marketing is a fundamental piece of the marketing arrangements. The marketing program or the marketing mix should be planned as a single entity that includes all the elements of a marketing concept. It helps the management to direct organisational efforts towards the long-term and wider goals, i.e., stability and growth of the firm. Sustained interaction with customers becomes possible. In order to reduce the cost of production and to bring it down to the minimum level, these companies indulge in large scale production. Unification of business activities leads to economy and efficiency in marketing operations. The key questions became what do customers want and what does it take to keep them satisfied. The modern marketing concept. Those companies who believe in this concept are of the opinion that success can be achieved only through consumer satisfaction. Consumer lifestyle and living standards rise high when they can get and use the goods and services which they need. It allocates resources in the light of consumers’ demands. Marketing is the art of selling right products to right customers at a right time. It produces goods or services according to the needs of the people, supplies to them and improves their living style. Increase in Social Welfare 3. Modern Marketing Concept Benefit # 8. Keeping in view this concept these companies concentrate their marketing efforts towards educating and attracting the customers. Privacy Policy 8. Marketing is a socio-economic process and the process of a company associated with buying and selling of goods and services. Marketing is a socio-economic process and the process of a company associated with buying and selling of goods and services. Instead there is a need to attract the customers towards them. Encourages Healthy Competition and Others. → The concept of marketing accordingly depends on three key perspectives. And more important is that marketing strategies also help to reduce the cost of sales and distribution. In fact, having a marketing strategy is so useful that you can think of it as having a road map (or a cheat sheet). Moreover, marketing encourages innovation and creativity on the part of people engaged in marketing management. The main aim of marketing is to meet the needs of society. Better Quality of Production 5. Marketing encourages a healthy competition among manufacturers. Marketing Concept: Definition, Importance, Example, Asset Management Companies Business Model, Sales Quota: Definition, Types, Importance, Horizontal Integration Strategy (with examples), Components of Marketing Information System (MIS), 26 Examples of Artificial Intelligence in Everyday …, Characteristics of Marketing Information System, Factors That Affect Marketing and Advertising. Many business owners haven’t discovered the importance of a marketing strategy. 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. Under the marketing management philosophy, we shall study the following five concepts: Those companies who believe in this philosophy think that if the goods/services are cheap and they can be made available at many places, there cannot be any problem regarding sale. It may have an idea that if the quality of the product is improved, there will be no difficulty in selling the product. (ii) Marketing concept requires an integrated and coordinated approach to marketing. It includes all the activities involved right from the production of the goods, until their consumption. It is a network of social relationships which cannot see or touched. In other words, they do not sell what they can make but they make what they can sell. Marketing acts as a regulating force in society. The basis of this thinking is that the customers can be attracted. Marketing helps in proper utilization of natural,physical,financial, human resources and means available in the society. Marketing is a socio-economic process and the process of a company associated with buying and selling of goods and services. Upgrading Consumer Status: Marketing, through caring for consumers’ needs and preferences, upgrades their status in society. Upgrading Consumer Status: Marketing, through caring for consumers’ needs and preferences, upgrades their status in society. Emphasis on a Scientific Bent of Mind 4. Importance of Marketing Concept Marketing is one of the most important aspects of the business industry today. If different goods or services are provided to the customers, they trust and become loyal to the business which increases the good will of the business and helps to attain long-term loyal customers. In the stage of barter system ,people had to travel different places for buying necessary goods for exchange. This implies that all the departments including Operations, Finance, HR or Marketing ought to have an idea of the center aims of the organization and in addition the objective of the organization. Key Elements of the Marketing Communications Mix. The basis of this thinking is that only those goods/service should be made available which the consumers want or desire and not the things which you can do. Image Curtsey: bloglet.com/gallery/advantages-and-disadvantages-of-careers-in-marketing/advantages-and-disadvantages-of-careers-in-marketing.jpg. Image Guidelines 5. Copyright 10. According to American marketing Association, "Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods, and services to create an exchange that satisfies individual and organizational objectives. Copyright 10. This approach set the foundation of modern marketing and helped develop online strategies. A study of marketing helps the young persons in society in choosing an appropriate career in marketing. Some of the major importance of marketing concept are as follows: (i) Concern for customers’ needs and wants rather than for the product increases the acceptability of the product. The concept of marketing is a fundamental piece of the marketing arrangements. are some of the likely outcomes of an implementation of the modern marketing concept. This is not the absolute truth because it is not the only basis of buying goods. Koirala, Dr. Kundan Dutta. 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. By understanding the complex interplay of different variables, it can detect the impending changes and prepare itself to exploit them. Managers should make decisions based on relevant market information, taking the marketing implications into consideration.