Explain how the marketing concept affects a company’s marketing strategy.
Marketing Concept : Marketing concept is a very common concept used by all companies. In lay man terms it is a customer oriented concept which aims to achieve I’s goal and sustain for a long run.
The marketing concept explains that the key for any organization to be successful is tbrough its valued customers. It states states that any organization the goals can be achieved by analysing the market and knowing its needs and wants and delivering the results which make the customers satisfied. Marketing concept also states that in order to the satisfy it’s objective and it’s organizational goals, it is very important for the company to have the first mover advantage and anticipate the wants and needs of the customers. This given an organization an edge over the competitors.
The marketing concept primarily focuses on :
- The first and the most important is to identify the right audience and target these customers.
- Anticipating in advance all the wants and needs of the target audience in the market.
- Also, it is extremely important to do a thorough research with the audience and develop the product according to the needs and wants of their choice to provide them maximum satisfaction.
- Due to cut throat competition it is very important for an organization to Satisfy its customers and perform better than its competitors.
- It is very important for the company to keep a good margin and profits will let them sustain in the long run.
Every organization makes a marketing plan to promote it’s products and make profits. The fundamental idea is to increase the sales and achieve an advantage over it’s competitors. Marketing plan includes a detailed plan including all short term and long term plans pre-decided well in advance after doing a thorough market research, evaluation and formulation.