Post a Comment

The marketing concept holds that a company should have a company-wide consumer orientation with the objective of satisfying consumers' needs profitably.

It is one of the five philosophies of marketing.

According to the marketing concept, the secret to attaining organizational objectives is determining the needs and wants of the target market and serving the needs more effectively and efficiently than competitors.

In this sense, the marketing concept holds that a company can only acquire a competitive advantage by outperforming rivals in meeting consumer wants.

The marketing concept is essentially about making the consumer and his or her needs the centre of the marketing activities of an organization.

It is a consumer-oriented philosophy based on the belief that identifying, anticipating, and satisfying the want and desires of the consumers result in profitability and comparative advantage.

Jobber summed up the marketing concept by defining it as "the achievement of corporate goals through meeting and exceeding customer needs better than the competition". 

The marketing concept is also known as marketing philosophy.

4 Pillars of Marketing Concept

There are four pillars of the marketing concept, namely; target market, customer needs, integrated marketing and profitability.

1. Target market: Every product offering has its own set of customers that it seeks to satisfy.

Every product offering aims to please a specific group of customers.

A marketing-oriented company should, therefore, offer products that seek to satisfy a particular target market.

2. Consumer orientation: A company that focuses on marketing should also be capable of accurately defining customer needs.

It implies that the company's primary goal should be to identify and meet the wants and desires of its customers

3. Integrated marketing: This refers to the idea that an organization's marketing efforts should be closely coordinated with its other functional divisions.

It means every department in the organisation should work together to serve and satisfy the needs and desires of the consumer.

4. Profitability: The purpose of marketing is not only to satisfy consumers' needs but to satisfy customers' needs profitably.

Therefore, marketing-oriented companies must go beyond simply meeting consumer needs. Rather, they need to satisfy consumers' needs while being profitable.

You are honourably invited to subscribe to our newsletter.

Help us grow our readership by sharing this post

Related Posts

Post a Comment

Subscribe Our Newsletter