Marketing concept
Summary
TLDRIn this video, Haley explores the marketing concept, emphasizing that businesses should focus on understanding and satisfying customer needs. Originating from Adam Smith's 'The Wealth of Nations,' the concept has evolved to include five key marketing philosophies: production, product, selling, marketing, and societal marketing. Each philosophy is detailed, highlighting the shift from product-centric to customer-centric strategies, with the societal marketing concept advocating for meeting customer needs while enhancing societal well-being.
Takeaways
- 📚 The marketing concept is a philosophy that emphasizes understanding and satisfying the needs of potential customers.
- 🏢 Marketing is a management function that aims to make customers happy by doing the right things, which in turn leads to increased sales and customer trust.
- 📖 The concept has roots in Adam Smith's 'The Wealth of Nations' but became widely used much later.
- 🔗 Marketing concepts are directly related to needs, wants, and demands, which are fundamental to understanding consumer behavior.
- 🌱 'Need' refers to basic human requirements like food, shelter, and clothing, which are essential for survival.
- 📈 'Want' is a desire for something that provides higher satisfaction, even though it's not necessary for survival.
- 💼 'Demand' is the willingness and ability to purchase a product or service, influenced by both desire and affordability.
- 🏭 The production concept is the oldest, focusing on high production efficiency and low cost to meet consumer demand for availability and affordability.
- 🛠️ The product concept suggests that consumers prefer products with the most quality, performance, and innovative features.
- 🎯 The selling concept is based on aggressive selling and promotion to stimulate buying behavior, often used when there is overproduction.
- 🌟 The marketing concept focuses on understanding the needs and wants of the target market and delivering value better than competitors through marketing strategies.
- 🌱 The societal marketing concept goes beyond profit, emphasizing the importance of preserving or enhancing consumer and societal well-being.
Q & A
What is the marketing concept?
-The marketing concept is a philosophy that suggests businesses should analyze the needs of their potential customers and make efforts to satisfy those needs. It is a department of management focused on doing the right things to make customers happy, which in turn leads to selling more goods and services and gaining customer trust.
Who originally introduced the marketing concept?
-The marketing concept originated from Adam Smith's book 'The Wealth of Nations,' but it did not become widely used until nearly 200 years later.
What are the three things directly related to the marketing concept?
-The three things directly related to the marketing concept are needs, wants, and demand. Needs are basic human requirements essential for survival, wants are desires for higher satisfaction beyond survival, and demand is the willingness and ability to purchase a product or service that one wants.
What is the difference between 'needs' and 'wants' in the context of marketing?
-In marketing, 'needs' refer to basic human requirements like shelter, clothes, food, and water that are essential for survival. 'Wants,' on the other hand, are desires for products or services that provide higher satisfaction, even though they are not essential for survival.
Can you explain the production concept in marketing?
-The production concept is the oldest business concept, which holds that consumers will prefer products that are widely available and inexpensive. Managers focusing on this concept concentrate on achieving high production efficiency, low costs, and mass distribution, assuming that consumers are primarily interested in product availability and low prices.
What does the product concept emphasize in marketing?
-The product concept emphasizes that consumers will favor products that offer the most quality, performance, and innovative features. Managers focusing on this concept concentrate on making superior products and improving them over time, assuming that consumers admire well-made products and appraise quality and performance.
How does the selling concept differ from the marketing concept?
-The selling concept assumes that consumers and businesses will not ordinarily buy enough of a company's products if left alone, hence organizations must take aggressive selling and promotional efforts. It contrasts with the marketing concept, which focuses on understanding and satisfying the needs and wants of the target market.
What is the societal marketing concept and how does it differ from the marketing concept?
-The societal marketing concept holds that an organization's task is to determine the needs, wants, and interests of the target market and deliver the desired satisfaction more effectively and efficiently than competitors, while also preserving or enhancing the consumers' and society's well-being. It differs from the marketing concept by adding the consideration of societal well-being to the equation.
What is a 'pull strategy' in the context of the marketing concept?
-A 'pull strategy' in the marketing concept refers to making the brand so strong and appealing that consumers actively seek out and prefer the brand over competitors. This can be achieved through marketing, promotion, and advertising efforts.
What is the main goal of the marketing concept?
-The main goal of the marketing concept is to understand the needs and wants of the target market and to deliver value better than competitors, with the belief that by doing so, the business can achieve customer satisfaction, loyalty, and ultimately, increased sales.
How can businesses implement the societal marketing concept?
-Businesses can implement the societal marketing concept by first identifying the needs and wants of their target market, then creating products and services that not only satisfy those needs but also contribute positively to the well-being of consumers and society at large. This may involve sustainable practices, ethical sourcing, and responsible marketing.
Outlines
📚 Introduction to Marketing Concepts
This paragraph introduces the marketing concept, which is a philosophy guiding brands to analyze and satisfy the needs of potential customers. It explains that marketing is a management function aimed at making customers happy to sell more goods and services. Originating from Adam Smith's 'The Wealth of Nations,' the concept became widely used much later. It is directly related to 'need,' 'want,' and 'demand.' 'Need' refers to basic human requirements like food, water, and shelter, essential for survival. 'Want' is a desire for things that provide higher satisfaction but are not necessary for survival, like a phone. 'Demand' is what people are willing and able to buy, considering both their desire and financial capacity. The paragraph also outlines the evolution of marketing concepts, starting from the production concept to the societal marketing concept.
🔍 Exploring Different Marketing Concepts
This paragraph delves into the different marketing concepts: production, product, selling, marketing, and societal marketing. The production concept assumes consumers prefer widely available and inexpensive products, focusing on high production efficiency and low costs. The product concept emphasizes quality, performance, and innovation, aiming to create superior products. The selling concept believes in aggressive sales and promotion to stimulate buying behavior, often used when there is overproduction. The marketing concept focuses on understanding and delivering value to target markets better than competitors, using marketing and advertising to build a strong brand. Lastly, the societal marketing concept considers the well-being of consumers and society while meeting their needs and wants. The paragraph concludes by inviting viewers to suggest topics for future videos.
Mindmap
Keywords
💡Marketing Concept
💡Needs
💡Wants
💡Demand
💡Production Concept
💡Product Concept
💡Selling Concept
💡Marketing Concept
💡Societal Marketing Concept
💡Pull Strategy
Highlights
The marketing concept is a philosophy that emphasizes understanding and satisfying the needs of potential customers.
Marketing is a department of management focused on making customers happy to sell goods and services effectively.
The marketing concept originated from Adam Smith's 'The Wealth of Nations' but became widely used much later.
Marketing concepts are directly related to needs, wants, and demand of consumers.
Needs are basic human requirements essential for survival, such as shelter, clothes, food, and water.
Wants are desires that provide higher satisfaction beyond basic needs, like wanting a phone.
Demand is the willingness and ability to purchase a desired product, influenced by affordability.
The production concept focuses on high production efficiency and low cost for mass distribution.
The product concept emphasizes creating superior products with quality and performance.
The selling concept assumes that aggressive selling and promotion are necessary to stimulate buying behavior.
The marketing concept focuses on understanding the needs and wants of the target market and delivering value.
The societal marketing concept aims to meet consumer needs while preserving or enhancing societal well-being.
The video discusses the evolution of marketing concepts from production to societal marketing.
Each marketing concept has distinct strategies and assumptions about consumer behavior and market approach.
Understanding the differences between needs, wants, and demand is crucial for effective marketing strategies.
The video concludes with an invitation for viewers to suggest topics for future videos.
Transcripts
Haley knows welcome back to my another
video this video is going to be on
marketing concept where we are going to
see all five concepts of marketing so
let's start Rey's video the marketing
concept is a philosophy which provide us
an idea that brand should analyze the
needs of their potential customers and
make efforts to satisfy those needs
marketing is a department of management
that tries to do right things that make
their customers happy and as a result
they can sell maximum goods and services
into the market and can get the trust of
the customers this concept is originated
from Adam Smith's book The Wealth of
Nations but would not become widely used
until nearly 200 years later
marketing concepts are directly related
with three things water they need want
and demand
what does need need is the basic human
requirements like shelter clothes food
water etc these are essential for human
beings to survive this is something
necessary for people to live a healthy
stable and safe life when needs remain
unfulfilled these the clear adverse
outcome which result in death therefore
we relate need with the necessity with
the basic requirement without which we
can't leave because survive second we
have want won't we see it as desire of
someone
Thanks without which we can survive but
we need them for providing us higher
satisfaction for example we want one
phone but without the phone also we can
survive third we have demand demand
something
which we are willing and able to by
demand something that you want to buy or
consume and your pocket allows its
consumption that is you can afford for
it
thus bad thing become your demand for
example I have thousands of rupees in my
pocket and I want to see a movie was
ticket is worth rupees 500 since I want
it and I can afford it so I demand a
movie ticket so here we have seen all
these three terms
what does need without which we can't
survive what is want which is a step
ahead without which we can survive but
we wanted to satisfy ourselves more what
is demand we want to buy something and
we have enough money to buy that product
that means that product as mine demand
so here we have seen the three things
which are directly related with
marketing concept next we have find
marketing concepts what are the first
production concept second product
concept third selling concept fourth
marketing concept and five so sight a
marketing concept now let us see all
these terms in detail first point we
have production concept this concept is
the oldest of the concepts in business
it holds that consumers will prefer
product that are widely available and
inexpensive managers focusing on this
concept concentrates on achieving high
production efficiency low cost and mass
distribution they assume that consumers
are primarily interested in product
availability and low prices
this orientation makes sense in
developing countries where consumer
are more interested in obtaining the
product than in its features second
point we have product concept this
orientation holds that consumers will
favor those products that offer the most
quality most performance and innovative
features managers focusing on this
concept concentrate on making superior
products and improving them over time to
time this assumed that bias admire
well-made products and appraise quality
and performance third we have selling
concept this is another common business
orientation it holds that consumer and
business if left alone will ordinarily
not buy enough of selling company's
products therefore organization must
take an aggressive selling and promotion
effort this concept assumes that
consumers typically show buying behavior
it also assumes that the company has a
whole battery of effective selling and
promotional tools to stimulate more
buying behavior among the customers most
forms practice this selling concept when
they have over capacity of production
their aim is to sell what they have made
rather than make what the market wants
what we have marketing concept marketing
concept focuses on needs wants of target
market and delivering value better than
competitors the marketing concept
believes in pull strategy and says that
you need to make your brand so strong
that competitors themselves prefer your
brand
over every other company
does this can be achieved through
marketing through promotion and
advertising first point we have societal
marketing concept this concept holds
that the organization's task is to
determine the need want and interest or
target market and to deliver the desired
satisfaction more effectively and
efficiently than that of competitors
this concept
additionally holds that this all must be
done in a way that preserves or enhance
the consumers and the society's
well-being so here we have finished five
marketing concepts with this we have
completed today's video which was
requested by Monisha if you also have a
topic in your mind which you wants me to
work on or create a videos on then don't
forget to leave a comment in comment box
and I'll come out with new videos
relevant to that of your comment so till
the next video I will take leave from
you guys have a nice day thank you
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