Marketing Management Philosophies explains the different marketing philosophies of different eras. A detailed explanation of all the philosophies is given below.
Marketing Management Philosophies
Different eras had different concepts and different philosophies of marketing management. It entirely depends on the organization and what they choose to focus on. They can choose to focus on the product and its design, its sale, or on proving more and more satisfaction to the customers and society. This way, philosophies of marketing have evolved over time and they are as under:
Production concept
Marketing is not new. It has always existed throughout the world. During the days of the industrial revolution, demand for industrial goods/products increased manifold. To meet this ever-growing demand, it was important to increase the supply of goods. Selling these products was not an issue.
As the products had high demand, when they came into the market, it was a surety that they will get sold. The main focus during that time was on availability along with the affordability of the products. The consumers were only looking for the products which are available in the market and are available at a reasonable price.
Providing products at a reasonable price was also not an issue because when bulk production took place then the cost of the products was reduced. Thus the focus of the organizations was precisely on the production along with improvement of the distribution of those produced goods as soon as possible.
Product concept under Marketing Management Philosophies
As per Marketing Management Philosophies Class 12 , When the production concept was at its peak, the supply increased a lot. There was no shortage of products in the market. The products increased even more than the demand for them. Then the mere availability and providing them at low prices was not enough. The focus of customers shifted from low prices to better quality. To meet this demand, producers had to focus on better quality of the product than quantity. The quality would rise with the improvement of the product based on the requirement of the customers and their needs. Thus, product orientation came into the picture. The organizational success thus depended upon how superior their product is to the competitor’s product.
Selling concept
When the production and product concept took place, there was a lot of competition in the market. Every organization was trying to produce better quality products than their competitors and this led to confusion in the minds of customers. Organizations thought that customers need a push, they need to be persuaded and motivated to buy the products. So, the new concept i.e. the selling concept came in. Here, the businesses thought of aggressively selling their products by making promotional efforts because they thought customers would not buy unless they are pushed to do so. Here the disadvantage was, the business not only tried to persuade but also tried to lure and coax the customers and tried to sell the products by any means. They sold the products by hook or by crook, it did not matter to them whether the customers are satisfied or not but their main aim was to just sell and sell more.
Marketing concept under Marketing Management Philosophies
The Marketing Management Philosophies Class 12 explains that When the loophole of the selling concept i.e. it did not satisfy the customers’ needs was clear then the new concept i.e. marketing concept came in for satisfying the needs of the customers. Here, the businesses understood that if they want to get success then it is very important for an organization to find out what the customers want and they fill that gap by providing them with the same thing and it selling will not be a problem because customers are bound to buy the products which they are in need of. So, this concept revolved around the customer’s needs i.e. what kind of product they want, what kind of changes they require, at what price they want it to be available, where will it be easy for them to buy from, etc.
So the pillars of the marketing concept are:
- Target market and target customers will be chosen.
- The needs and wants of actual and potential customers will be taken care of.
- Products and services will be developed accordingly.
- Products should not only satisfy the customers but also be better than the competitors.
- All this will be done for profit maximization.
The main objective of the firm will still be to maximize the profit of the organization by satisfying its needs and wants.
The societal marketing concept
When businesses realize that they cannot run in isolation and they take the resources such as money, human resource, raw material, etc, from society it is very important for them to pay back society by not causing the problems like environmental pollution, inflation, deforestation, etc. So it was very important to satisfy the needs of the customers but to take care of society and its interest.
Just like the marketing concept, the needs and wants of the customers are taken care of and they are served with the best quality products which are better than the competitors in return for something valuable, mostly money, but society is also looked after. So, this concept is also called an extension of the marketing concept. In this concept ethics, values, and welfare play a very important role.
Marketing Management Philosophies Class 12 presents how the concept of marketing has evolved but the customers have always played a major role in the growth of the business.
BST Chapter 11 – Marketing
- Marketing Management
- Marketing Management Philosophies
- Functions of marketing
- Marketing mix
- Products – Classification of Products
- Branding
- Packaging – Levels , Functions & Importance
- Labelling
- Pricing – Factors affecting Price of a Product or Service
- Components of Physical Distribution
- Channels of Distribution
- Advertising – Benefits, Limitations, Objections
- Personal selling
- Sales promotion
- Publicity – Characteristics and Objectives