what is marketingWhat is marketing? Many people think marketing is only about telling and selling and they are right because this is the old sense of marketing. But in this modern era, marketing is not only about telling and selling; it’s been about satisfying customer needs. Suppose ABC Company analyzed their customer needs and developed a product that provides superior value, and if they put a fair price and promote it effectively then their product will sell easily.

Definition of marketing

Marketing is a social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others. In a general sense “Marketing is a process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return” Now if we look at the above definition, marketing process include five steps. The first step, the company analyze marketplace and customer needs and wants. In the second step, the company develops a particular strategy to get, keep and grow target customers. Next, the company makes a marketing program which will actually deliver the superior value. All these steps make the basement of fourth step and in the final step company gets the rewards of strong customer relationship by capturing value from customers.

Marketing management orientation (Marketing Concepts):

Marketing manager’s wants to develop strategies which will let them build a profitable relationship with target customers. There are five alternative concepts through which a company design and carry out their marketing strategies such as:

five types of marketing conceptsProduction concept: 

Production concept is the oldest concept. The idea of this concept is that consumer will favor products that are available and highly affordable. So, marketing managers should concentrate on improving the production and distribution efficiency. This concept is old, but it is still useful in some situation. For example, Lenovo a computer manufacturing company dominating the competitive and price-sensitive Chinese PC market through producing and distributing the product effectively. Besides that Government owned product uses the production concept most such as electricity, gas, etc. Production concept can lead to marketing myopia so marketing managers must be very careful while adopting the production concept.

Product concept:

The product concept means consumer will buy product which will have most quality, performance and unique features. Product concept plays important role in product life cycle. Marketing managers who follow this concept always tries to improve their product quality and performance based on consumer feedback's. For example, let’s take Apple Co. which is a gadget and technologies based multi-national company. As we all know Apple introduced iPhone 3G in 2009; right after a year they introduced iPhone 3GS which was better than iPhone 3G in quality, performance and features. They improved their product yearly basis from iPhone 3G to now iPhone 6 plus. To make it easy for you to understand we made a comparison table between Apple and Blackberry.
what is product concept

Selling Concept: 

Selling concept is really popular around the world. The philosophy of selling concept is that consumer will not buy enough of the company products unless company undertakes large-scale selling or promotion effort. Selling concept generally applies to product which consumers are not really interested in buying or doesn’t really know about the product. For example, insurance or blood donation. Marketing managers who follow selling concept focuses on increasing sales volume rather than consumers need and wants. The below figure will help you understand the goal of selling concept.
what is selling concept

Marketing Concept: 

This concept is obtained by the most of marketing managers of this modern era. The strategy of marketing concept is that achieving organizational goals depends on knowing the need and wants of target markets and delivering the desired satisfaction better than the competitors do. Under marketing concept marketing managers analyze customers need and wants and develop product accordingly and offer it to their target customers better than their competitor’s such as offering it at a fair price, better quality etc. Jet Blue of USA an airways corporation is great example marketing concept. The below figure will help you understand the marketing concept more clearly. 
what is marketing concept

Societal Marketing Concept: 

Societal marketing concept is the one which I personally think every organization should follow. Societal marketing concepts holds the idea that an organization marketing decision should consider consumers wants, the company’s requirement, consumers long-run interests, and the society’s long-run interest. So every organization should think about consumers and the society’s long-run. For example, let’s take bottled water industry. You might think they are doing a good job providing human’s healthy and tasty water. But they are one of the most common cause of global warming. Making, filling and shipping billions of plastic bottles produces huge amount of carbon dioxide. For satisfying consumers short-term want, they are destroying society’s long-run interest. A company should balance three consideration while developing marketing strategies: company profits, consumer wants and society’s interest.
what is societal marketing concept
That's all for today! I hope you liked the lecture.

What is marketing? Definition, meaning and five concepts of marketing
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