Last updated on January 8th, 2024 at 04:55 pm
If you are looking for 5 marketing concepts and their corresponding examples, then you have come to the right place. Marketing is an ever-evolving field that is important in connecting businesses with their target customers.
Over time, various concepts of marketing have emerged transforming the way products and services are sold, promoted, and consumed. There are different concepts of marketing as understood at different times. In this blog, we will delve into the basic 5 concepts of marketing that guide business operations in detail.
Marketing is the strategic process of identifying, predicting, and satisfying customer needs and wants through the creation, communication, and delivery of value offerings.
In the same way, Marketing involves a wide range of activities aimed at promoting products or services and ideas to target customers. These activities are done to achieve the organizational objectives while making strong customer relationships.
What are the Marketing Concepts?
Marketing concepts are fundamental strategies and ideas that guide businesses and brands in their efforts to promote and sell their products or services. Similarly, marketing concepts provide a framework for implementing and understanding marketing activities effectively. Several marketing concepts have evolved.
So, marketing concepts are the assumptions or ideas upon which marketing decisions are based. Marketing concepts guide marketing strategy and help businesses to create products or services that satisfy customer demand.
Marketing concepts can be divided into three categories they are needs, wants, and demand:
- Needs – Needs are the strong feeling of a customer to have something or to get something, to acquire something. It is the first stage of marketing. Needs are basic human requirements such as the need for water, shelter, food, and so on.
- Wants – The strong desire to fulfill needs and the process of satisfying needs is called wants. It is also known as the desire that people have for specific products or services.
- Demand – Demand is defined as the willingness of the product or ability to pay for the product and readiness to pay a certain price for a certain product or service.
Let’s dive into the topic and discuss the various concepts of marketing with their corresponding examples in brief:
5 marketing concepts
In the dynamic business world, various marketing concepts have emerged as guiding principles and shaping how businesses approach their market and customers. In the same way, each concept of marketing offers a unique perspective on how to connect products or services with consumers.
Let’s delve into five key marketing concepts. The main 5 marketing concepts are product concepts, production concepts, selling concepts, marketing concepts, and societal marketing concepts. Businesses utilize these various concepts of marketing regarding the product, price, distribution as well and promotion of their brand.
1. Production concept
The production concept is also known as the old concept of marketing. The production concept focuses on large-scale production. It emphasizes mass production and efficiency as driving forces behind business success.
In this concept, businesses strive to produce goods or products on a large scale, reducing costs and making their products widely available at low or affordable prices.
In the same way, The production concept of marketing might neglect customer preferences and changing market demands. Finally, we can say the production concept focuses on large-scale production, increasing efficiency in production and decreasing the price.
Let’s see the example of the production concept:
Toyota Corolla: The Toyota Corolla has a history of being produced in great quantities by Toyota, one of the biggest automakers in the world. The Corolla is a standout example of the production concept in the automotive industry because of its reputation for being reasonably priced, dependable, and widely available.
2. Product concept
In the same way, The product concept is also an old marketing concept. It mainly focuses on producing qualitative products. This concept believes that customers can be attracted to quality products that offer the highest performance or innovative features.
This concept always focuses on increasing the quality of the product. Businesses focus on this concept by taking their efforts into product development and improvement, assuming that quality products automatically attract and retain customers.
In the same way, The product concept may overlook the importance of understanding the needs and preferences of their customers. The main principle of this concept is we can sell what we make.
Overall, product concept focuses on producing high-quality products rather than understanding the needs of their customers.
Let’s see the example of the product concept of marketing:
Apple: Apple is recognized for its dedication to producing quality and superior products. Their products like iPhones, iPads, and MacBooks are known for their sleek design, cutting-edge technology, and user-friendly interface. Apple’s focus is on producing innovative, high-quality products.
3. Selling concept
According to this concept, customers do not buy products or services until motivated or persuaded. The selling concept focuses on fulfilling the needs of the seller. Businesses follow this concept to increase their promotional efforts and sales to convince customers to make purchases.
In this concept of marketing, there were aggressive selling and promotional activities which led to short-term sales.
However, this concept may not foster long-term customer relationships. It does not focus on customers’ needs and wants. Overall, we can say that the selling concept only focuses on fulfilling the needs of the seller rather than the customer’s needs.
Let’s see the example of a selling concept:
Insurance Companies: Many insurance companies actively sell their policies through different channels like cold calls, door-to-door sales representatives, online advertisements, and so on. Similarly, Insurance companies use persuasive techniques to highlight the importance of insurance.
4. Marketing concept of marketing
The marketing concept of marketing is completely customer-oriented. It focuses on the target market. Marketing concept integrated all activities to satisfy the needs of their customers. This concept achieves the goals through customer satisfaction.
Businesses adopt this concept through market research to identify the customer’s desires and create offerings that fulfill those needs of customers.
The main priority of this concept is customer satisfaction and long-term relationships, as well as leading to increased brand loyalty and sustained success. The main principle of the marketing concept is doing every marketing activity by keeping the customers central.
Overall, we can say that the marketing concept is fully customer-oriented and achieves its goals through customer satisfaction.
Let’s see the example of the marketing concept of marketing:
Coca-Cola: Coca-Cola is a global beverage company that prioritizes the marketing concept. They have a deep understanding of consumer preferences and use this knowledge to develop and promote products that are suitable for a variety of tastes and preferences.
5. Societal Marketing concept
The societal marketing concept takes a broader view by bearing the social responsibility for the welfare of the society not only the customer satisfaction. In the same way, The societal marketing concept includes supplying quality products than other to satisfy customers.
This concept not only focuses on customer satisfaction but also the well-being of society and the environment.
Businesses practicing this concept strive to deliver value while addressing social and environmental concerns. This concept includes supporting social functions, controlling pollution as well and fulfilling social interests while running a business.
The societal concept of marketing is the latest and modern concept of marketing. Finally, we can say that The societal marketing concept focuses on bearing social responsibility, and fulfilling social interests while running the business.
Let’s see the example of a societal marketing concept:
Tesla’s Electric Cars: Tesla has been a leader in electric vehicles (EVs). By promoting WEs, Tesla is contributing to reduced greenhouse gas emissions and air pollution which aligns its company with the societal marketing concept.
You may also like to ask
The major marketing concepts are production concepts, product concepts, selling concepts, marketing concepts of marketing, and Societal marketing concepts.
In today’s business landscape, the marketing and societal marketing concept of marketing is most relevant to changing customers’ behavior and societal expectations.
Absolutely, businesses often adapt their strategies based on changing market situations and customer preferences. The main key is to find the right balance for their specific goals.
The Societal Marketing concept includes considering social and environmental impact. It encourages businesses to be responsible and contribute positively to society. It includes bearing social responsibility, controlling pollution supporting social interest while running the business, and so on.
The marketing concept aligns products or services with customers’ needs, enhancing customer satisfaction and loyalty. It is a customer-oriented approach that often leads to sustainable or long-term success.
We discussed the 5 marketing concepts in brief with their examples. We can conclude that major marketing concepts are production, product, marketing, and societal marketing concepts. These concepts are used by businesses to connect with their customers and achieve their goals.
Businesses use this concept according to their business objectives. Some concepts focus on the product itself or efficient production, while others focus on understanding and satisfying customer needs and even broader societal responsibilities.
The production concept of marketing focuses on large-scale production rather than quality. Similarly, the product concept focuses on producing high-quality products rather than focusing on customer needs.
Then, the selling concept focuses on fulfilling the needs of the seller rather than concerns about customer needs. The marketing concept of marketing focuses on achieving goals through customer satisfaction and it is completely customer-oriented.
Finally, The societal marketing concept includes the fulfillment of social interest while running the business by providing quality goods, bearing social responsibility, controlling pollution as well and supporting social functions.
Each of these marketing concepts i.e. Production concept, product concept, selling concept, marketing concept, and societal marketing concept are developed as part of the needs of the market.
These marketing concepts are the assumptions upon which marketing decisions are based. So, marketing managers need to use market research and take customer feedback to develop assumptions about their customers’ needs and wants.
These concepts guide marketing strategy and help businesses and brands create products that satisfy their customer needs.
So, the choice of which marketing concept to follow depends on the specific circumstances and the goal of businesses.
In today’s customer-oriented and socially conscious environment, the marketing concept of marketing and the societal concept of marketing concepts are sustainable approaches to achieve long-term success.