5 Concepts and Role of Marketing in Modern Business

Marketing in Modern Business

Marketing is certainly the most important activity in a business. Since it has a direct effect on the profit and sales large businesses will appoint specific staff for the purpose of marketing. The concept of marketing in modern business are vast concepts. Itimplements on finding out the consumers and producing the goods and services as per their needs instead of providing what the sellers have made.

The strategy is to satisfy the customer’s requirements, increase competition, generate sales, and maximize profit. It holds that the chief objective of a company is to be more effective than your rivals and deliver customer value to its targeted market.

There are concepts and role under which a modern business can carry out marketing strategies that we’re going to discuss below

5 Marketing Concepts

Production concept

The production concept is one the oldest concept which states that the consumers will prefer products that are widely available and affordable. The businesses which use production concept focus on their own activities and will produce goods as per their own will. The needs of the customer in this concept are secondary and consumers will buy products that are available in the market and the ones that are easy on their pocket. Companies adopting this theory mainly focus on their own operations as they know customers will buy the products which comes out in the market.

Product concept

The product concept states that the consumer will favor products that offer quality, advanced features, and performance. The business gives high importance to the quality because in the long run, the product value remains with the quality it is providing to the consumer. Businesses strive hard to create their brand name and the name relies on the quality they offer. For example, Apple and Samsung are two names of the popular brands that have strived hard to deliver an enriching experience to the users and people love their products.

Selling concept

The selling concept holds the idea that the customers will buy the products only if the company promotes it and put an effort to sell them. It’s not sufficient for a company to produce a product and wait for the customers, in fact, it’s important for a company to inform the consumers, advertise and create awareness of their products by aggressively promoting it which can be done through different ways.

In the era of modern marketing, you need to work on marketing tactics to sell and promote the products for marketing success.

Marketing concept

The marketing concept focuses on achieving the ultimate goal of knowing the need and requirements of the target market and delivering the satisfaction to the customers. In modern day consumer is treated specially and therefore their preferences are kept in mind so that the customers feel content and manufacturer earns profit. The job is to find the right products for your customers rather than finding right customers for your product. This concept is easily achievable and it advises that you need to create your brand identity and make your brand so strong that customers approach your brand themselves.

Societal marketing concept

This concept means a business should deliver value to the consumers along with maintaining value for the society’s well-being. The social marketing concept sets human welfare on the top before satisfying the wants of the customers and gaining profit. The company needs to create a balance between company’s welfare, consumer wants satisfaction and society’s welfare.