Category

MARKETING

Category

A marketing concept is a strategy that firms effectively implement to remain competitive by increasing sales, maximizing profits, and aiming to satisfy customer needs etcetera. The 5 Marketing Concepts There are five marketing concepts that organizations make use of, these include: Production Concept Product Concept Selling Concept Marketing Concept Societal Marketing Concept Production Concept: This being a very orthodox concept implies that consumers will prefer goods that are available and inexpensive or whose demand is elastic. At times, firms that rely too heavily on this concept lose sight of the bigger pictures in terms of varying demand patterns and preferences and focus too narrowly on just their own operations; this leads to market myopia. The company ends up focusing on production and distribution and increasing output and decreasing costs. Companies that manufacture their goods overseas are an example of the production concept as this decreases costs…