The five marketing concepts Essay Example

On the other hand, the marketing concept focuses on understanding and satisfying customer wants and needs while achieving the organization's goals. By incorporating customer needs into product design, sales and profit goals are more likely to be met. The societal marketing concept aligns with the marketing concept but also considers the product's benefit to society as a whole.The concept of societal marketing emphasizes the advanced thinking and implementation of marketing. It centers around a corporation's obligation to society and proposes a way for a company to prioritize delivering satisfaction and fostering long-term relationships with consumers. The concept emphasizes the importance of finding a balance between earning substantial value and profits for the corporation while also considering the satisfaction of consumers and the well-being of society.

The Marketing Concept, applied in Magnum's marketing management, entails determining the needs, wants, and interests of target markets and delivering desired satisfactions more effectively and efficiently than competitors. Moreover, it acknowledges the importance of preserving or enhancing consumer and societal well-being. In line with this concept, Magnum, a leading ice cream brand globally and Unilever's largest ice cream brand, focuses on factors such as environmental impacts, population growth, resource shortages, and social services. This approach has contributed to Magnum's annual sale of one billion units worldwide.

The strategic decisions of a marketing-oriented company are driven by the wants and needs of customers and potential customers. The growth of the business depends on customer satisfaction, making it a vital factor. Understanding the customer is crucial since their satisfaction is key to the organization. Marketing research techniques have been specifically developed to fulfill this purpose. Defining market segments, their size, and their needs is

accomplished through marketing research, which is essential in the marketing concept. The firm's corporate culture is consistently focused on generating customer value.

The marketing concept prioritizes customers throughout the entire business process, starting with market research sourced from customers and ending with business profitability achieved through customer satisfaction. Businesses that adopt the marketing concept focus on meeting customer needs by employing integrated marketing strategies. They utilize extensive market research to adapt to market changes and customer preferences. Furthermore, these businesses offer a diverse range of product lines and employ product innovation techniques. Their emphasis lies in highlighting the benefits of their products to customers, rather than solely focusing on product attributes. Additionally, they provide ancillary services such as availability, delivery, installation, and warranty to best serve and satisfy customers.

Related test: "Marketing Question Bank"