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Evolution of Marketing Concepts

The document outlines various marketing concepts, including the traditional exchange, production, product, selling, marketing, and societal marketing concepts. It emphasizes the importance of understanding consumer needs and the risks of marketing myopia, which focuses too narrowly on product features rather than customer satisfaction. The modern marketing concept is presented as the most effective approach, integrating customer research and societal well-being into the marketing strategy.

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Angelica Jacob
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8 views10 pages

Evolution of Marketing Concepts

The document outlines various marketing concepts, including the traditional exchange, production, product, selling, marketing, and societal marketing concepts. It emphasizes the importance of understanding consumer needs and the risks of marketing myopia, which focuses too narrowly on product features rather than customer satisfaction. The modern marketing concept is presented as the most effective approach, integrating customer research and societal well-being into the marketing strategy.

Uploaded by

Angelica Jacob
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Principles of marketing

ANGELICA JACOB
BCOM PROF (ACCA)
1ST SEM, SECTION D
CAUG21717
EXCHANGE
CONCEPTS

SOCIETAL PRODUCTION
CONCEPT CONCEPT

MARKETING PRODUCT
CONCEPT CONCEPT

SALES
CONCEPT
• Traditional concept of marketing.
• Importance  exchange of goods and services.
• Consumers have to accept those goods  available in the market.
• Does not give importance to quality, consumer satisfaction etc.
• Old, outdated and narrow concept.
• This is the oldest concept.
• It holds that consumers will prefer products that are widely available and
low cost.
• Managers must concentrates on achieving  high production efficiency,
low cost and mass distribution.
• Assumes that consumers are interested in product availability and low
prices.
• Consumers will favor those product that offers the most quality,
performance, or innovative features.
• Managers concentrate on making  superior products and improving
them over time.
• Assume that buyers admire well-made products and can apprise
quality and performance.
• This orientation may lead to marketing Myopia i.e. focus on product
rather than on consumer needs
• Marketing Myopia is a short-sighted and inward-looking approach to
marketing which focuses on fulfillment of immediate needs of the
company rather than focusing on marketing from consumers’ point of
view.
• A business suffers from marketing myopia when a company views
marketing strictly from the standpoint of selling a specific product
rather than from the standpoint of fulfilling customer needs.
• It holds that consumers and businesses, if left alone, will ordinarily not buy
enough of the selling’s company products.
• Firms practice the selling concept when they have overcapacity.
• Aim sell what they make rather than make what the market wants.
• Focuses  on creating sale transaction rather than building long term
profitable relationship.
• It holds that the key to achieving its organizational goals consists of
the company being more effective than competitors in creating,
delivering and communicating customer value to its selected target
customers.
• Identify/understand customer’s needs, wants, desire  to achieve
sales and profits.
• Organization’s task is to determine the needs, wants and interest of the target
markets and to deliver the desired satisfactions more effectively and efficiently
than competitors.
• All must be done in a way that preserves or enhances the consumer’s and the
society’s well-being.
• The latest & considered as an integrated marketing concept & modern
marketing concept.
• The modern concept is considered as the best marketing concept believes in
thorough understanding of needs and desires of customers who compose the
market.
• Exchange concept :
gives importance to the exchange of goods and service.
• Production concept:
High production and wide availability  Good sales.
• Product concept:
Good products  Good sales.
• Selling concept:
Products  promotion Sales
• Marketing concept:
Customers  Market research  Products  Sales promotion  sales.
• Societal Marketing concept:
Customers  Market research  Research and development  Products 
Sales Promotion  Sales

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