The Marketing Concept Essay Research Paper IntroductionThe

The Marketing Concept Essay, Research Paper Introduction The aim of this report is to outline the basic concept of marketing and the ways in which businesses have benefited from implementing the process. The report also hopes to target specific business functions and show ways of using the marketing concept to improve them. It will also identify ways in which marketing can help achieve various goals within the organisation. The Marketing Concept The Marketing Concept (alternatively known as a ‘business philosophy’ or ‘a way of doing business’) has become an effective way of improving the overall performance of many businesses in recent years. Companies have realised that in order to make profits and sustain them, they must consider the needs and wants of their

customers. They must then compare these needs and wants to the product or service that they currently offer. The concept of marketing is based upon the idea that if the customer has a need and is satisfied with the product, then ultimately sales will be good – hence profit will be good. It goes without saying that every company’s aim is to maximise their profit margin, but in order to do this, some tend to focus too much on the selling aspect and not enough on the actual customer. A Company can be orientated in different ways: Sales Orientation A sales orientated company will focus purely on the amount that they sell, working on the assumption that sales and sales only can make money. Companies adopting this attitude have come under scrutiny, due to the actions of

over-zealous salesmen who will stop at nothing to get a sale – you are probably familiar with the phrase “never trust a salesman”. This way of doing business is no longer acceptable as it has become apparent that in order to sell something, someone must want to buy it. The old style of “conning” the customer into buying goods whether they need them or not, purely to ensure a sale, is now shunned by most industries. Marketing Orientation A marketing orientated company is a customer orientated company. They take into account customer requirements and focus on them. Communication between a company and their customers is essential to ensure the success of any marketing method. Market research is used to identify specific requirements of both existing and potential

customers. Satisfied customers are loyal customers who will inevitably create repeat business as well as providing free word-of-mouth advertising. This would undoubtedly result in increased profits. Production Orientation A production orientated company will focus purely on the production of their product. A company who cares enough about their ability to produce goods of only the highest quality possible must be admired for their dedication. However, dedication does not necessarily guarantee profit, and without profit, a company could easily fold. Product Orientation Although a similar concept to the one of the production orientated company (above), the product orientated company focuses on the product itself. The aim is to make the best product possible. Research and

development is usually involved in the process, ensuring that there is a substantial demand for the product. It is hoped that a company will end up with a high quality product that will sell. The Marketing Mix The marketing mix consists of various factors that a company can mix to determine of there is a match between the needs of the customer and what the company currently offers them. There are four main elements of the marketing mix – Product Defining the characteristics of the product to meet customer requirements e.g. introducing optional features with a product that are not standard or providing an additional warranty that may not be deemed necessary in law, i.e. providing more than legally necessary with regard to the product. Price An important element of the marketing