Marketing is about catering the needs of the customer and also handling the right product at the right time for the customer. It is a process of creating value at the customer place to build good relationship in order to get value from them. So each company works differently depending upon their way of business and the Sector of Business. So they have different strategies to reach the customer in a faster way than competitors.
So, in marketing there are five basic concepts which are very much required for a company to implement in its marketing plan and getting up to date depending upon the Marketing Environment.Production Concept is applied from olden days. This concept is to make the companies realize what the customer is looking for. The customer always in need of Continuous availability of the product, and prefers for low price. So the company should focus on the mass production and distribution, making an aim to low the price of the product. So this concept can be used when the company is in expansion mode. This concept gives an idea of fighting in the competitive market of production.
Selling Concept for the companies use when there is a mass production and they need to sell it at any cost.So selling only they can have more customers and More profit in terms of money and brand name. And, the only way to reach the customers is selling. So companies use this concept to look at the front end and getting profits. Marketing Concept is started in the mid of 1950’s. As the business and Marketing changed their way from the earlier days to present, companies are really in need of this concept. In the olden days companies were looking at the product, but now at customers.
So it is the time for the companies to deliver the best product at customer point with good service.Now, The companies are working at Total orientation towards market, that is to target the customer, apply the marketing techniques and give the best of service to retain the customer. This concept will help the company in the marketing front. The Societal Marketing Concept holds that the organization’s task is to determine the needs, wants, and interests of target markets and to deliver the desired satisfactions more effectively and efficiently than competitors.
Additionally, it holds that this all must be done in a way that preserves or enhances the consumer’s and the society’s well-being.