Each and every company has its own idea on how the company will do production, how it will sell and do the marketing of its product. For example, A company which makes caps of very high quality with high selling rates and invests lot of money to make their brand value (via marketing), this is their marketing management philosophy, how they will be producing, marketing and selling the product.
→ The five philosophies of marketing management are:
1. Production Concept
Production concept expresses that customers will favor products that are generally accessible and not very expensive. Achieving high efficiency in production, low cost as well as distribution on a mass scale is the usual focus of the managers. This sort of business orientation is efficient in developing nations where buyers are more attracted in getting the product than its attributes.
For instance, the local mobile handset producing organizations produce them at a lower cost than the branded companies. Thus, consumers in these countries would buy the handsets produced locally rather than the branded ones.
2. Product Concept
The product concept recommends that shoppers will favor items that have better quality, performance and attributes instead of an ordinary product.
Two organizations which stand separate from the crowd when we discuss the product concept are Apple and Google. Both of these organizations have strived hard on their products and offer rich, ground-breaking as well as different application products and individuals are passionate about these brands.
One issue which has been connected with the product concept is that it may additionally direct to marketing myopia. Hence, organizations need to consider developments and traits sincerely and give precedence to consumer needs.
3. Selling Concept
The selling concept basically reflects the possibility that customers won’t buy enough of the organization’s products unless comprehensive promotional as well as selling endeavors are undertaken by it.
This concept is utilized for merchandise which consumers do not normally purchase, unsought products like insurance and so on. These products are forcefully sold by finding the target fragment and sold on the high caliber of the product benefits.
This concept lives up to expectations under poor suppositions that if consumers are coaxed into purchasing a product then they will fundamentally like it. Regardless of the fact that they dislike it, they’ll overlook their displeasure over a period of time and purchase the product later on.
4. Marketing Concept
Marketing concept has developed over time, it emphasizes on organizations to evaluate the demands of the consumers and produce products or services to fulfill these wants better than the opposition. It is totally contradictory to the ‘manufacture’ concept in addition to sales concept as it stresses on the consumers and their wants.
Example: The Head and Shoulders shampoo initially arrived in a standard formula and pack. In any case, with the progression of time the organization understood the needs of the shoppers and adjusted their item and brought in a variety in their cleanser line.
5. The Societal Marketing Concept
Societal Marketing has the observation that an organization must settle on great promoting choices in the wake of considering customer needs, the prerequisites of the organization and above all else the long term interests of the general public. Societal Marketing is really a branch of the idea of Corporate Social Responsibility and maintainable development. This concept urges organizations to accomplish more than having a trade association with consumers, to go past conveying products and work for the profit of the consumers and the society.
Example: The Body Shop International PLC is the first, common and moral excellence brand. The organization utilizes just plant based materials for its products. It is against Animal testing, backs group exchange; actuate Self Esteem, Defend Human Rights and general security of the planet. They have likewise their own philanthropy, The Body Shop Foundation, to support those attempting to accomplish advance in the ranges of human and social equality, ecological and animal security.
The shared trait in every one of the five marketing management philosophies is that they all have the same objective which is the organizational benefit. The initial three ideas: production, product and selling, concentrate all on the product. The last two ideas, marketing as well as societal marketing, concentrate on the consumer. The decision as to which philosophy or concept to embrace relies on the circumstances of the situations.