The Modern Marketing Concept | gyankovandar | Read To Gain More

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The Modern Marketing Concept

The modern marketing concept 

The marketing concept emerged in1970s and challenged the preceding concept. Instead of the product-centered, “make and sell” philosophy marketers shift to customer-centered, “sense and respond” philosophy. This concept holds that marketing is not to find the right customers for the product but to provide the right products to the customers. This concept believes that organizational objectives can be achieved by being more effective in integrated marketing. All planning and operation are customer-oriented, i.e. customer satisfaction. 
This concept focused on customer needs. The aim is to make what the customer desired. “we make what we can sell” concept replaced “we sell what we make “concept. The marketing concept holds that the key to achieving its organizational goals consists of the company being more effective than competitors in creating, delivering, and communicating superior customer value to its chosen target market. 
It is a market-focused, customer-oriented, coordinated marketing effort aimed at customer satisfaction. ‘Customers last when customers come first’ is the theme of this concept. Integration of all the activities that affect customers through coordinated marketing efforts is made. This concept is also known as customer-oriented philosophy. 
The Modern Marketing Concept
This concept is used to develop a long-term relationship with the customers. It focuses on customer satisfaction and purchases repetition. It helps in meeting needs profitably. 

Key features of a modern marketing concept 

  • Integration and coordination of all tools and techniques at determining customers’ needs in the target market 
  • Customer satisfaction and repeat buying are focused. 
  • Target market-focused through market segmentation, targeting, and product positioning 
  • Accepts profit as the gifts of customers’ satisfaction. 
This concept is very popular among modern business organizations. This concept holds that love the customers, not the product. It is the market-centered concept, where marketer finds wants and fill them. 

Fundamental principles of the marketing concept 

The marketing concept rests on four pillars: target market focus, customer orientation, integrated marketing, and profitability. These pillars are considered as fundamental principles of marketing concepts. 
The Modern Marketing Concept
1. Target market focus 
Marketers perform best when they choose their target markets carefully and prepare tailored marketing programs. For success in a business environment, the first step marketers need to do is to find out where to sell. A single marketer may short with resources to fulfill all human needs effectively. Therefore, marketers try to understand the target market where they can perform better. An organization may use marketing tools such as market segmentation and targeting to focus target market. The target market helps organizations to focus on promising customers. They help marketers to specialize in product line and market. The value of customers, markets, and competitors should be properly measured through market analysis. 
2. Customer Orientation 
Defining the target market alone is not enough to win over competitors and perform effectively in the market. A company can define its target market but fail to address the needs of customers properly. So, marketers need to find out to whom they are going to serve. Marketers should know what the needs are and who the customers are. Customer satisfaction is possible only when the organization correctly finds out the needs and wants of the customers. Distinct needs should be drawn between responsive marketing, anticipative marketing, and creative marketing. A responsive marketer finds a stated need and fills it. An anticipative marketer looks ahead into what needs customers may have in the near future and a creative marketer discovers and produces solutions customers did not ask for but to which they enthusiastically respond. For the need assessment, the customers should be allowed to say what they need and prefer. 
3. Integrated marketing 
When all the company’s departments alone with the stakeholders work together to serve the customers’ interest, the result is integrated marketing. Marketers should always think about how to satisfy the customers. Customers’ satisfaction can be derived by coordinated efforts. Several factors should be coordinated. Integrated marketing takes place on coordination at two levels. First, the various marketing functions – sales force, advertising, customer service, product management, marketing research, etc. must work together. Second, marketing must be embraced by the other departments; such as purchasing, production, personnel, and finance. Besides, coordination with the stakeholders is another aspect of integrated marketing. Through integrated marketing organizations may create synergy to achieve goals. 
4. Profitability 
The ultimate purpose of the marketing concept is to help organizations achieve their objectives. Marketers in a modern business environment thrive for certain objectives. The objectives of the organizations differ from organization to organization. In the case of private firms, the major objective is long-run profitability; in the case of social and public organizations, it is surviving and attracting enough funds to perform useful work. Private firms should not aim for profits as such, but rather achieve profits as a consequence of creating superior customer value. A company makes money by satisfying customer needs better than its competitors. For the success in the market, the marketers should define the objectives of the organization. 

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