Question

Each module's Lessons Learned has two objectives. The first objective is for you to discuss one or more of the key topics raised that intrigued you, surprised you or had the most relevance to you either as an employee or as a consumer. This shouldn’t be an outline or recap of all of the chapter contents – but instead should reflect more in-depth thoughts about just a few of the key topics that resonated the most with you.

The second objective is for you to review the Discussion Questions and the comments in those areas in order to learn from the posts, ideas and examples of your classmates.

In a 250-word minimum submission, please answer the following:

1. What marketing concept are you are taking away from this module? Think of this as a reflection on the topics that intrigued you, surprised you or had the most personal relevance to you... and why?
2. In the DQs, what post or comment by a classmate did you feel was especially interesting or relevant to your understanding of marketing concepts in this module? Why did you feel this way?

Answer 1

There are 5 Marketing Concepts.Below are the 5 Marketing Concepts :

1. The Production Concept
2. The Product Concept
3. The Selling Concept
4. The Marketing Concept
5. The Societal Marketing Concept

The Production Concept :-

The production concept is the most operations-oriented than any of the other marketing concepts on this list. It speaks to the human truth that we prefer products that are easily available and inexpensive.

This concept was founded during the production era of early Capitalism in the mid-1950s. During that era, businesses concerned themselves primarily with production, manufacturing, and efficiency issues. This is also the time when the “Says Law” was created exciting the idea of supply and demand.

The basic idea of this concept is that businesses will want to produce widely cheap products in maximum volumes to maximize profitability and scale. Businesses assume that consumers are primarily interested in product availability and low prices while customer’s needs might not be fully addressed.

Such an approach is probably most effective when a business operates in very high growth markets or where the potential for economies of scale is significant.

The problem with this concept is that businesses run the danger of not creating quality products and might have customer service problems with impersonal production. An example of this is the use of developing country to output cheaper products in higher quantities. Another historical example is Ford automobiles that manufactured a ton of cars through its assembly line but all came out the same without customizations or user input.

The Product Concept :

The product concept is not so much about the production and business output but focuses more on the customer.

Potential customers favor products that offer quality, performance, or innovative features.

This marketing concept believes in potential customers and how their brand loyalty is closely tied to options of products, the quality of those products and the benefits they get from the product and the business they invest in.

In this marketing concept, businesses will concentrate on making superior products and improving them over time. The problem is many businesses do not balance the need for a product all while realizing what the marketing needs. There is a fine line between focusing on the customer and still defining your role and leadership in the industry.

The Selling Concept :

The selling concept is the bread and butter of marketing efforts as it believes that people will not buy enough of a business’s product so businesses need to persuade them to do so.

Of course, in today’s marketing, we know that selling is not the way to full marketing success. We more so find this marketing concept popular in the days of WWII where there was aggressive advertising to promote people to buy bonds and different products.

This concept puts a lot of power into the hands of a business who has a whole plan to effectively stimulate more buying with its potential customers. A lot of the time we also see this action used when a business has to deal with overcapacity and needing to sell what they make rather than what the market needs or wants.

Businesses that choose to use this marketing concept must be good at finding potential customers and emotionally sell them on the benefits of their “not needed product.”

The Marketing Concept :

The marketing concept is the concept of competition. It is a marketing concept that believes that the success of a business depends on the marketing efforts that deliver a better value proposition than its competitors.

This concept focuses on the needs and wants of target marketing as well as delivering value better than its competition. Through marketing, it’s your goal to be the preferred option compared to your competitors. Competitive advantage is key!

The Societal Marketing Concept :

The societal marketing concept is the most progressive and modern-day applicable marketing mindset to have. It is a marketing concept that believes in giving back to society by producing better products that help the world be a better place.

This orientation arose as some questioned whether marketing and businesses are addressing the massive problems society has like environmental deterioration, resource shortages, population growth, poverty, and social disruption.