6 MODERN CONCEPTS OF MARKETING

In marketing there are six concepts that are the basis of marketing activities that an organization:  production concept, product concept, selling concept, marketing concept, Societal marketing concept, and global marketing concepts.

1.      Production Concept:

- the companies which use the production concept generally focus too narrowly on their own activities because according to this concept the companies think that consumer will buy the product which comes in the market. The production concept believes that consumers will prefer products that are available everywhere and it's cheap. This concept-oriented production by exerting all efforts to achieve high efficiency products and broad distribution. Here the task of management is to produce goods as much as possible, because the consumer will receive a product that is considered widely available with their purchasing power.

2.      Product Concept

- as per this concept companies give importance to the features or the quality of the product because in long run the product exists only with the quality it is giving to the consumer. Product concept says that consumers will prefer products that offer quality, performance and characteristics of the best. management task here is to make quality products, because consumers considered like products of high quality in appearance with the best traits.

3.      Selling Concept

 – it is not sufficient for the manufacturer to made the goods and wait for the customers. Thus, according to this concept it is very important to inform the consumer about the product which can be done through different ways of promotion.

4.      Marketing Concept

– consumer now a day is treated as “KING”. So it is very important for the manufacturer to produce the product which the consumer wants, so that consumer get satisfaction and manufacturer earns profit

5.      Societal Marketing Concept

- this concept means that company should not only work for the consumer but also for the society. So the company should make balance between company’s profits, consumer wants and society welfare.

6.      Global Marketing Concepts

- On the concept of global marketing, executive managers trying to understand all the factors that affect the marketing environment through robust strategic management. The end goal is to try to meet the wishes of all parties involved in the company.