The Marketing Concept

The Marketing Concept

The Marketing Concept

The marketing concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the satisfactions better than competitors do. Under the marketing concept. customer focus and value are the paths to sales and profits.  Instead of a product-cantered ''make and sell'' philosophy, the marketing concept is s customer-cantered ''sense and respond'' philosophy. It views marketing not as ''hunting,'' but as ''gardening.'' The job is not to find the right customers for your product, but to find the right products for customers.

Market Offering - Products, Services, and Experiences

Market Offering - Products, Service, and Experiences

Market offering

Consumers needs and wants are fulfilled through a market offering - Some combination of products,  services, information, or experiences offered to a market to satisfy a need or want. Market offerings are not limited to physical products. They also include services, activities or benefits offered for sale that are essentially intangible and do not result in the ownership of anything. Examples include banking, airline, hotel,  tax preparation, and home repair services. More broadly, market offerings also include other entities, such as persons, places, organizations, information, and ideas. In case, the ''market offering'' is helping to keep those who are less fortunate warm.

The Marketplace and Customer Needs, Wants, and Demands

  The Marketplace and Customer Needs, Wants, and Demands 

Customer Needs, Wants & Demands 

Marketers need to understand customer needs and wants and the marketplace within which they operate. We now examine five core customer and marketplace concepts : 1) needs, wants, and demands; 2) marketing offerings(products, services, and experiences); 3) value and satisfaction; 4) exchanges and relationships; and 5) markets.

The most basic concept underlying marketing is that of human needs. Human needs are states of felt deprivation. They include basic physical needs for food, clothing, warmth, and safety ; social needs for belonging and affection; and individual needs for knowledge and self-expression. These needs were not created by marketers; They are a basic part of the human makeup.

Wants are the form human needs take as they are shaped by culture and individual personality. An American needs food but wants a Big Mac, French fries, and a soft drink. A person in Mauritius needs food but wants a mango, rice, lentils, and beans. Wants are shaped by one's society and are described in terms of objects that will satisfy needs. When backed by buying power, wants become demands. Given their wants and resources. People demand products with benefits that add up to the most value and satisfaction.

Outstanding marketing companies go to great lengths to learn about and understand their customers needs, wants, and demands.  They conduct consumer research and analyse mountains of customer data. Their people at all levels - including top management - stay close to customers.

TYPES OF DEMAND

Types of Demand

                   

                                                         TYPES OF DEMAND

Marketing managers seek to influence the level, timing, and composition of demand to meet organization’s objectives. Eight demand states are  possible .

1.      Negativedemand – Consumers dislike the product and may even pay to avoid it.

2.      Nonexistentdemand – Consumers may be unaware of or uninterested in the product.

3.      Latentdemand – Consumers may share a strong need that cannot be satisfied by an existing product .

4.      Decliningdemand – Consumers begin to buy the product less frequently or not at all.

5.      Irregulardemand – Consumers purchases vary on a seasonal, monthly, weekly, daily, or even hourly basis.

6.      Full demand – Consumers are adequately buying all products put into the marketplace.

7.      Overfulldemand – More consumers would like to buy the product than can be satisfied.

8.      Unwholesomedemand – Consumers may be attracted to products that have undesirable social consequences.

Market

                                       

Marketing

                                           Market

Traditionally, a “market” was a physical place where buyers and sellers gathered to buy sell goods.

Economists describe a market as a collection of buyers and sellers who transact over a particular product or product class.

The five basic market are :

A) Resource Markets  

B) Government Markets 

   

C) Manufacturer Markets  

D) Intermediary Markets  

E) Consumer Markets   

Marketing 

The process by which companies create value for Customers and build strong customer relationships in order to capture value from customers in return