Understanding Marketing Concepts: From Building Customer Relationships to Sustainable Practices

In this report we will discuss about understanding marketing concepts and below are the summaries point:- Marketing involves understanding customers and building relationships. Example: Amazon's 'try-before-you-buy' service improves customer experience. The marketing concept focuses on meeting customer needs better than competitors. Different marketing concepts include production, product, selling, and customer satisfaction approaches.

1. Marketing is the process of understanding your customers,building and
maintaining relationships with them.
Example:Amazon launches 'try-before-you-buy'fashion service.Amazon
wants to turn your living room into a fitting room.The new feature will allow
members to order three or more items without paying for them upfront.
Customers will have a week after receiving their shipment to decide which
items they want to buy and which they want to return before being charged.
Amazon accepts losses to let customers have an initial impression of the
product,if they are really satisfied,they will buy.This makes customer
service easier and better helping customers to favor and support more and
more. (reference:https://bom.so/7TZc15 )
2. The marketing concept holds that achieving organizational goals depends
on knowing the need and want of target markets and delivering the
desired satisfactions better than competitors do.(reference:https://bom.so/36r8Zb )
There are five concepts of marketing.
Firstly, the production concept that is a company should improve production
and make low-cost products in large quantities rather than products that suit
customers’needs for which they would pay more.The production concept
was popular at a time when the market wasn’t competitive.At that time,
people would consume more if industries are supplying more goods in the
market at a low price.Ford’s automobiles are a very good example of
production.When Ford pushed a large number of automobiles into the
market (since 2006),more people bought its vehicles.
Secondly, the product concept is to manufacture products according to the
needs and wishes of the customer.While the focus of the production concept
is to produce low-cost goods with the efficiency of various processes.
Customers can expect changes in the product/service in the product concept
by giving their feedback.On the other hand,the production concept would
focus on improving the distribution system and the effectiveness of the
product. (reference:https://bom.so/4hgdpg) .Samsung’s folding screen is an
example of the product concept.Samsung wanted to supply customers with
larger screen space but also knew that portability was a key concern for its
customers.In 2021,Samsung came up with a foldable screen – the S foldable
— with a bi-fold design that opens to 7.2 inches.(reference:https://bom.so/QgyZQv )
Thirdly, the selling concept focuses on the increase of sales whether the
customer needs it or not.It also means that you want to increase the
transaction of sales,instead of building a relationship with him.It’s based on
the assumption that the customers would like the product if you convince
them well.It focuses on everyone,whether they’re kids or adults,as long as

they can buy goods and services.And the belief that high sales result in high
profits.Insurance companies follow the selling concept by assuming that it’s
good for everyone and everybody should buy insurance.Insurance agents
focus on selling more and more products because that’s how they earn their
commission and profit.(reference:https://bom.so/d8Rrkj )
Fourthly,the marketing concept holds the belief that for businesses to
succeed the satisfaction of customers’needs is fundamental.The business
would profitable if its products have satisfied the needs and want of
customers.They build long-lasting relationships with their customers,they
don’t focus on one-time selling and profit earning only because they are
involved in making customers’needs relevant products.And when customers
are highly satisfied they surely make repetitive business.The business’goal
must be achieving profits through higher customer satisfaction and survival
of the business.A good example of the marketing concept is the practice of
the Lamborghini Car Company.This company takes orders from customers
first and based on their needs for car color,design,and other requirement
manufactures the cars.(reference:https://bom.so/F95p1z )
Lastly, the societal/sustainable marketing concept thatis a philosophy that
organizations should make marketing decisions not only by considering
consumers’wants and the organization’s requirements but also by
considering society’s long-term interests.It also encourages companies to be
responsible for their actions and to make sure they are not harming society.
This means that companies should create marketing strategies that are
beneficial to society as a whole.The Body Shop is a cosmetics company that
is committed to sustainable development.The company uses sustainable
ingredients and packaging and does not test its products on animals.The
Body Shop also campaigns for positive causes,such as environmental
protection and animal rights.(reference:https://bom.so/vJhpAN )