Marketing Concepts

Marketing Concepts

When devising a marketing plan or strategy, a firm or company must choose and follow some marketing concepts with the intent of achieving a goal they’ve set. There are five marketing concepts that a firm can choose from and they are, in chronological order: the production concept, the product concept, the selling concept, the marketing concept and the holistic marketing concept.

The first of all marketing concepts was the production concept and it was used in Europe until the 1950s. This concept assumes that a company producing a certain product or offering a certain service must focus on creating as much as possible from that service or product. This strategy can be implemented when the firm knows there is great demand for their product and that the customers will not rapidly lose interest in that product. The product concept focuses on the quality and value of the product that is being offered. This means that a firm will make sure standards for the production and the results of that production are always of high quality; they will base their strategy on the belief that as long as the product is highly qualitative, customers won’t fail to purchase it regularly. This concept was mainly active until the 1960s.

Used throughout the 1950s and 1960s, the selling concept focuses on the selling and promotion of the product and service they are offering. This means investing in commercials, banners, offers and discounts and other means of promoting the product so that the customer keeps coming back for it. With this strategy, the firm or producer won’t try to meet or create new demands in their customers, but keeping them interested in the product they already have. This strategy is most useful when the company knows with certainty that interest or use for that product or service cannot wean.

The fourth of all marketing concepts, in action since the 1970s to this day, is the marketing orientation and is still among the most popular concepts used. This means that a firm or company will constantly try to meet the demands of the customers by doing polls and surveys to find out what the customers are or will be interested in; they will use research and development and come up with the product that is demanded. Last, but not least, we have the holistic marketing concept, which is a 21st century, contemporary strategy that takes every aspect of marketing into consideration when promoting a product. This concept basically contains all of the above concepts, incorporating them for a broad and comprehensive perspective of the market, demands and customer desires.