Modern Concept Of Marketing
Modern marketing concept focuses on the needs and wants of consumers. This concept is consumer-oriented. It is based on a new marketing concept. It is a broader concept. This concept puts more emphasis on customer satisfaction. In conclusion, the goal is to make a profit after satisfying the customer. The long-term goal of the new marketing concept is to put more emphasis on consumer welfare. in short, this concept emphasizes doing more market research. Therefore modern marketing is multidimensional with the sale of products.
Similarly, it is useful in product development through market research. in other words, it is more useful in the competitive market.
The Most Commonly Strategies used In Modern Marketing Concept :
- Internet Ads
- E-mail Marketing
- E-commerce Website
- Use of Social Media
- Marketing Automation
- Higher ROI
- Deeper levels of customer engagement and targeting.
- Opened to a larger and bigger market.
- Requires technical skills to be active in digital marketing and in the use of the internet.
- More costly in implementing.
Significance of Modern Concept Of Marketing
- Helpful in product development
- More Social satisfaction
- Positive impact on profitability
- Interaction with customers
- Overall improvement
- Useful in a competitive market
- Complete evaluation
- Growth of the firm
- Makes the firm more adaptive
- Growth and development of the society
Factors Affecting Adoption of Modern Concept Of Marketing
- Technical progress
- Change market condition
- Changes distribution channel
- Developed means of communication
- Organized consumers
- POsitive management support
What is a Market?
A market is a social arrangement that allows buyers and sellers to discover information and engage in a voluntary exchange of goods and services.
In economics, the term market refers to the aggregate demand for commodities and the conditions and forces which determine the prices.
In management, on the other hand, the market is described as the institution that performs the functions of marketing and mediates between buyers and sellers.
So here we can describe a market as a place where goods and services are offered for sale. In conclusion buyers and sellers meet here and title to goods is transferred or ownership of the property is transferred from seller to buyer. Therefore, the market is a center around which all marketing activities revolve.
What is a Marketing?
Marketing is concerned with stimulated demand in the market. In short, marketing is the business process by which products are matched to the market and by which ownership transfers. In short, marketing is about providing the right goods and services to the right people, in the right place, at the right time, at the right price, with the right communication and the right promotion.
Marketing as a term is widely used in running a business and in our daily lives. In other words, Marketing is about identifying and satisfying human and social needs, and that too in a profitable way. on the other hand, the goal of any business activity is to make a profit.
Marketing Definition By Author’s
According to F. E. Clerk, ”Marketing consists of those efforts which affect transfer in ownership of goods and services and provide for their physical distribution”.
According to Malcolm McNair, ”Marketing is the creation and delivery of standard of living to the society”.
According to Paul Mazur, ”Marketing is the delivery of standard of living”.
Firstly, it is the oldest concept in business. Meanwhile, it explains that consumers prefer products that are widely available and inexpensive. Thus, managers focus on achieving high production at low cost and high distribution.
The product concept argues that consumers prefer products that provide the highest quality performance or innovative features. After that, the managers focus on making top-quality products with high quality and reasonable prices. However, a new or improved product is only successful meanwhile if the product is priced, distributed, advertised, and sold correctly.
The concept of selling assumes that consumers or customers will not normally buy a product unless they are approached and persuaded through intensive self-promotion, advertising, and sales efforts. It cannot be assumed that even the best product is sold out in the market unless sales promotions are made or aggressive selling is done. In short, This concept explains that the goods are not bought but the goods are sold to the customers with the help of selling, advertising, and advertising.
Similarly With the emergence of the marketing concept, the company transformed into a customer center. For example, every activity of an organization, whether it is the production process or new ideas to be introduced during the production process, or changes to the product, is carried out only after analysis and complete observation of the market, the need, and the demand. Thus, this marketing concept focuses on or aims to generate customer satisfaction in the long run. In conclusion, this concept, if a company’s goodwill increases in the market, customers will buy the product for a longer duration. They will not move on to another competitor.
The customer-oriented concept focuses on the complete satisfaction of customer needs. Customer-oriented concepts investigate the needs, wants, and value of potential customers, and are based on the most up-to-date and accurate knowledge of market demand. Firstly, Companies must produce and offer the products that will give the desired satisfaction and service to the customers. In conclusion this concept, only products can exist in the market and can satisfy the needs, wants, and tests of customers.