THE CONCEPT OF MARKETING
The old concept of marketing was company-centered, according to which, the manufacturer or the seller produced the goods of his own choice. He would decide on design, color, shape, and functions of his own likes and preferences completely ignoring the desire of the customer. He would not care what the customer wanted. It was the era of monopoly, duopoly or oligopoly. Competition did not exist. Market research and study was not required to know the consumer behavior, likes, dislikes and preferences. What the marketer needed was a clever and slick salesman with articulate communication skill who managed to sell the goods by using hypes, tricks, and gimmicks. Selling was not a career job and enjoyed only secondary importance. They compromised on quality just to save cost disregarding consumer’s satisfaction
Modern Concept Of Marketing
Today’s market is filled with goods galore creating dog-eat-dog competition in price, quality, advertising and services. Markets see new models innovations, inventions every year. Products are made after conducting deep market research and even after their production the study continues incessantly for improvement and further innovation. Through research the company finds itself capable to know what consumers and customers’ desire, how they react to various types of products, why they accept or reject, why they switch over to other brands, when they buy, what their purchasing power is. Products are tailor made to their exact needs and desires and consumer-oriented.
Now, selling is not on the back-burners, it has become a profession and hence a career job. BBA and MBA degrees are the example of this fact. But this state of affairs is only confined to developed and truly developing countries barring undeveloped and underdeveloped ones. The modern marketing is customer-oriented and all the four Ps revolve around the consumer who occupies pivotal place in its process.
General Concept Of Marketing
It has lately been established that the survival of a company depends upon marketing which is more complex and challenging than production and innovation. It is so because of increasingly cutting competition, mounting consumer awareness, aggressive advertising, better management practices, effective application of psychological approaches, growing interaction between traders at the global level, and specialized education in the field of business education. This attitude or viewpoint is referred to as marketing concept that revolves around the following phenomena:
1) All the company strategies should be customer-oriented.
2) All marketing functions should be given due attention and properly organized.
3) The company should work for profit.