Finally, marketing is perceived as a way in which firms are able to satisfy the needs of customers, and in turn achieve their own business goals.
APPROACHES TO MARKETING:.
Marketing provides the business with the ability to satisfy the changing wants of customers. In light of this, and the fact that businesses have become increasingly aware of the role that marketing plays in achieving success in the business, several approaches or philosophies to marketing have developed. There are five central approaches to marketing, with the use of a specific marketing approach/s depends upon particular business's marketing strategy and the type of product being marketed. These different approaches are:.
Marketing Concept: this approach believes that customer's want-satisfaction is the economic and social reason for an organisation's existence. This approach stipulates that all of the business's activities should be targeted towards meeting consumer wants, while at the same time meeting the organisation's goals. In effect, this approach requires that the firm finds out what the customer wants, and subsequently develops a product to meet these requirements and then sell it at a profit.
Production Concept: this approach states that the business will sell its product if it is both well made and affordable. Businesses utilising this approach require management to focus on improving production techniques and cost structures of the business. Consequently, this approach does not place emphasis on customer want-satisfaction.
Product Concept: this approach has the attitude that 'product is king' and focuses on the quality, features, and performance of the product. This approach believes that if the product has more features or is of a better quality and performance compared to competitors, it will then gain greater sales. This approach is not customer want-satisfaction oriented.
Selling Concept: this approach focuses on developing sales techniques and promotional activities in order to entice customers into buying an organisation's product, whether they want it or not.
