Component of modern concept of the marketing, Marketing Management

Component of modern concept of the marketing:

1.      Customer oriented: the very first and the most important base of modern concept of marketing is that it is a customer oriented concept of the marketing. This concept assumes that all the activities of a producer must go around the choice or behaviour of the consumers. It assumes that we should produce the quality which is liked by our consumers; we should produce the quantity which is required by our consumers; we should fix the price which can be afforded by our customers; we should distributes our products through the channels of the distribution which are most suited to our consumers, and we should provide these all at the time and place most convenient to our customers. Therefore, a successful producer is one who stress upon the marketing research and as a result it makes this necessary changes in his product. The main components of this concept are as under:

  • A consumer is the king of the market. A producer depends upon this customer and the customers do not depend upon the producer.
  • Only those goods and services can be sold in the market which is according to the testes and linkage of the customers.
  • Maybe a product ought to always stress upon the production of new and developed products so that he may attract more customers.

2.      Integrated marketing: the second important base of modern concept of the marketing is that marketing is an integrated system. It is no limited to physical distribution of goods and services. Under this concept a firm has to satisfy the needs of its customers by estimating effective coordination between various departments. Marketing department is to coordinate the activities of all other departments of the firm in a manner that all the departments may discharge their all responsibilities in the best possible manner and may contribute to the satisfaction of consumers. All the departments of a firm are coordinated through marketing department and the decisions of the marketing manager are considered to be the most important. All other departments have to follow these decisions.

3.      Profit through the satisfaction of consumers: according to this new concept of the marketing objects of a firm must be earning the maximum profits through maximum satisfaction of consumers. This concept is based on the assumption that satisfaction of consumer needs is itself a great success to the firm. If the consumer of a firm feels satisfied, the demand of the products of the firm will be increase. It will result to in the increase of sales and in increase of profits. Thus, this concept emphasises upon the maximization of profits through satisfaction of consumers and not through maximum of the sales.

4.      Consumer welfare: new concept of the marketing stresses upon consumer welfare. It starts with the discovery of consumer needs and it ends with the satisfaction of these needs. All the efforts are made to provide the goods and services of best quality at most reasonable prices. Thus, it is a social concept focusing upon consumer welfare. 

Posted Date: 9/19/2012 3:06:54 AM | Location : United States

Related Discussions:- Component of modern concept of the marketing, Assignment Help, Ask Question on Component of modern concept of the marketing, Get Answer, Expert's Help, Component of modern concept of the marketing Discussions

Write discussion on Component of modern concept of the marketing
Your posts are moderated
Related Questions
Define the Advertisement contents? Advertisement contents Message : - Consist of opinion, symbols, Facts and Pictures related to the product. Purpose: -        Communi

Question 1 Describe the stages in consumer decision making process Question 2 Define Product line and its strategies Question 3 Write a short notes on Ste

What factors affect or govern the length of a product life cycle

How is Marketing Customer Focused? It is the Nature of Marketing. Marketing tends to assure and delight customer. The functions of marketing should be directed and focused at t

What are the activities constitute the marketing mix Collectively, the activities constitute the marketing mix -4Ps, as McCarthy (1960) originally referred to them - and the fu

A curve which touches each member of a family of curves and which is touched at each point by some member of the family is called the envelope of the family of curves. Example: Co

What is Customer Research in scope of Marketing Research? Customer Research: Research type of this category includes investigation within the customer buying behaviour abo

Explain the wholesalers in primary participants of distribution channels. Wholesalers: Wholesalers are explained as all establishment or places of business mainly engaged

If somebody is analytical then it means the one is always thinking about things - analyzing, pondering, etc. A one who is analytical will have all of the facts about something befo

how to maintain quality assurance in management? whose procedures of manufacturing for goods in Pharmaceutical companies. please discuss in easy words?