In order to expand, improve and increase sales, a company uses various marketing strategies. But there are certain philosophies that are essential to adopt in order to elevate marketing management efforts.
WHAT IS MARKETING MANAGEMENT?
Marketing management means managing every activity that is related to the market. It is a process of planning different aspects of marketing like pricing, promotion, distribution, etc., and executing them all.
According to Philip Kotler, “Marketing management is the analysis, planning, implementation and control of programmes designed to create, built, maintain mutually beneficial exchanges and relationship with the target market for the purpose of achieving organizational objectives.”
WHAT IS MARKETING MANAGEMENT PHILOSOPHY?
The marketing management philosophy is the philosophy that companies use to boost up or guide their marketing efforts. Philosophies are used to direct marketing in order to benefit consumers as well as the company.
WHAT ARE THE 5 PHILOSOPHIES OF MARKETING MANAGEMENT?
Here is a list of 5 marketing management philosophies based on different concepts:
In this, the main focus of the companies is on large-scale production to lower the cost of the products. The companies that follow this concept believe that products that are inexpensive and easily available have higher selling rates or are easy to sell than expensive ones.
Drawback: Customers don’t always buy inexpensive products and also those which are available in abundance.
The main focus of companies following product concept-based marketing management philosophy is the quality of the product. These firms believe that improving the quality of the product will ultimately increase their product sale. Hence, they invest in the superior quality of supplies for their products.
Drawback: Such companies don’t realize that quality is an important factor but customers will demand a product when they need it. And it can sometimes even alienate your consumers.
The firms that follow the selling concept believe that in order to sell their products they need to convince the customer. For doing so they undertake some aggressive yet compelling selling and marketing efforts. With this concept, the firm can make the customers buy a product even when they don’t need it. Such firms use advertising powers and marketing platforms to completely manipulate their customers and convince them in buying from advertised products.
Drawback: Such firms must understand that a customer cannot be manipulated many times. And also if they advertise a product wrongly, just for the sake of selling it, it can harm the brand’s reputation and spoil its image.
The main focus of the firms that follow the Marketing concept is customer satisfaction. This concept concentrates on the need of the customers. Hence, the companies following this concept design and produce their products keeping in mind the need of the customers and try to satisfy them better than their competitors.
In short, under this concept firms don’t sell what they have but they produce and sell what customers want.
Following is the process of Marketing concept :
- Identification of market or customers, that is understanding the target audience.
- Understanding the needs and wants of the target audience.
- Development of products or services analyzed from the above point.
- Fulfilling the needs of the customers better than your competitors in the target market.
- Doing all this at a profit.
Drawback: This concept did attract some criticism from the people who were concerned about societal and environmental issues.
They argue that companies should not blindly follow the goal of consumer satisfaction. Hence it gave rise to the last concept of marketing management philosophies.
This concept emerged after analyzing that the Marketing Concept lacks some ethical values. For example, The customer may want something that is prohibited or illegal, so just to satisfy the customer the firms should not supply them with such products.
The main focus of this concept is to provide customer satisfaction within the ethics of marketing and ecological aspects of our society.
This has no drawbacks.
These 5 marketing management philosophies are used for different purposes by different companies.
For the purpose of reach, expansion companies use the production concept.
The product concept is used mainly by the companies that have to deal with expensive equipment, especially the ones that are in the technological field.
Companies use the selling concept to sell out unsold goods.
Many companies use marketing concept ideally for consumer satisfaction.
All sorts of brands and businesses use societal concept frequently.