The three most important concepts that I have learned about marketing in this course are
Selling Concept– This kind of orientation states that customers cannot buy a product which is not promoted seriously to them. It is very important for a company to also identify its target market. Product concept- This kind of management orientation states that if an organization builds a quality product and sells it at a reasonable price, very minimal marketing will be required because the product will create demand for itself. Customers will just come.
Marketing Concept– This type of orientation advises that the best thing for an organization to do is to identify the consumer needs then adapt the organization in a way that it will satisfy those needs in a more efficient and effective manner. Societal Concept- this societal orientation focuses on balancing between consumer needs, social welfare and company profits. It also focuses on demonstrating long run societal concerns to enable the company achieve its objectives and attend to its societal responsibilities.
These concepts will be very important for me in my current position of business planning. The product concept will help me in my current position to build a brand for my products and put a reasonable price that will attract customers automatically. By doing so, my sales volume will increase by a greater margin.
Marketing concept will enable me to understand the needs of my customers and be able to provide exactly what they need.
Societal concept will enable me to understand the needs of the society around me and know their needs. It will also enable me to understand what the society expects from my company.
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MKT 100 Marketing Concepts.docx