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Marketplace (marketing concept (furniture industries : KIAN / ROZEL /…
Marketplace
marketing concept
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The marketing concept proposes that the success of the firm depends on the marketing efforts of the company and in delivering a better value proposition as compared to its competitors in its own target market.
Lets take an example of 2 eternal rivals – Pepsi and Coke – Both of these companies have similar products. However the value proposition presented by both is different. These companies thrive on the marketing concept. Where Pepsi focuses on youngsters, Coke delivers on a holistic approach.
The marketing concept also demands that the strategic decisions made by the company are taken keeping the customer in mind. Especially the needs wants and demands of the customers. A holistic approach is taken with the whole orgnization striving to make the customer experience better.
As we are ultimately satisfying the customer, the marketing concept also demands that the organization integrate all its different departments to give value to the customer. This means that all the departments including Marketing, Finance, HR or Operations should have an idea of the core objectives of the company as well as the goal of the company.
To summarise, The concept of marketing relies on market research and determining needs of the customer such that a better marketing strategy can be devised which satisfies the needs of the customer. The marketing concept also demands a holistic approach from the organization.
To summarise, The concept of marketing relies on market research and determining needs of the customer such that a better marketing strategy can be devised which satisfies the needs of the customer. The marketing concept also demands a holistic approach from the organization.
product concept
The product concept says that customers will always buy products which are better in terms of quality performance and features. The concept is especially applicable in terms of electronics and other techno gadgets
Two companies which stand apart from the crowd when we talk about the product concept are Apple and google. Both of these companies have strived hard on their products and deliver us feature rich, innovative and diverse application products and people just love these brands.
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. The end products of these companies are not only of the best quality, but are also very exclusive. Hence, companies willing to adapt ‘product concept’ marketing strategy should not only keep themselves updated with the ever changing technical trends, but also the needs of their customers.
Selling concept
The selling concept believes that customers will not buy products unless persuaded to do so. As we know, this is true even today in case of certain products such as insurance. Although the customer should use it, they rarely do.
The Selling Concept proposes that customers, be individual or organizations will not buy enough of the organization’s products unless they are persuaded to do so through selling effort. So organizations should undertake selling and promotion of their products for marketing success.
furniture industries - NOPE. we used this as one of the strategy to do some clearance, for stocks that we dont want. this is not applicable to furniture industries
production concept
The concept is mainly based on the principle that, “as the productivity levels increase, cost of production decreases, and as a result, customer will be able to purchase a product at a cheaper rate, which in turn accelerates the sales of the company.”
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market place change accordingly to whats the market condition. different condition may need different approach to tackle
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I believed that all operation activities are carried by the direction of the marketing/ organization ( where the market leads
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