Explain The Various Elements Of The Marketing Concept?

Marketing concepts refer to the preparation and carrying out of the marketing mix. This mix includes product, price, place and promotion (known often as the 4Ps), taking into consideration identifying, anticipating and satisfying the customer’s needs, and brings to the fore the process of engaging with customers in an attempt to persuade them to buy a particular service or product.

A marketing concept will also assess the 5Cs: Customers, Company, Context, Collaborators and Competitors. This identifies the target customer (who the business mainly aims its product or service at), the general principle of the company, the business atmosphere for the next few months at least, any supporters of the business (such as people who depend upon your business to do well, such as suppliers) and of course the other companies that you are up against in selling your product or service.

To successfully market anything, you need to be completely aware of changes that will have a direct impact upon your business. Once upon a time video players were once an amazing way forward for home entertainment but with the advent of DVDs and computers that show anything that has ever been aired, they are a thing of the past. Refusal to accept this move by any manufacturer would have sounded their death knell.

Successful businesses are the ones that move with the times and incorporate things that perhaps they once would never have considered. It is this open mindedness that is necessary to any business success, and to ensure that future sales can be generated. Very often, diversification is the only way forward, so marketing concepts have to be more than aware of changing trends and how to address them.

Customer loyalties are also liable to change, too, so strategies are also needed to be able to address this issue, in order to keep customers on side.

Customer orientation  An organisation must have a thorough understanding of its target buyers, so that it can create a product superior value for them. Value is defined by customers and can be created by increasing the benefits to the buyer in relation to the buyer’s cost or by decreasing the buyer’s cost in relation to the buyer’s benefits. A customer orientation requires that a company understands not only the present value to the customer, but also how this is likely to evolve over time.  Competitor orientation    As well as focusing on its customers, a firm should look at how well its competitors are able to satisfy buyer’s needs. It should understand the short term capabilities and strategies of current potential competitors.  Inter-functional coordination  It is futile for marketing managers to develop marketing plans that are not acted upon by people who are capable of delivering promises made to customers. Many individuals within the organisation have a responsibility for creating value not just marketing staff and a marketing orientation requires that an organisation draws upon and integrate its human and physical resources effectively and adapt them to meet customer needs  Profit orientation  By providing market offerings that satisfy customer needs/wants, the business achieves its own goal thus making a profit

Element of marketing concept

The elements of marketing includes:
A) company
b) customer
c) competitors, and
d) Context

Cost benefit of marketing approach