INTRODUCTION ON MARKETING CONCEPT
The marketing concept is the belief that companies must assess the needs of their consumers first and foremost. Based on those needs, companies can make decisions in order to satisfy their consumers’ needs, better than their competition. Companies that hold this philosophy believe that their consumers are the driving forces of their business. Nowadays, most companies have incorporated the marketing concept. So if you were a new company, how would you know what a customer would need and want?
First of all, let us define needs and wants. Needs are basic requirements for an individual to survive. Some examples are water, food, shelter, etc. Obviously, the needs of consumers are wide-ranging. Wants are the desire for something that an individual cannot live without. Some examples are a bigger home, a brand new car, an iPad, and the like. Even though consumers’ needs are broad, wants can be very particular.
Consumers decide to buy based on both their needs and wants. Case in point, if they were hungry, they would need food. If you base it simply on that, then any kind of food will do. Yet, the consumer would have particular food in mind. Even though they can get a burger from Burger King, what they might truly want is a half-pound grilled burger from a bar in their local neighborhood. It is at this point that marketers would come in. Marketers acknowledge the needs of consumers and use the consumers’ desire for what they want to steer them towards specific products and services.
The marketing concept underscores:
- identifying the market or targeting consumers;
- understanding the needs and wants of the consumers in the target market;
- creating products or services based on the consumers’ needs and wants;
- satisfying the needs of consumers better than competitors; and
accomplishing all of these while earning a profit.