Pricing Concept in Marketing Management Price is one of the important variables in the marketing mix. The status of marketing people also changes, and marketing comes in the foreground of the company operation. These concepts suggest that there are different ways to achieve organizational goals. Marketing Concept 5. These include Porter's five forces, analysis of strategic groups of competitors, value chain analysis and others.. Unsought goods are that buyers do not normally think of buying, such as insurance or blood donations. Marketing Management identifies market opportunities and comes out with appropriate strategies for exploring those opportunities profitably. It requires a detailed investigation and examination of various markets and selection of an attractive target. It is marketing management that assists in building a lucrative relationship with the customers. Before proceeding to examine some of the details of this process, comments on two aspects will be helpful background. Every aspect of marketing, starting with identifying the consumer’s need and wants, identifying the targeted customer, product planning, development, pricing, promotion, distribution process requires planning, decision making, coordination and controlling. Organizations make a continuous endeavour towards planning, development and innovation of product and services so as to meet the changing demand, taste and preferences of the consumers. What is the nature of each of the three elements making up the marketing management process – decision making, planning, and control? As Joseph C. Seibert says, “marketing management does not have the objective of creating customers insofar as it is responsible for creating or building markets. The manager makes decisions about things he can control—the controllable. All activities are geared towards the consumer.A business,aims to understand the needs and wants of a customer. The aim of marketing is to know and understand the consumer so well that that the product or service fits him and sells itself. Suppose somebody manages to invent an excellent quality mouse-trap, does it mean that people would flock at his door to take it? This is especially true for things that are perceived to be inessential. This can erode future business opportunities. It is also necessary to deliver it to the consumers. 7. A hundred years ago, the only consideration in the marketer’s mindset was to develop a product and then force the market to accept that. The selling concept starts with an assumption that consumers are indifferent or reluctant to marketed products or services. undertakes activities such as; market research. In short word, marketing management works for translating the company vision, mission, and objectives, into effective Marketing initiatives. Every saw an ad online or TV commercial that you almost can’t escape and hide from? For example, a company might be aimed at satisfying consumers’ wants and desires, but its overall objective might be to increase the profit volume. The modern marketing concept consists of an integrated effort on the part of the marketer to identify the consumer needs and satisfy them through appropriately designed products and for this task use all the marketing techniques related to product, selling, market study, consumer behavior, product designing, pricing etc. In a similar vein, organizations need philosophy to guide their thinking and behaviour. But the aim of marketing is to make selling superfluous. → Marketing Concept is a Philosophy . This requires planning about different marketing tools and their combinations that shall be mixed to achieve desired results. According to this marketing management philosophy, the unsatisfied need and want is identified, and then the product is manufactured that provides more satisfaction than the competitors do. Marketing is related to markets and therefore marketing management calls for integration of the various elements of market. As customers’ needs are changing day by day, a marketing concept-oriented company has to consider and modify its product, service, and activities with the change in needs and satisfy customers better than its competitors due to earn profit in the long run. In other words, the aim is to sell what the company makes rather than making what the market wants. Importance 5. Marketing of firearms without adequate checks may promote crime and killings. 8. Marketing involves planning and development of goods and services. The marketing concept relies upon marketing studies to define market segments, their size, and their requirements. Evaluation and Controlling of Marketing Activities. 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