Marketing Concept for Your Business

Marketing is a management tool used in identifying and satisfying customer’s requirements profitably as defined by the chartered institute of marketing. According to this definition, a firm aims at making profit and at the same time it wants to give the best to its customers.

Philip Kotler defines marketing as an exchange process whose goals are to satisfy customer’s needs. Marketing is not just a way of providing goods and services but a way of providing benefits to the changing customer’s tastes and preferences.

Here, the exchange process involves the customers giving out money for goods or services that they feel are satisfying their wants and needs. Therefore, customers are only willing to engage in the exchange process if their needs are fully being satisfied. Therefore we can define marketing concept as a way of satisfying consumer needs and at the same time achieving the organizational goals.

Marketing is a management’s responsibility which requires adequate planning, coordination and implementation of campaigns by a skilled and competent manager. The marketing manager has to set marketing goals and objectives and make sure they are met.

Is there a relationship between marketing and selling? Yes there is.  According to Peter Drucker, marketing aims at making selling possible or superfluous. This means that marketing wants to know the customers needs such that the product or service, sells itself. While marketing is backed by an integrated marketing plan, selling is involves aggressive selling and promotions emphasizing on price variations so as to close the sale.

The terms wants and needs as used in our definition are different. A want is a desire while a need is a soothing that human needs cannot do without. The main basic needs are food, shelter, clothing and sex.
There are several benefits associated with the marketing concept. To begin with, a firm is able to attain a competitive edge. Through adoption of appropriate marketing strategies, a firm can easily penetrate the markets by offering the best compared to its competitors. 

In other words, this is what is termed to as a competitive advantage. Another benefit of the marketing concept is that a firm is able to know customers needs and wants and their changing preferences through a deep research and a market analysis. 
 Marketing also assists a firm in achieving organizational goals. Most organizations aim at customer satisfaction and profitability. Another advantage of marketing is that it encourages innovation by new ideas and latest technology. New ideas or technology come into existence when a firm wants to satisfying the changing markets needs. 

 Here, the firms question is on how it can reach its customers and this automatically brings in innovation. Since the firm’s aims at attracting and retaining its customers, a good public image is created. This helps win the confidence of customers. A new market entry is also made possible through marketing. This helps a firm grow.

There are disadvantages of applying marketing concepts. For instance, marketing involves a lot of costs. Some costs are the marketing research costs, planning costs and selling costs. This process may therefore prove to be expensive. Also, marketing involves a lot of manipulation. 

This is a vice therefore not the best method to drive in sells. For marketing to be a success there has to be a qualified team leader with adequate experience and skills. Lack of this can lead to failure since a team leader facilitates decisions making.

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