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Friday, August 3, 2012

It is the solved assignment of “Give a note on marketing concept.” It is the solved assignment of MB0046 (Marketing Management) for SMU MBA. You may read Process of Developing New Product and Product Mix Pricing Strategies also.

The Marketing Concept proposes that a company’s task is to create, communicate and deliver a better value proposition through its marketing offer, in comparison to its competitors; to its target segment and that is customer oriented approach only can lead to success in the market place.

Today, marketing function is seen as one of the most important function in the organization. Many marketers put the customers at the centre of the company and argue in favor of such a customer orientation where all functions work together to respond, serve and satisfy the customer.

Many successful and well known multinational companies have adopted marketing concept as their business and marketing philosophies. Many Indian companies in the banking and other service sectors follow customer orientation and service as their motto. According to this concept, a company’s marketing effort must start right from identifying through Market Research, exact needs & wants of the target market.

In the recent years, we have been witnessing a lot of complaints about products and packaging that are harmful to health and ecology. Marketers must come forward to protect the interest of both the customers and the environment and this they can achieve by adopting or following the societal marketing concept.

Marketing as a concept has evolved over a period of time and has witnessed changes and modifications in its philosophy. There are five concepts which describe this development and offer ways to companies on how to conduct their business – Production Concept, Product Concept, Selling Concept, Marketing Concept and Societal Marketing Concept.

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