What are Modern Marketing Concepts

What are Modern Marketing Concepts

What are Modern marketing concepts are beneficial both to consumers as well as to the businesses serving them. The term “modern marketing” prioritizes customers more than making profits. If a business uses modern marketing concepts, they should understand that their success will be based on the ability to find the needs of the customer and provide services that satisfy those needs.

Here we are going to see five modern marketing concepts.

The first one is the production concept. This is nothing more than the fact that a company must first produce a product before offering it to customers. This is based on the formula that says the more something is produced, the lower the cost is for the consumers. If a business produces a product on a large scale, then it also knows how to reduce the costs for the consumer.

Product concept

Second comes the product concept. While concentrating on the maximum population, people give more importance to cost than quality. With this, accessibility and efficiency also play a major role. If a business manufactures luxury goods, eventually the product will become a niche product. The product concept must be clear and that should ensure goods at a considerable cost.

Sales concept

The sales concept is the third. This process deals with the selling of products. This totally emphasizes the importance of selling. It doesn’t matter whether the customer’s needs are met or the quality is best as well. The whole importance is given to the process of sales.

Marketing concept

The fourth is the marketing concept. As we have seen already, this keeps the customer first and profit next. There are plenty of motivations and strategies involved to meet all the wants and needs of consumers. This concept can lead the business to be preferred by all of its competitors for keeping the customer’s needs first.

Social Marketing concepts

The fifth concept is the social marketing concept. This involves the marketing concept, which also prioritizes business by considering the overall welfare of the consumer as well as society as a whole. For example, if a business produces its products in an eco-friendly way in order to reduce poisonous gases and emissions, it benefits both the consumers as well as society. Both in turn benefit the business.

To put it in a nutshell, these concepts can be explained as: Recognition of the target consumer. Eventually understanding and providing the needs and wants of the consumer. Make the competition to take lead by attaining customer satisfaction. Make sure all these efforts make a profit for the business.