The modern marketing concept assumes that unless and until the goods and services designed on the basis of consumer's needs and wants no marketing objective can be achieved by the organization.
This concert is a consumer-oriented, integrated, goal-oriented philosophy for a firm, institution, or persons. In other words, in order to achieve the organization's performance objectives, this concept emphasizes customer orientation in the coordination of marketing activities.
According to Kotler and Armstrong, "Marketing concept is the marketing management philosophy that holds that achieving organizational goals depends on determining the needs and wants of target markets and delivering the desired satisfaction more effectively and efficiently than competitors do".
Features of Modern Marketing Concept
- Target market: This concept clearly defines the target market. Marketers receive information about the market, market segment, the interest of customers, needs and want of the customers, level of competition, and so on from marketing information system. They focus on marketable products.
- Customers' needs: This concept focuses on needs and wants of customers. It believes on 'we make what we can sell'. This concept is very practicable because organizational effectiveness cannot be attained without the fulfillment of customers' needs.
- Integrated marketing: This concept focuses on customer orientated Integrated marketing activities. Such activities bring effective co-ordination on marketing efforts.
- Profitability: This concept considers the profit as the return of customer satisfaction. It delivers the want-satisfying products or services at a reasonable price as compared to the competitors. The objective of this concept is making profits through customer satisfaction.
| Modern Marketing Concept | |
|---|---|
| Starting Point | Market |
| Focuses on | Customer needs |
| Means | Integrated marketing |
| Ends | Profit through customer satisfication |
