Sales and marketing concepts

Added: Michah Heatherly - Date: 29.11.2021 11:14 - Views: 19119 - Clicks: 4939

The philosophy here is that the customers if left alone would not buy enough of the company s products and hence companies must undertake a large-scale aggressive selling and promotion effort. This concept is used when companies find themselves with an overabundance of products that they have to sell in order to deplete their inventories. This concept is practised more profoundly in case of unsought Sales and marketing concepts that people seldom want to buy like insurance products, encyclopedias etc. The company has to push their products through aggressive personal selling, persuasive advertisement, extensive sales promotions like heavy use of price discountsstrong publicity and public relations.

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But hard selling carries high risks. But with so many buying options and high degree of cognitive level, the buyers cannot be taken for granted in that way. The role of a mutually satisfying exchange is central to the marketing concept. The marketing concept holds that the Sales and marketing concepts to achieving its organisational goals consist of the Sales and marketing concepts being more effective than competitors in creating, delivering and communicating customer value to its chosen target markets in order to satisfy the customers at a profit.

Three features of the marketing concept are customer orientation, coordinated effort by all departments within the organisation to provide customer satisfaction and emphasis on long-term profit. The marketing concept describes an ideal state of affairs. It exists when an organisation focuses all of its efforts on providing products that satisfy its customers. The customer is the focal point for how each area of the organisation is run. When an organisation is attempting to implement the marketing concept, it has a market orientation.

An organisation is market oriented when it generates market intelligence on its customer needs, disseminates the intelligence across departments, and then responds organisation-wide to the information. Organisations adopting the marketing concept are committed to market-focused and customer-driven philosophies. If you want to understand the real different between selling and marketing concept, following is a visual representation of difference between two concepts.

A marketer has to define the market to which it will direct its efforts. The specification and identification of market would enable the marketer to de specific marketing strategies. A target market is defined as a set of actual and potential buyers of a product, service or idea. A buyer who has interest in the product, income and willingness to buy can broadly be called as potential buyer. However, it might not be possible for the marketer to target all of them.

There might be geographical barriers, unsuitabilities of Product to certain climatic conditions or inability of the marketer to reach certain hilly or remote areas. Thus, a small portion of potential market might become part of the target market. The following figure clarifies the target market and penetrated market.

Understanding customer needs and wants is not always simple. Some customers have needs of which they are not conscious or they cannot articulate their needs or they use words that require some interpretation. There are five types of needs. They are stated needs, real needs, unstated needs, delight needs and secret needs.

Responding only Sales and marketing concepts the stated need may shortchange the customer. A responsive marketer finds a stated need and fills it. He is going to loose the customer in the near future. An anticipative marketer looks ahead what needs customers may have in the near future. A creative marketer discovers and produces solutions customers did not ask for but to which they enthusiastically respond. Therefore companies must go beyond just as consumers what they want. One estimate shows that attracting a new customer can cost five times as much pleasing an existing one and it might cost sixteen times as much to bring the new customer to the same level of profitability as the lost customer.

Customer retention is thus more important than customer attraction. Integrated marketing takes place on two levels. Firstly, the various marketing functions like sales force, advertising, customer service, product management, marketing research must work together. Secondly, marketing must be embraced by the other departments. They must also think customer. To foster teamwork among all departments, the company carries out internal marketing as well as external marketing.

Internal marketing is the task of hiring, training and motivating able employees who want to serve customers well. External marketing is marketing directed at people outside the company. The ultimate Sales and marketing concepts of the marketing concept is to help organisations achieve their objectives. In the case of private firms, the major objective is profit.

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In the case of non-profit and public organisations it is surviving and attracting enough funds to perform useful work. Private firms should not aim for profits as such but to achieve profits as a consequence of creating superior consumer value.

A company makes money by satisfying customer needs better than its competitors.

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Sales and marketing concepts

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Concepts of Marketing: Selling and Marketing Concept