Principles of Marketing Essay Example | Topics and Well Written Essays - 2000 words

Principles of Marketing - Essay Example It is irrefutable that this principle also changes the role and function of marketing managers in the business organization. Marketing management is defined as the "analysis, planning, implementation, and control of programs designed to create, build, and maintain beneficial exchanges with target buyers for the purpose of achieving organizational objectives (Kotler & Armstrong 2001, p.14)." Truly, the business arena has evolved from placing emphasis on production, product improvements, and selling approaches and started to focus on customers. Marketing management functions now covers how a company can create and extend more valuable goods and services to each customer. This paper will look at the evolution of different philosophies which relates to marketing. In order to fully offer insight regarding the difference of marketing concepts to other competing thoughts, the five main concepts namely, production concept, product concept, selling concept, marketing concept, customer concept, and societal marketing concept will be briefly defined and discussed. Lastly, this paper will also expound why organizations should focus on applying the marketing concept on their operations. The marketing concept holds that "achieving organiza... The marketing concept rests on four pillars namely, target market, customer needs, integrated marketing and profitability. Companies capitalizing on marketing concept first define a specific target market as an aim. This helps them to tailor a specific marketing which appeals to the target market. In order to become effective, marketers should be able to know their customers' needs. Though this task can be daunting as customer needs are often unexpressed and is hard to define, the marketing concept strongly advises companies to know their customers in order to come up with products that deliver superior value. Integrated marketing means that all the departments of the firm work together to serve the interest of the customer. This transfers the responsibility of the marketing department to all the functional areas. Marketing concept holds that marketing is a responsibility and must be embraced by all employees because everything they do has a corresponding impact to the customer. (Kot ler 2003). Marketing, aside from satisfying customers, should also help business organizations reach their goal of profitability. As to be discussed in the below, the main difference of the marketing concept to other philosophies is its employment of an outside-in perspective. The marketing concept "starts with a well defined market, focuses on customer needs, coordinates all activities that will affect customers, and produces profits by satisfying customer needs" (Kotler 2003, p. 20). The Production Concept The production concept is recognized as one of the oldest philosophies employed in business operations. This concept holds that "consumers will prefer products that are