Marketing is a standard process of selling and buying used to gain profit either in monetary terms or in Fringe benefits. It is a part of the entire management phenomenon. Management easiest structured way of followed by an organization from the initial step to the implementation process. The step-by-step procedure to achieve the ultimate objective of an organization in an organized manner is nothing but the management.
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From these two definitions, we can derive the concept of marketing management. Beautiful kisses only on the selling and buying goods or bonds or any other items in your Market to gain something in return. The marketing concept is a management philosophy that affects various factors. These factors are nothing but influencing aspects of marketing management. Some of those factors are as given below,
Expanding Household needs
Removal of Income
Mass Communication Media
Altering Social Behaviour
Describe Market Management Philosophies
Marketing management has four philosophies to achieve the objectives of an organization easily. The evolution of marketing management philosophies was started in the mid of the 18th and 19th centuries. It took place during the industrial revolution for the first time. Then after it grew on increasing day by day and derived several philosophies.
Among them, the major 4 marketing management philosophies can be explained as below:
1. The Production Concept:
This concept explains the importance of production in marketing management. It is first among the four marketing management philosophies. Some organizations may believe that if the product has come into the market at a low cost, without considering the customer's requirement, it can be attracted by the customers. It means the product itself can create its demand as the supply is more.
2. The Product Concept:
Another important concept of marketing management taken from the four marketing management philosophies, is the product concept. These people believe that rather than the production, supply, price, the growth of an organization depends on the quality of the product. A qualitative product can easily change the customer's purchasing decision, even if it is expensive and doesn't available in large quantities.
3. The Selling Concept:
The vital concept of the four marketing management philosophies. Because every organization's final goal is to increase their sales. So the selling concept plays a vital role. It doesn't consider the quality or quantity and other criteria. It only focuses on the selling of available goods as much as we can. It considers every customer as valuable and tries to make them favourable.
4. The Marketing Concept:
In this 21st century, the market plays a significant role. Because it is the place where the organizational outputs may meet the customer requirements. It is a platform where all the organizations should exhibit their creative, innovative, and qualitative products to attract more customers and to gain the highest market share.
In the Marketing Management Philosophies class 12, another philosophy is also added to make five marketing management philosophies in total. So the next philosophy is, Societal marketing concept:- we can consider this concept as an extension of the marketing concept. Along with all specifications of marketing philosophy, it also considers the well-being of society and the growth of the country depends on the growth of society. Society means public.
These are the major 5 marketing management philosophies. Each concept has its advantages. All the concept's final objective is to increase the growth of an organization. So, we can't differentiate marketing management philosophies.
Thus marketing management is a disciplined, structured way of selling and buying goods which leads to developing the organization. To achieve these outputs, we have observed several philosophies, strategies, etc.