The Marketing Concept is the Best Concept for Todays Organisations to Practise

The concept of marketing functions basically in order to meet the specific needs and wants of the company’s target market. Since the business buyers and consumers, in general, have different preferences in terms of the product quality, prices, and services offered to them by the supplier, a single marketing concept is insufficient to meet the demands of the majority of the consumers. For many years, different marketing concepts have been developed in order to enable a company to have a better way of increasing its profitability and market shares.Sales and profitability are the heart of each business. Considering that all humans have specific needs and want, the study of marketing is focused on enabling a company to address these concerns. Different products could satisfy a specific need. However, consumer product preferences are usually guided by marketing concepts like value, cost, customer(s) satisfaction, a market distribution that are not being considered in the study of production and finance.It is wrong to believe that the study of marketing is focused only on selling and advertising. The study of marketing is a very broad subject that aims to improve the company’s financial performance not only through selling and advertisements but also in finding ways to develop and establish a good relationship with the target customers.According to Kotler and Armstrong (1997: 52), McCarthy and Perreault (1993: 46), and Stanton, Etzel, and Walker (1991: 13), traditional marketing mix which focus on analyzing the 4 P’s: price, product, promotion (marketing communication), and place (distribution) is used in managing uncontrollable and constantly changing marketing environment. By studying the company’s competitiveness in terms of price, product, promotion, and place including its specific constraints, the marketing manager will have a better idea of how to address the basic marketing concerns in order to satisfy the needs and wants of the company’s target market.

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