The marketing concept is a notion that gives significant importance and top priority to its customers in business operations. The motivation for developing a marketing strategy and creating a product or service and approaching customers with the purpose of meeting their needs and wishes in order to amplify their satisfaction level. Today, we’ll discuss marketing concept advantages and disadvantages.
When you give top priority to the needs and wishes of customers, then it gives you a competitive and customers would prefer your business or brand. It is a form of strategy that is beneficial both for the customers and the business. However, it allows businesses and companies to evaluate their performance like sales and marketing, analyzing data and results, the efficiency of the processes, and collaboration among various departments.
Marketing Concept Advantages
Some of the main pros and advantages of the marketing concept are as follows;
Marketing concept helps businesses and companies to amplify their growth, create their demands in the market, and attract new customers. When companies start growing and producing more products and services, then they would workforce to finish the work on time and meet the demands of customers. Ultimately, the marketing concept creates employment opportunities and puts everyone to work.
The welfare of society depends on the welfare and prosperity of its citizens. When customers are doing well, then it means that the whole society is doing fine. A company has to make sure that it is prioritizing the needs and wishes of customers outside of its service domain by improving the efficiency of its production and operational processes.
Follows Scientific Research
The focus of businesses and companies is to find creative ways to meet the needs of the customer with the efficiency of supplies and resources, and that is good for customers and society. In order to achieve their goal, they employ scientific methods and approaches to come up with new ideas and innovative ways of developing the product or service.
Higher Production Quality
Marketers conduct thorough customer market research to determine the needs and wishes of customers and what they actually want. After knowing their demands, they improve their production and operational processes to meet the demands and wishes of customers. Ultimately, it improves the quality of the product or service.
Gives You A Reason
Let’s say there is no marketing concept, and companies don’t have any idea what customers want and what type of products they should produce. In such a case, businesses and companies would develop products and services based on guesswork. In short, the marketing concept gives businesses and companies a reason to effectively run their business and meet the demands of customers.
A market comprises various demographic of people and they all have different needs and wishes. One company can’t meet the needs and wishes of all types of customers. Different businesses and companies target various segments of customers. However, it creates a healthy competitive environment for all businesses and companies to participate and do their business.
Better Status of Customers
When companies start developing efficient and sophisticated products and services, then customers would buy them and keep them in their collections. Along with purchasing new designs and charming products, it improves the product selection taste and status of customers of buying such products that suits them well.
Meeting Business & Social Goals
The effective and smooth running of an organization requires collaboration among various departments and units. The marketing concept helps you to develop cooperation and coordination among various units in order to meet the goals and objectives of the company.
When we talk about creating a marketing strategy, then it depends on customer market research and the knowledge demands of customers. The marketing concept allows you to know your customers and target them based on their needs and wants.
Good for Society
The ultimate goal of the marketing concept is to satisfy the needs and demands of customers. When customers are happy with their satisfied needs, then the whole of society would be happy.
When a specific company produces quality products and establishes a reputation of trust; then it is promoting its business name which would be highly useful in creating its brand name in the long term.
Marketing concept differentiates your business and people would recognize your brand. People would recognize your business and products with your brand logo, color scheme, and unique style.
Higher Business Profit
Businesses and companies invest a significant amount of money in marketing and advertisement in order to create demand among customers. It pays them off well and increases the sales and conversion rate.
Marketing Concept Disadvantages
Some of the main cons and disadvantages of the marketing concept are as follows;
Customer market research, marketing department, promotional campaigns, and advertisement are highly expensive. The marketing budget doesn’t add any extra value to the product, rather it increases the retail price of the product or service, and customers have to pay for it.
Marketing research, collecting data, product design, writing, and publishing content are highly time-consuming activities. They need a high level of tech expertise, an ordinary person with limited tech knowledge can’t do this job effectively.
Marketing activities start before the production of the product and keep on going until the sales of the last product item. In other words, it requires consistent effort and a lot of investment, and there is no guarantee of a payoff; it may or may not.
The goal of every business or company is to satisfy its needs and wishes. But you can’t make everyone happy, it is the common rule of thumb. There will always be a group of customers that won’t be happy and satisfied with your product quality, design, or name.
It Avoids Society & Environment
Businesses and companies consider the environment a resource and they keep on utilizing natural resources without paying any price. But the reality is that natural resources are scarce, and they are jeopardizing the ecosystem. Resultantly, the pollution rate is increasing and it is impacting all of us.
Conclusion: Marketing Concept Advantages and Disadvantages
After an in-depth study of marketing concept advantages and disadvantages; we have realized that marketing concept is highly beneficial for your business if implemented effectively. If you’re developing a marketing campaign, then you should keep in mind its pros and cons.
Ahsan Ali Shaw is an accomplished Business Writer, Analyst, and Public Speaker. Other than that, he’s a fun loving person.