EFFECT OF MARKETING CONCEPT ON THE PERFORMANCE OF MANUFACTURING COMPANY
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EFFECT OF MARKETING CONCEPT ON THE PERFORMANCE OF MANUFACTURING COMPANY
Chapter one
1.0 Introduction
1.1 Background of the Study
Marketing Concepts emphasises the need of understanding future clients before designing and manufacturing a product or service for them. Sales and profit targets would be significantly easier to meet if the customer’s wants and needs were factored into the product’s design and manufacturing. consumer happiness is critical to the organisation, and understanding the consumer is essential.
Marketing research methodologies were developed specifically for that reason. Smaller organisations may be able to maintain tight relationships with them, but this requires communication.
While larger organisations have established systems to maintain in constant contact with their customers, whether through focus groups or third-party research studies.
Whatever the method, the goal is to understand the customers so that the organisation can better serve them and avoid losing sight of their requirements and desires.
The marketing concept, as defined in the marketing literature, holds that success in any organisation is solely dependent on first determining the needs of the target market and then satisfying those needs more efficiently and effectively than competitors (Kimerey and Rinehart, 1998).
The marketing concept can be viewed as a roadmap for meeting client demands and desires. The marketing notion is founded on the idea that people who do not have a need or desire for the things that the company sells will simply not buy them. Ibidunni O.S (2012) defines marketing as a management attitude that is critical to accomplishing organisational goals.
According to Peter and Donnelly (2004), the concept of marketing implies that organisations should make every effort to be profitable by meeting the requirements of their clients.
According to Kotler and Keller (2009), marketing is frequently referred to be “the art of simply selling products,” yet many people are surprised to learn that selling is only the tip of the marketing iceberg.
According to pioneer management theorist Peter Drucker, marketing should make selling unnecessary by thoroughly understanding consumer demands so that the product may be produced.
According to the marketing concept and philosophy, an organisation should always seek to satisfy its consumers’ wants and needs while simultaneously satisfying the many purposes of the organisation.
It should be mentioned that addressing the requirements and desires of the client is the most effective way to achieve organisational goals. The core idea of marketing is that businesses rely on identifying and satisfying their consumers’ demands.
The client will become the focal point for many firm functions, including planning, strategic setting, research, issue development, and marketing.
The classic marketing concept states that an organisation should improve long-term customer happiness through a coordinated set of actions that also helps the organisation to meet its profit goal.
The ramifications are clear: any organisation desires long-term relationships with customers, profit-making is prioritised over short-term exchanges, and coordination will represent long-term relationships with both internal and external stakeholders, particularly customers.
The product service system (PSS) idea is known as an approach to help contribute to system-level development (Goedkoop, van Helen et al. 1999; Mont2000).
Advertising a product or service must be designed to pique the target market’s attention, resulting in a desire for the product or service. For example, some advertisements capture people’s attention for a few seconds before they forget about the product or service.
Great advertising will keep products in the minds of the target consumer. Furthermore, when deciding on a marketing plan to implement, the advertising budget must be considered. When businesses first start implementing the marketing concept, they always create distinct marketing departments whose sole purpose is to meet the demands and wishes of their customers.
Interestingly, some of these departments have sales departments with additional responsibilities. While some organisations still have a sales department, many others have evolved into marketing organisations with a customer-centric orientation.
Because the entire organization’s goal is to meet the demands and desires of its customers, other departments cannot abandon any customer issue by referring it to the marketing department.
This requires every employee in the organisation to be involved with meeting the requirements and desires of the customers. The marketing idea relies on marketing research to define market segmentation. To meet the needs of the market segments, the marketing department decides on the controllable factors of the marketing mix.
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