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    THE EVOLUTION OF MARKETING CONCEPTS (Edited)

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    Mridul Malik
    The document outlines the evolution of marketing concepts from the production concept in the 1860-1920 period, where companies focused on mass production to reduce costs, to the product concept of the 1920-1930 period when quality and product features became important. It then discusses the current marketing concept from 1950 onwards, which emphasizes understanding customer needs and delivering better value than competitors through a customer-first approach. Key aspects of the marketing concept include understanding the target market, their needs and demands, and conveying superior value propositions to customers.

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    THE EVOLUTION OF MARKETING CONCEPTS (Edited)

    Uploaded by

    Mridul Malik
    114 views16 pages
    The document outlines the evolution of marketing concepts from the production concept in the 1860-1920 period, where companies focused on mass production to reduce costs, to the product concept of the 1920-1930 period when quality and product features became important. It then discusses the current marketing concept from 1950 onwards, which emphasizes understanding customer needs and delivering better value than competitors through a customer-first approach. Key aspects of the marketing concept include understanding the target market, their needs and demands, and conveying superior value propositions to customers.

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    THE EVOLUTION OF MARKETING CONCEPTS(edited)

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    The document outlines the evolution of marketing concepts from the production concept in the 1860-1920 period, where companies focused on mass production to reduce costs, to the product concept of the 1920-1930 period when quality and product features became important. It then discusses the current marketing concept from 1950 onwards, which emphasizes understanding customer needs and delivering better value than competitors through a customer-first approach. Key aspects of the marketing concept include understanding the target market, their needs and demands, and conveying superior value propositions to customers.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    114 views16 pages

    THE EVOLUTION OF MARKETING CONCEPTS (Edited)

    Uploaded by

    Mridul Malik
    The document outlines the evolution of marketing concepts from the production concept in the 1860-1920 period, where companies focused on mass production to reduce costs, to the product concept of the 1920-1930 period when quality and product features became important. It then discusses the current marketing concept from 1950 onwards, which emphasizes understanding customer needs and delivering better value than competitors through a customer-first approach. Key aspects of the marketing concept include understanding the target market, their needs and demands, and conveying superior value propositions to customers.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 16

    THE EVOLUTION OF

    MARKETING CONCEPTS:
    - Lakshmanan r (119055)
    - M Vikas (119056)
    - Madhav Menon (119057)
    - Mahesh Zawar(119058)
    - Manish Rane(119059)
    - Manisha Malik(119060)
    - Manoj Kumar Moga (119061)
    - Bhanu Prakash (119062)
    - Mohamed Aasiqi (119063)
    - Mridul Malik (119064)
    WHAT IS EVOLUTION OF MARKETING?
    Marketing evolution refers to the distinct phases that businesses have
    gone through as they continued to seek new and innovative ways to
    achieve, maintain and increase revenue through customer sales and
    partnerships. Since the 1900s, a variety of different strategies have
    been employed as various industries created and refined their
    marketing approaches.
    Evolution Process and Stages involved in
    the Marketing Evolution
    PRODUCTION CONCEPT(1860- 1920)
    • A company adopting the production concept is of the view that they
    can increase demand for their product by reducing cost.
    • The idea is the more your goods are affordable, the more people will
    want to buy them.
    • To decrease cost, in most cases, you’ll need to produce on the large-
    scale.
    • By mass-producing your product, your company will attempt to reduce
    the cost per unit and benefit from economies of scale.
    • The production concept is a concept leading you to think strategically
    about your production and operations.
    • RESULTS:
    Manufacturers believed that customers would seek out and buy
    reasonably priced products, which are easily available, so they focused
    on increasing the output. This led to the industrial revolution. At this
    stage, the demand for goods generally exceeded the supply and the
    companies found little problem in getting customers. Hence, they
    focused mainly on improving production and distribution efficiency.
    Advantages:
    • The production concept forces your company to find ways to produce more for
    less.
    • Companies will look at optimizing their operations and logistics in such a way
    that they can reduce their overall cost per unit and offer their products in a
    more affordable way to their customers.
    • Achieving economies of scale is an important advantage of the production
    concept.
    • A company that believes they could produce more of equal quality for less can
    certainly offer value to their customers.
    • The advantage for your customers is that they can find your products
    anywhere and in an affordable way.
    • Your customers will not need to go out of their way to find what you are
    selling.
    Examples of production concept:
    One notorious example of the successful implementation of the
    production concept is when Ford Motor Company started producing its
    cars on a large scale.Ford reckoned that the more he produces his cars,
    the more people will buy him.At the beginning of the twentieth
    century, his assessment was spot on.The more he produced, the more
    people bought.There was so much demand for cars and so little supply
    that the mere increase in production, more optimized distribution and
    economies of scale lead the Ford Motor Company to become one of
    the most successful companies in history.
    PRODUCT CONCEPT (1920-1930)
    Product Concept states that customers or consumers prefer product
    which is of the highest quality, performance and features. Product
    concept is a mandatory concept in order to give the best possible
    product to the customer as per the demand and expectation. A product
    is not complete in itself and requires other factors of business like
    marketing, distribution, sales, service etc. to be successful.Using
    Product concept, a company can give identity to the product and can
    add functional value and usability so that the intended customers can
    derive this benefit and eventually buy the product in the market.
    Advantages:
    • Innovation is more using Product Concept as the companies vouch to
    make better products leading to innovations and inventions which is
    good for everyone

    • Quality is the central focus of this concept which fulfills the needs and
    wants of the customer at the same time

    • It raises the overall bench mark of the offerings in the market as


    competitors also try to come to the same level as the innovator which
    tries to give the best product
    Disadvantages:
    • Leads to expensive products for basic needs as all manufacturers try
    to give best possible product to the customer even though the
    demand can be fulfilled

    • Customers need supports, service along with a product, so just


    focusing only on product features can lead to not providing the
    holistic customer experience.
    Example of Product Concept:
    Apple is one company which works highly on product concept to get
    the best products to their consumers. Apple's products are perceived to
    be very high quality with innovative features and great performance.
    Customers go after the products of Apple and that creates a marketing
    pull.
    MARKETING CONCEPT(1950-NOW)
    • The marketing concept is based on increasing a company’s ability to
    compete and achieve maximum profits by marketing the ways in
    which it offers better value to customers than its competitors. It’s all
    about knowing the target market, sensing its needs, and meeting them
    most effectively. Many refer to this as the “customer-first approach.”
    • The Marketing Concept is preoccupied with the idea of satisfying
    the needs of the customer by means of the product as a solution to
    the customer's problem (needs). The Marketing Concept represents
    the major change in today's company orientation that provides the
    foundation to achieve competitive advantage.
    The concept of marketing accordingly depends on three
    key perspectives:
    • What is the target market – The first step is to focus precisely which the
    object market is. This can be achieved by market research and choosing
    which, the target business sector, will give the best returns.
    • What are the needs as well as the demands of the target market – A
    further venture in market research is the ‘buyer preference’ study. This
    study will help the firm to focus on the needs and demands of the target
    market, consequently helping the firm in choosing their policies.
    • How better would we be able to convey a value proposition – In this
    step, the firm will decide on the policies that it would adopt. What sort of
    quality the firm would create and convey? In what capacity would it be
    advisable for the firm to incorporate its distinctive offices? Eventually, the
    firm chooses how to apply the concept of marketing to convey a better
    consumer experience.
    ADVANTAGES:
    • Generation of employment opportunities
    • Awareness and acknowledge of consumer and social well-being
    • Increased Quality of Production
    • Creates an environment for healthy competition
    • Career in marketing
    • Increases consumer status
    • Focus on the scientific frame of thought
    EXAMPLE:
    Let us look at the example of 2 interminable opponents – Pepsi and Coke – Both of
    these organizations sell the same products. However, the value proposal displayed by
    both is diverse. These organizations flourish with the concept of marketing. Where
    Pepsi concentrates on youths, Coke conveys on a comprehensive methodology.
    Additionally, the quality suggestion by Coke has been exceptional over ages as
    contrasted with Pepsi, which demonstrates that coke particularly flourishes with the
    advertising idea, i.e. it conveys a better value recommendation as contrasted with its
    rival.
    The concept of marketing additionally demands that the vital choices made by the
    organization are taken by having the customer in mind and in particular the
    demands and needs of the customers. An all encompassing methodology is brought
    to the entire association striving to greatly improve the situation. Applying the
    concept of marketing additionally means recognizing what the business sector needs
    and anticipates from the organization as a consequence of which organizations which
    applies the concept of marketing need to perform more market research.
    • As we are eventually fulfilling the consumer, the concept of
    marketing likewise stresses that the association coordinates all
    its distinctive departments to offer value to the consumer. This
    implies that all the departments including Operations, Finance,
    HR or Marketing ought to have an idea of the center aims of the
    organization and in addition the objective of the organization.

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