Have a Look at- Marketing &Its Success

Around 90 percent people said that marketing is about selling, advertising and public relations. But it is essential to realize that marketing is much more than selling or advertising, although these do form part of the marketing functions. Marketing is well thought-out to be the most significant activity of the present day business. Without it, business will be meaningless. Apart from becoming so crucial to business, it is also helpful to the consumer and the development of the economy, as well as the society.

Marketing is a concept applicable not only to goods but also to services such as health, investment counseling, bank deposits and loans, etc. Marketing brings in revenue, for the society it enables redistribution of income and generation of employment and improving the living standards of people.

There are major advantages of marketing due to which Top marketing companies in Canada have decided to make this concept worldwide i.e. international marketing -

1. Marketing creates time, place and possession utilities to products and services.
2. Economic development- this is because it generates employment and income.
3. Delivery of standard of living – marketing has enabled the consumer to improve their levels of consumption. The easy availability of quality goods and services at cutthroat prices is made possible only by an efficient marketing system.
4. Marketing offers career opportunities to a large number of people.

Marketing is also the key to success. There are five different philosophies, which are conducted by top marketing companies while scanning the environment, which are as follows:

ü  Production concept:

This is the oldest concept. A company, which believes in this approach, concentrates on attaining high production efficiency and broad distribution coverage. Production and engineering departments play an important role in this situation. 

ü  Product concept:

Under this concept, consumer favors those products that offer the most quality, performance and features. Mostly, the companies, which believe in this concept, concentrate on product and its improvement. 

ü  Selling concept:

Sometimes, the main problem of the company is not more production, but to sell the output. Selling assumes greater importance.

ü  Marketing concept:

In an evolutionary process, many organizations have come to change their focus and to see their marketing tasks in a broader perspective. Marketing concept is considered a business philosophy wider in its implications. Under this, the needs and wants of consumers are considered. Marketing concept is consumer orientation with the objective of achieving long run profits. It is a modern marketing philosophy for dynamic business growth. 

ü  Societal concept:

Excessive exploitation of resources, environmental deterioration and the customer movements, in particular, has necessitated the recognition of the relevance of marketing to the society. Marketing then must be socially responsible or accountable activity. This concept is an extension of the marketing concept to cover the society along with the consumers.