The modern concept of marketing considers the consumers’ wants and needs as the guiding spirit and focuses on the delivery of such goods and services that can satisfy those needs most effectively. Thus, marketing starts with identifying consumer needs, then plan the production of goods and services accordingly to provide him the maximum satisfaction. In other words, the products and services are planned according to the needs of the customers rather than according to the availability of materials and machinery. Not only that, all activities (manufacturing, research and development, quality control, distribution, selling etc.) are directed to satisfy the consumers.
Thus, the main implications of the modern concepts are:
(a) The focus of this concept is on customer orientation. The marketing is a activity starts with an assessment of the customer needs and plan the production of items that satisfy these needs most effectively. This also applies to all other marketing activities like pricing, packaging, distribution and sales promotion.
(b) All marketing activities like product planning, pricing, packaging, distribution and sales promotion are combined into one as coordinated marketing efforts. This is called integrating marketing. It implies:
(i) Developing a product that can satisfy the needs of the consumers;
(ii) Taking promotional measures so that consumers come to know about the products, its features, quality, availability etc.
(iii) Pricing the product keeping in mind the target consumers’ purchasing power and willingness to pay;
(iv) Packaging and grading the product to make it more attractive and undertaking sales promotion measures to motivate consumers to buy the product; and
(v) Taking various other measures (e.g., after sales service) to satisfy the consumers’needs.
(c) The main aim of all effort is to earn profit through maximization of customer satisfaction. This implies that, if the customers are satisfied, they will continue to buy, and many new customers will be added. This will lead to increased sales and so also the profits.
(ii) Taking promotional measures so that consumers come to know about the products, its features, quality, availability etc.
(iii) Pricing the product keeping in mind the target consumers’ purchasing power and willingness to pay;
(iv) Packaging and grading the product to make it more attractive and undertaking sales promotion measures to motivate consumers to buy the product; and
(v) Taking various other measures (e.g., after sales service) to satisfy the consumers’needs.
(c) The main aim of all effort is to earn profit through maximization of customer satisfaction. This implies that, if the customers are satisfied, they will continue to buy, and many new customers will be added. This will lead to increased sales and so also the profits.
It may be noted that with growing awareness of the social relevance of business, marketing has to take into account the social needs and ensure that while enhancing consumer satisfaction, it also aims at society’s long-term interest.
