Definition: A marketing concept is a philosophy that encourages companies to develop products based on the market’s needs and preferences. This theory states that successful products and services are those that actually supply something that the customer is actually requiring.
What Does Marketing Concept Mean?
This concept has been broadly accepted by the business community for a few years now and it seems like there is no other way to do it. Nevertheless, some decades ago this concept was not the predominant one. Instead, companies were more worried about what they could produce cheaply and massively, which was part of the mindset and legacy of the industrial revolution.
Then, the business and product development philosophy changed a little bit, due to a more mature stage of the mass production euphoria. At this point, many companies were manufacturing products at an increasing pace but the market was not reacting positively to them in all cases. This created a sales focus, where companies poured a lot of their resources to advertise their products in order to obtain a bigger market share.
Finally, the sales-centered model exhausted itself due to the ever-increasing competition and finally, in modern times, marketing experts have settled with a marketing focus, a concept that places the customer at the center of product development decisions. This philosophy urges businesses to focus in developing ways and items that satisfy the existing needs of regular consumers.
Example
Soccer Fun Co. is a company that owns many soccer fields that individuals can lease for certain number of hours to play with their friends. It is a great place to bring the whole family and spend a lovely day together. Also, corporations see Soccer Fun as a great place to gather co-workers in a friendly environment where they can relate openly and get to know each other better, as a team building activity.
The concept of Soccer Fun emerged when its founder, Harold Foks, saw that there were no well-equipped soccer fields in his community and after conducting several interviews with the community’s population he saw that they would love to have a place where they could enjoy a professional soccer experience. This led to the idea of Soccer Fun, a concept that was developed based on an actual need identified within certain audience.
