The consideration for customer demands/wants than for the product increases the product acceptability. When the firm manufactures products as per customer requirements, the promotional efforts are reduced.
Implementation of marketing demands a coordinated and holistic marketing approach. Integration of business functions results in economic and operational marketing efficiency. The firm derives a comparative analysis of the contributions from various products or sales regions.
This approach encourages a logical evaluation of all the marketing concerns along with efficient solutions.
The implementation of the marketing concept has a strategic and philosophical perspective. It enables the management to channelize organizational efforts toward longer and wider objectives (i.e. growth and firm stability).
The business firm implementing the marketing concept effectively responds to environmental fluctuations. By understanding the complex role of distinct variables, it allows businesses to locate impending charges and prepare to exploit them. And efficiently confront the competitive pressures and environmental volatilities.
Stages of Implementing the Marketing Concept
Following are the stages for implementing marketing concept in the organization: –
Inculcation of Consumer Orientation â€“ Essentially, the customer requisites or needs to decide the way a business functions. By conducting marketing research and tracing consumer attitudes online, a business stays ahead amidst the emerging market trends and changing consumer tastes.
Designing of Business Objectives â€“ A business intending to make or increase profit margins has to align operations with consumer needs. Thus, implying that the business should function as a complete entity despite the departmental and functional segregation.
Amalgamation of Business Operations â€“ After identifying business goals, it is essential to streamline and integrate the distinct operations/departments to achieve those. It is paramount for every department and employee working in a business to understand the primary goal (i.e. customer gratification).
It can be inferred that various aspects of implementing the marketing concept are not only of benefit to the customers but also to businesses as a whole. Before implementing the marketing concept, businesses must determine target audiences, demographics interested in a product/service, factors of interest to the demographics, and the ways to transform the potential demographics into customers. Besides monetary benefits, the various aspects of business goals should be identified. The ways to develop a loyal customer base and try to fill the lacunas of targeted industries. The business should also highlight what makes a brand unique and how the customers should be persuaded to make a buying decision. In a nutshell, the implementation of the marketing concept is a strategy that businesses and marketing agencies use to fulfill customer demands, increase profits, and outperform competitors. It is an integrated effort of various organizational functions (such as production, marketing, sales, etc.). Not every concept applies to all businesses and has to be implemented as per time and convenience.
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