1.3:
Evolution of Marketing Concept – Consumer Perspective
The evolution of marketing concepts also highlights the evolution in consumer preferences, leading to diverse business opportunities.
The Production Concept conceives that customers are price conscious and product affordability and accessibility are the prime criteria for any purchase.
That's why discount stores like Walmart and Target have a large clientele.
The Product Concept suggests consumers value well-designed products, recognizing quality and performance, like Whole Foods Market, known for its commitment to offering high-quality organic and natural foods in an eco-conscious shopping environment.
The Selling Concept assumes that consumers exhibit purchasing inertia, requiring persuasion through advertisements and promotions, as seen during Amazon's Thanksgiving shopping weekend.
The Value-based Marketing Concept believes customers value businesses that prioritize them and their preferences to offer a personalized solution. The local farmer's market is a prime example.
Lastly, the Societal Marketing Concept suggests that consumers are conscious of the impact of their purchases on the environment and society.
They prefer socially responsible brands like Kroger, whose "Zero Hunger | Zero Waste" program aims to reduce food waste and aid local communities.
1.3 Evolution of Marketing Concept – Consumer Perspective
In the ever-changing marketing landscape, the evolution of marketing concepts has mirrored the shifting tides of consumer preferences, thereby unveiling a myriad of business opportunities.
The Production Concept: Relevant in price-conscious markets, it assumes that customers prioritize product availability and affordability. Focusing on large-scale production, cost-efficiency, and wide availability remains crucial for businesses catering to them.
The Product Concept emphasizes product quality, design, and performance. It recognizes that consumers appreciate well-designed products; as a result, innovation and differentiation become pivotal in attracting discerning customers.
The Selling Concept assumes that consumers are inherently inert and must be convinced to purchase. Businesses following this concept invest heavily in advertising, promotions, and persuasive techniques.
The value-based marketing concept suggests consumers value businesses that prioritize their needs and preferences by offering personalized solutions. It emphasizes understanding customer segments and building strong relationships.
The Societal Marketing Concept acknowledges consumers' increasing consciousness about the broader impacts of their purchases on the environment and society. Businesses embracing this concept commit to corporate social responsibility.
The evolving marketing concepts offer a spectrum of opportunities. Businesses can adapt with a hybrid strategy, incorporating elements from different concepts to meet the nuanced demands of the modern marketplace.