ORIENTATION TOWARDS MARKETPLACE

COMPANIES ORIENTATION TOWARDS THE MARKET PLACE

 The competing concepts over which companies have built their companies activities are as follows: -

           The production concept:- 

           It is one of the oldest concepts in business it generally deals with a fact that their large scale production of good with low costs and mass distribution. This type of concept is also applied when a company kind of needs to expand .e.g. Haier, the domestic appliances giant used inexpensive labor to dominate the market in China.

           The product Concept:

           The product concept holds that customer is looking for products with good quality, strength, durability and that is what companies try to focus upon that is making  superior products and improving them over the period of time of what we really call continual improvement.

          The Selling Concept: -  

           The selling concept talks of that if customers and businesses are left alone they would not probe the customer to buy organization products. So, there has to be some selling and promotion effort. These type of concepts are generally applied for products which customers do not think of buying like encyclopedias, insurance etc.

           The Marketing Concept: -  Instead of a product centered or a make sell philosophy businesses shifted to customer centered approach wherein the marketing played a huge role in where marketing research was donw what the customer really wants , then identification of target audience was done in order to market the product i.e. Marketing.