Marketing Knowledge: Importance of Marketing Management and Marketing Concepts for Competitive Exams

Marketing Management Concepts and Importance of Marketing Management

Marketing Management Concepts:

There are four main stages of the marketing concepts which are as follows

1) Consumer Oriented Concept:

Orientation to consumer needs is the main target for the success of marketing activities. More customers know what they need. This is the main reason that while deciding the production targets in industrial business, consumer's desires present itself as a paramount.

2) Marketing Oriented Concept:

Marketing orientation has three main alternatives such as sales orientation, product orientation and production orientation which can be adopted by a company. With marketing orientation, a business revolves its strategic decisions around the wants and needs of the target market, including potential customers.

3) Consumer Satisfaction Concept:

According to this concept, the position of consumer is the foremost position in all the business activities. Business can achieve the long-term prosperity by satisfying its customers which induce the customers to repurchase.

Businessmen should keep the following points in mind

• Consumer is always correct.
• Consumer is the king of the market.
• Consumer's position is at the top.
• Consumer is a boss.

4) Consumer Welfare Concept:

It seems to be the best marketing concept. It focus on consumer needs and wants, profit and also the social welfare. This helps in improving the Branding of the company.

Importance of Marketing Management

In Indian economy, the significance of the marketing management could be described in the following ways:

( i ) Importance for Consumers: Consumer can select the product in an effective manner if he is properly aware about the concept of marketing.

( ii ) Increase in Living Standards: Organisation provides new products to the society which helps to increase their living standards through marketing. For this, different ways of better living can be discussed on the basis of advertisements and sales promotion.

( iii ) Economic Growth: Through marketing management, economic growth can be achieved because when there is less marketing and usage of the product by the consumer, there will be idle stock of manufactured goods and raw-material accumulated with the manufacturers.

( iv ) Producing Maximum Results with Minimum Efforts: In our country, the resources are very limited. With this limited resources we work hard to achieve maximum results. It only possible only when we know the significance of marketing.