As the market has changed, so has the way the company deals with the marketplace. The company orientation towards marketplace deals with the concepts which a company may apply while targeting a market. There are basically five different orientations which a company takes towards the marketplace.
Production Concept – In this concept the company mainly tries to increase production irrespective of demands of the customer. The production concept is almost extinct now with companies paying more and more attention to the customer. Read more about The Production concept.
Selling concept – The selling concept believes that customers will not buy products unless persuaded to do so. As we know, this is true even today in case of certain products such as insurance. Although the customer should use it, they rarely do. Read more about The Selling concept.
Product Concept – The product concept says that customers will always buy products which are better in terms of quality performance and features. The concept is especially applicable in terms of electronics and other techno gadgets nowadays. Read more about The Product concept.
Marketing Concept – Just like selling is a necessity, similarly branding and marketing are a necessity in some products. The marketing concept proposes that the success of a firm depends on the marketing efforts of the company in delivering a value proposition. Read more about The Marketing Concept.
Societal Marketing Concept – The societal marketing concept leads to a company orientation which believes in giving back to the society what it had received from the society. This concept believes that the company is profiting because of society and hence it should also take measures to make sure the society also benefits from the company. Read more about the Societal Marketing Concept.
The company orientation towards the market place thus depends on the application of the above 5 concepts. Some of these concepts are not applicable in todays market whereas others are applicable sector by sector.
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