Foundations of Marketing Essay Example | Topics and Well Written Essays - 1500 words

Foundations of Marketing - Essay Example When a company bases its operations on a production orientation, the thinking adopted is that â€Å"consumers favour products that are available and highly affordable†. The focus is on improving production and distribution side of the business. The product concept holds that consumers choose products, which are of superior quality and carry innovative features. Continuous product improvement gets the priority. Product orientation carries the danger of being susceptible to marketing myopia where the company fails to see the broader market needs which it is fulfilling but concentrates too closely on the product itself. Many organisations still favour the selling concept where the focus is on large-scale promotional and selling efforts. However with the customers getting more and more sophisticated and possessing high level of product and market information, hard selling tactics are no longer the preferred mode. The forth alternative is the marketing approach where the underlying belief is that â€Å" achieving organisational goals depend upon determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than competition†. The main focus lies in identifying and meeting the customer needs effectively and profitably. Final and newest marketing concept is societal marketing where the focus is to balance the needs of the company with consumer’s short-term needs as well as overall long-term needs of society.