This concept is based on an idea that customers prefer quality products whatever may be their price and availability. Accordingly, the enterprise should concentrate on product and its continuous improvement over time because customers favour high quality products and are ready to pay higher prices for them. '- (Kotler and Keller)”. Essays, Research Papers and Articles on Business Management, Marketing and Selling | Difference | Functions | Marketing Management, Essay on Market: Meaning, Concepts and Types, Exam Questions on Marketing Concepts | Marketing Management, Core Concepts of Marketing: Top 8 Concepts. But still, many companies follow other philosophies and generate profits. What are the Marketing Concepts? As a Digital Marketer, you need to add as many reading materials into your collection as possible and you can go through them whenever you have some leisure time.There are plenty of free digital marketing PDF books to download available on the Internet. Over the period of time a variety of concepts have stemmed. The drawback of this concept is that it focuses only on production but not on the product quality which in the long run may cause decreased sales if the product is not up to the mark. follow this concept. This concept is based on an idea that inexpensive and widely available products generate more sales because customers prefer those. According to this concept, company or business being a part of the society has corporate social responsibilities such as eliminating illiteracy, poverty, controlling alarming population growth, ensuring better health and treatment facilities, helping victims of different natural calamities like flood, cyclone, excess cold, draught, etc. Any company whose product’s demand exceeds its supply may follow it. The marketing concept examples you should use Throughout the years, many marketing concepts emerged based on customers’ needs. For example, a firm may be dealing in very spacious, luxurious and expensive cars but the customers will demand same only when they really need them and can afford their price. (ii) To understand the needs and wants of customers in the target market. ", "Marketing management is 'the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value. Marketing and marketing concepts are different from each other - marketing promotes, while marketing concepts are philosophies determined by a clear objective for an organization's market. The drawback of this concept is that it focuses only on the product quality but not on other factors like usability, availability, price, etc. The choice of the concept is totally dependent on the demand, supply, and the engaged parties’ needs. In this way, the company builds a customer relationship, becomes profitable and earns goodwill. Starting with the core marketing concepts is a great kickoff. However, even so, the ones Kotler revealed still play a considerable role in our day to day work. Therefore, under the marketing philosophy, there are following five concepts: Production concept lays emphasis on availability and affordability of products.