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Modern marketing concepts for Marketing Management Mcom sem 2 Delhi University

Modern marketing concepts for Marketing Management Mcom sem 2 Delhi University

Modern marketing concepts for Marketing Management MCOM sem 2 Delhi University:- we will provide complete details of Modern marketing concepts for Marketing Management MCOM sem 2 Delhi University in this article.

Modern marketing concepts for Marketing Management MCOM sem 2 Delhi University

Modern marketing concepts for Marketing Management MCOM sem 2 Delhi University

Modern marketing concepts for Marketing Management Mcom sem 2 Delhi University

Modern approach to marketing is referred to as the marketing concept which has developed gradually passing through different stages called Marketing Management Philosophies:

1. The Production Concept:

This concept lays emphasis on production and assumes that consumers will always respond to products that are made available to them. This concept developed when there was a period of manufacturing dominance and there was no competition. It was producers market and hence production problems were of more importance than anything else.

The major task of the management was to strive constantly to increase production and there were no selling or marketing problems. The production concept may boost the sales in the initial stages but it invites the criticism that it is impersonal in its approach and ignores the interests of the consumers.

2. The Product Concept:

With the passage of time, it was realized that it is not only the quantity of production but also the quantity of the product that is important. The product concept assumes that the consumers will respond favourably to the best quality products that are reasonably priced and hence the major task of the management is to improve the quality of the product it offers to successfully attract and hold customers. Enterprises which rely too much upon the product concept may face difficulties due to the tendency on the part of such enterprises “to look to often in a mirror when they should be looking out of the window.”

3. The Sales Concept:

With the development in technological field, the competition had grown and the market had become more complex. During 1920’s and 30’s the selling activity became more important and marketing was regarded merely as a selling activity, giving rise to the sales concept. The selling concept assumes that the consumers will generally not buy enough of the firm’s products unless their interest is stimulated in its products through substantial selling and promotional activities. In this concept the focus is on the product, the means are selling and promoting and the objective is maximization of profits through sales volume. The drawback of the sales concept is that it ignores the customer’s interest and a firm which follows this concept may face difficulties in the long run.

4. The Marketing Concept:

The modern approach to marketing is referred to as the marketing concept. The essence of the marketing concept is that the customer and not the product is the centre of entire business activity. It is also referred to as the customer-oriented approach to business. This concept explains the rationale for a firm’s existence in terms of its ability to satisfy some aspects of consumer needs and recognizes the purpose of the business as to ‘create a customer’.

In the words of Stanton, “the marketing concept is a philosophy, an attitude, or a course of business action. The customers want satisfaction in the economic and social justification of a company’s existence. Consequently all company’s activities in production, engineering and finance, as well as marketing, must be devoted to, first, determining what the customers wants are and then, satisfying these wants while making a reasonable profit.

Modern marketing concepts for Marketing Management Mcom sem 2 Delhi University:-According to the marketing concept, the main task of the enterprise is

(i) To determine the actual needs, wants and preferences of customers, and

(ii) To adopt the enterprise in such a way so as to deliver the desired satisfaction more effectively and efficiently than its rivals.

In this concept, the focus is on the customer needs, the means are integrated marketing and the objective is maximization of profits through customer satisfaction.

Modern marketing concepts for Marketing Management Mcom sem 2 Delhi University:-Benefits of Marketing Concept

When the marketing concept is recognized the organization, the consumers and the society at large are benefited.

The following are the main benefits of marketing concept:

(a) There is a total change in the philosophy of business, customer needs, wants arid desires receive top consideration in all business activities.

(b) More emphasis is given on research and innovation;

(c) Greater attention is given to the product planning and development;

(d) Many changes in the product designs are introduced;

(e) Marketing research becomes an integral part of the marketing process and a managerial tool in decision-making;

(f) The interests of the enterprise and the society will be harmonized because the business gives due consideration to consumer service along with its goal of profit maximization;

(g) The satisfied consumer becomes the firm’s unpaid sales force; and

(h) It ensures integrated view of business activities and indicates interdependence of various departments of an organization.

In spite of various advantages of the marketing concept it has been fully practiced because of various difficulties as it involves considerable planning, persuasion, education and reorganization. Philip Kotler has criticized this concept on the ground that it ‘sidesteps the conflict between consumer wants, consumer interests and the long-run societal welfare’. He has suggested ‘the societal marketing concept’ as the possible remedy.

5. The Social Marketing Concept:

In the words of Philip Kotler, the social marketing concept is a management orientation that holds that the key task of the organization is to determine the needs and wants to target markets and to adopt the organization to delivering the desired satisfaction more effectively and efficiently than its competitors in a way that preserves or chances the consumer’s and society’s well being.

The societal marketing concept aims at serving the target markets in such a way as to deliver not only maximum customer satisfaction, but also long-run individual and social benefits. It must concentrate on customer’s needs and interests in addition to their wants and desires. Thus, this concept lays more emphasis on the social responsibilities of business as the latest trend in marketing.

Modern marketing concepts for Marketing Management Mcom sem 2 Delhi University:-The Process of Marketing

The prime aim of marketing is to see that the goods and services move from the producers to the ultimate consumers. Many marketing activities have to be performed to attain the said objective. These marketing activities or functions are performed by marketing middlemen such as merchant middlemen (wholesalers and retailers) or agent middlemen (brokers and commission agents) within the broad framework of marketing mechanism involving three distinct processes.

The three major marketing processes are:

1. Concentration

2. Equalization

3. Dispersion.

1. Concentration:

Concentration means bringing the goods at some important and convenient centres to make possible effective and economical distribution. Goods are collected from small producers at central points to enable the retailers to have adequate stocks of products of various qualities to meet the numerous requirements of their customers.

Concentration is an essential process of marketing for the following reasons:

(a) To collect natural goods produced in small lots at different places;

(b) To procure various specialized parts required by assembling industries; and

(c) To ensure continuous and ready supply of different products.

Process of Marketing

2. Equalization:

The process of equalization occurs between the process of concentration and the process of dispersion. The goods produced and concentrated in the markets have to be adjusted to meet the requirements of the people. Equalization is the process by means of which the supply of goods is adjusted to the demand for them. In the words of Professors Trousley Clark and Clark, equalization ‘consists of adjustments of supply to demand on the basis of time and quality. The process of equalization is performed through storage and transportation.

The need of equalization arises on account of:

(a) There may be seasonal production but continuous consumption;

(b) There may be continuous production but seasonal consumption;

(c) There may be difference in terms of quality requirements; and

(d) There may be difference in terms of quantity requirements.

3. Dispersion:

Dispersion means distribution of goods which are concentrated to the ultimate consumers. This process is performed through wholesalers, retailers, agents, etc. Dispersion completes the process of marketing and is a very important activity because the goods produced and concentrated have no value unless these are properly distributed to the centres of final consumption.

Modern marketing concepts for Marketing Management Mcom sem 2 Delhi University

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