There are five marketing management philosophies. They are the production concept, product concept, selling concept, marketing concept, and societal marketing concept.The production concept refers to the "supply creates its own demand" philosophy. The sale of items will increase automatically with an increase in production and distribution facilities. This concept is also helpful when there are
. imbalances between supply and demand.The product concept states that a customer will prefer a product when the quality and performance is up to par. Some of the important tactics for attracting customers include the design, packaging and effective distribution channels of a product. The drawback of this concept is that it can lead to marketing myopia, or when an organization overlooks the importance of other substitutes available in the industry.The selling concept states that consumers will not buy a product unless the organization demonstrates a selling and promotion effort. In other words the demand for a product is equal to the supply for that product. Industries that sell products which are not normally considered for purchase by buyers must practice the selling concept.The marketing concept states that the organizational goals is based on the wants and need of the target markets. This concept highlights that the supply is greater than the demand. Marketing concept is often confused with selling concept. Selling concept begins with the production of goods and and ends with getting profit. On the other hand, the marketing concept begins with a well-defined market and ends with the creation of a long-term relationship with customers by effectively satisfying their wants and needs.The societal marketing concept states that the organization determines the needs, interests and wants of the target markets. This concept focuses on the stakeholders, the business and the customers. This concept is relatively new in comparison to the other four. More reference links: http://mba-lectures.com/marketing/principles-of-marketing/641/five-marketing-management-philosophies.html http://ivythesis.typepad.com/term_paper_topics/2009/07/marketing-management-philosophies-.html
