Why Is the Marketing Concept Important?
A marketing concept is vital to customer-centric companies because it guides them to prioritize satisfying customer needs and wants. This concept also causes companies to perform proactive research to identify preferences within the consumer market prior to development and promotion.
A key premise of the marketing concept is that it gives customer-centric organizations benefits over production-centric organizations that fail to take customer preferences into account when developing solutions. By focusing on what customers want, a company is more likely to deliver a product or service solution with the features that customers desire. Customer satisfaction is one of the primary goals of the marketing concept. On an initial offering, the goal is to deliver what customers want. Ongoing research is used to identify problems or concerns and to develop solutions, upgrades or product improvements.
In the long run, companies that apply the marketing concept do so because they feel it is the best approach to generate profits. Satisfied customers are more likely to repeat purchases and become loyal buyers who are willing to pay relatively high prices. The marketing concept also gives companies a structure that includes close collaboration between marketing, research and production divisions or departments to achieve quality objectives.