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Explain the Five Marketing Concepts
Firms and businesses, approach and conduct business in different ways in order to achieve their organizational goals. There are five competing concepts by which firms and business are guided in their marketing effort.
The first three concepts production, product and selling, focus all on the product. The last two concepts marketing and societal marketing, focus on the customer. However, the commonality in all five philosophies is that they all have the same goal which is organizational profit. The choice as to which concept or philosophy to adopt depends on the circumstances of the situation
The first concept, the production concept, is the philosophy that consumers will favour products that are available and highly affordable. This philosophy states that any amount of goods produced will sell if it is available and affordable to customers. …
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