Question

Nishtha, Vasvi and Radhika were friends from college time and now they are engaged in different types of businesses. They regularly meet and discuss their business ideas, exchange notes on customer satisfaction, marketing efforts, product designing, selling techniques and social concerns, etc.
Nishtha drew the attention of her friends towards the exploitation of consumers in the market. She said that the sellers were exploiting the consumes in many ways and were not paying attention towards the social, ethical and ecological aspects of marketing. Vasvi said that they were under pressure of consumer satisfaction but observed that the consumers would not buy or not buy enough unless they are adequately convinced and motivated to do the same

Radhika stressed that it was the duty of the businessmen to keep consumer satisfaction in mind because business was run by the resources made available by the society. Thus, a company cannot achieve its objectives without understanding the needs of the customers. The thinking of the three friends was different. These thinkings were guiding the marketing efforts of their business and were known by the different name. Identify these names. Also, state one more feature of each of these thinkings.

Answer 1

The following are the various types of thinking that guided Nishtha, Vasvi and Radhika in the marketing efforts of their business.

• Societal marketing concept- According to the societal concept of Marketing, organisations must work according to the needs and desires of the target market. The organisation must identify what is required by target customers and accordingly work towards delivering the results in the most effective and efficient manner. In addition, other aspects of consumer well-being (namely ecological, ethical and social) must be taken into consideration by the organisation.
• Selling concept- As per selling concept, customers would not buy or not buy enough unless they are adequately convinced and motivated for the same. In order to sell the products, products should be aggressively promoted. In this regard, advertising, personal selling and sales promotion techniques can be used by the organisation.
• Marketing concept- According to the marketing concept of marketing management, the primary focus of business should be on customer satisfaction. It is based on the belief that customer satisfaction is the most important factor which determines the success of an organisation. A business must identify the target customer base and the market for which the efforts of the market should be made. It must keep in mind that it can survive in the long run only if it works effectively towards customer satisfaction.