The understanding of the marketing concept has been evolving through time as firms seek to flourish in the long-term. The marketing concept is an aspect of the marketing philosophy that implements a solution to customer needs. On a basic level the marketing philosophy is comprised of three parts: customer orientation, integrated effort, and profit direction. When aligned with corporate values and vision, the marketing concept 's strong consumer focus can help a firm stay competitive while reaping organizational success.
The importance of the customer and satisfying their needs is crucial to a firm’s cash flow and survival. In today’s ultra-competitive society, failing to acknowledge consumer desires and trends can ultimately lead a firm to
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These benefits result from intensive target market research and involving the consumer’s input into product design. Consumer feedback can help a firm identify new product opportunities or improve existing ones. Being more receptive to consumer preferences help create and maintain satisfied customers. Furthermore, satisfied customers increase a firm’s brand name and attract new customers by spreading positive publicity. The marketing concept is essential for a firm’s survival since it establishes lasting relationships with the right customers based on the foundation of customer value satisfaction (Keelson,
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Instead of focusing on selling units and converting the world to electric cars, top management should focus on maximizing profit and customer satisfaction. Consumers are ready to move away from the typical dealership car buying experience, but Tesla’s biggest obstacles are consumer confidence in the product and lack of service centers. Tesla should concentrate on fully leveraging the competitive advantages they do have and fully embrace their niche market. If top management shifts focus to these factors, they’ll have a much better chance for success into
